<SEC-DOCUMENT>0000718940-11-000006.txt : 20110315
<SEC-HEADER>0000718940-11-000006.hdr.sgml : 20110315
<ACCEPTANCE-DATETIME>20110315111304
ACCESSION NUMBER:		0000718940-11-000006
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		12
CONFORMED PERIOD OF REPORT:	20110315
FILED AS OF DATE:		20110315
DATE AS OF CHANGE:		20110315

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:		40-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-08481
		FILM NUMBER:		11687576

	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>40-F
<SEQUENCE>1
<FILENAME>form40f_ann10.htm
<DESCRIPTION>FORM 40-F
<TEXT>

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

</HEAD>

<BODY bgcolor="#ffffff">





<P align="center">
<B><FONT face="Times New Roman">UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION <br>
WASHINGTON, D.C. 20549 </FONT></B></P>
<P align="center">
<B><FONT face="Times New Roman">FORM 40-F </FONT></B></P>
<div align="center">
	<table border="0" width="75%" cellpadding="0" style="border-collapse: collapse" id="table1">
		<tr>
			<td width="3%" style="border: 1px solid #000000">&nbsp;</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
<P align="left">
<B><FONT face="Times New Roman">REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></B></P>
			</td>
		</tr>
		<tr>
			<td width="3%">&nbsp;</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
			<p align="center"><B><br>
			<FONT face="Times New Roman">OR</FONT><br>
&nbsp;</B></td>
		</tr>
		<tr>
			<td width="3%" style="border: 1px solid #000000">
			<p align="center">X</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
<P align="left">
<B><FONT face="Times New Roman">ANNUAL REPORT PURSUANT TO SECTION 13(A) OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 </FONT></B></P>
			</td>
		</tr>
	</table>
</div>
<p align="left">&nbsp;</p>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="50%">
<FONT size=2 face="Times New Roman">For the fiscal year ended:</FONT>
	<FONT size=2>&nbsp;</FONT><B><FONT size=2>&nbsp; </FONT><FONT size=2 face="Times New Roman">December 31, 2010</FONT></B>
	</TD>
	<TD align=left width="50%">
<p align="right">
<FONT size=2 face="Times New Roman">Commission File Number:</FONT>
	<FONT size=2>&nbsp;</FONT><B><FONT size=2>&nbsp; </FONT><FONT size=2 face="Times New Roman">1-8481</FONT></B><font size="2">
</font>
	</TD>
</TR>
</TABLE></div>
&nbsp;<BR>
<P align="center">
<B><FONT face="Times New Roman">BCE INC. </FONT></B><BR>
<I><font size="2" face="Times New Roman">(Exact name of Registrant as specified in its charter)
</font></I><font size="2"><BR>
</font>
<BR>
<B><FONT face="Times New Roman">Canada </FONT></B><BR>
<I><font size="2" face="Times New Roman">(Province or other jurisdiction of incorporation or organization)
</font></I><font size="2"><BR>
</font>
<BR>
<B><FONT face="Times New Roman">4813 </FONT></B><BR>
<I><font size="2" face="Times New Roman">(Primary Standard Industrial Classification Code Number (if applicable))
</font></I><font size="2"><BR>
</font>
<BR>
<B><FONT face="Times New Roman">98-0134477 </FONT></B><BR>
<I><font size="2" face="Times New Roman">(I.R.S. Employer Identification Number (if applicable))
</font></I><font size="2"><BR>
</font>
<BR>
<B><FONT face="Times New Roman">1, carrefour Alexander-Graham-Bell, Building A, 8</FONT></B><B><SUP><FONT face="Times New Roman">th</FONT></SUP></B><B><FONT face="Times New Roman"> Floor, </FONT></B><BR>
<B><FONT face="Times New Roman">Verdun, Qu&eacute;bec, Canada H3E 3B3, (514) 870-8777 </FONT></B><BR>
<I><FONT face="Times New Roman" size="2">(Address and telephone number of Registrant&#146;s principal executive offices) </FONT></I></P>
<P align="center">
<B><FONT face="Times New Roman">CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, N.Y. 10011, (212) 894-8940 </FONT></B><BR>
<I><font size="2" face="Times New Roman">(Name, address (including zip code) and telephone number (including area code) of agent for service in
</font></I><font size="2"><BR>
</font>
<I><font size="2" face="Times New Roman">the United States) </font></I></P>
<P align="center">
<FONT face="Times New Roman" size="2">Copies of all correspondence should be sent to: </FONT></P>
<P align="left">
&nbsp;</P>
<div align="center">
<table border="0" width="75%" cellpadding="0" style="border-collapse: collapse" id="table2">
	<tr>
		<td width="50%" valign="top">
		<font size="2" face="Times New Roman">Ildo Ricciuto </font> <font size="2"><BR>
<FONT face="Times New Roman">Assistant General Counsel, </FONT><BR>
<FONT face="Times New Roman">Financings and Compliance </FONT><BR>
<FONT face="Times New Roman">BCE Inc. </FONT><BR>
<FONT face="Times New Roman">1, carrefour Alexander-Graham-Bell </FONT><BR>
<FONT face="Times New Roman">Building A, 7</FONT><SUP><FONT face="Times New Roman">th</FONT></SUP><FONT face="Times New Roman"> Floor </FONT><BR>
<FONT face="Times New Roman">Verdun, Qu&eacute;bec H3E 3B3 </FONT><BR>
<FONT face="Times New Roman">Canada </FONT><BR>
		</font><font size="2" face="Times New Roman">Tel: (514) 786-3931 </font></td>
		<td width="50%" valign="top"><font size="2" face="Times New Roman">Donald R. Crawshaw
		</font><font size="2"><BR>
<FONT face="Times New Roman">Sullivan &amp; Cromwell LLP </FONT><BR>
<FONT face="Times New Roman">125 Broad Street </FONT><BR>
<FONT face="Times New Roman">New York, New York 10004-2498 </FONT><BR>
		</font><font size="2" face="Times New Roman">Tel: (212) 558-4000 </font></td>
	</tr>
</table>
</div>
<P align="left">
&nbsp;</P>
<P align="center" style="margin-bottom: 0">
<font size="2">1</font></P>

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






<P align="center">
<FONT face="Times New Roman" size="2">Securities registered pursuant to Section 12(b) of the Act: </FONT></P>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width="50%">
<FONT size=2 face="Times New Roman">Title of each class</FONT><font size="2">
</font><B><FONT size=2><br>
</FONT><FONT size=2 face="Times New Roman">Common shares</FONT></B><font
size="2"> </font>
	</TD>
	<TD align=center width="50%">
<FONT size=2 face="Times New Roman">Name of each exchange on which registered</FONT><font
size="2"> </font><B><FONT size=2>
<br>
</FONT><FONT size=2 face="Times New Roman">New York Stock Exchange</FONT></B><font
size="2"> </font>
	</TD>
</TR>
</TABLE></div>
<P align="center">
&nbsp;</P>
<P align="center">
<font size="2" face="Times New Roman">Securities registered pursuant to Section 12(g) of the Act:
</font><font size="2"><B><FONT face="Times New Roman">None</FONT></B></font><font
size="2" face="Times New Roman"> </font></P>
<P align="left">
<font size="2" face="Times New Roman">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
</font><font size="2"><B><FONT face="Times New Roman">None</FONT></B></font><font
size="2" face="Times New Roman"> </font> </P>
<P align="left">
<FONT face="Times New Roman" size="2">For annual reports, indicate by check mark the information filed with this form: </FONT> </P>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="3%" style="border: 1px solid #000000">
<p align="center">X</TD>
	<TD align=left width="47%">
<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>
<FONT size=2 face="Times New Roman">Annual Information Form</FONT><font
size="2"> </font>
	</TD>
	<TD width="3%" style="border: 1px solid #000000">
<p align="center">X</TD>
	<TD align=left width="47%">
<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp; </FONT>
<FONT size=2 face="Times New Roman">Audited Annual Financial Statements</FONT><font
size="2"> </font>
	</TD>
</TR>
</TABLE></div>
<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Times New Roman" size="2">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual report: </FONT></P>
<div align="center">
<TABLE border=0 width="50%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Common Shares</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">752,267,409</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">First Preferred Shares</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="25%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series R</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">8,000,000</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series S</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">2,279,791</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series T</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">5,720,209</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series Y</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">8,126,330</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series Z</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">1,873,670</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AA</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">10,081,586</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AB</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">9,918,414</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AC</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">9,244,555</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AD</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">10,755,445</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AE</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">1,422,900</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AF</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">14,577,100</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AG</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">10,051,751</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AH</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">3,948,249</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Times New Roman">Series AI</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="25%"
 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Times New Roman">14,000,000</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Times New Roman">Total First Preferred Shares</FONT><font
size="2"> </font>
	</TD>
	<TD align=right width="25%">
<FONT size=2 face="Times New Roman">110,000,000</FONT><font size="2"> </font>
	</TD>
</TR>
</TABLE></div>
<font size="2"><BR>
</font>
<P align="left">
<font size="2" face="Times New Roman">Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the
</font><font size="2"><I><FONT face="Times New Roman">Exchange Act</FONT></I></font><font
size="2" face="Times New Roman">
during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.
</font></P>
<div align="center">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table3">
		<tr>
			<td width="30%">
			<p align="right">YES:</td>
			<td width="2%">&nbsp;</td>
			<td width="5%" style="border: 1px solid #000000">
			<p align="center">X</td>
			<td width="26%">&nbsp;</td>
			<td width="30%">
			<p align="right">NO:</td>
			<td width="2%">&nbsp;</td>
			<td width="5%" style="border: 1px solid #000000">&nbsp;</td>
		</tr>
	</table>
</div>
<P align="center" style="margin-bottom: 0">
<font size="2">2</font></P>

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




<P align="center">
<B><FONT face="Times New Roman">PRIOR FILINGS MODIFIED AND SUPERSEDED </FONT></B></P>
<P align="left">
<font size="2" face="Times New Roman">The annual report on Form 40-F of BCE Inc. (&#147;BCE&#148;) for the year ended December 31, 2010, at the time of filing with the U.S. Securities and Exchange Commission (the &#147;SEC&#148; or &#147;Commission&#148;),
modifies and supersedes all prior documents filed pursuant to Sections 13, 14 and 15(d) of the
</font><font size="2"><I><FONT face="Times New Roman">Exchange Act</FONT></I><FONT face="Times New Roman"> for purposes of any offers or sales of any securities after
the date of such filing pursuant to any registration statement or prospectus filed pursuant to the </FONT><I><FONT face="Times New Roman">Securities Act of 1933</FONT></I></font><font
size="2" face="Times New Roman"> which incorporates by reference such annual
report on Form 40-F. </font></P>
<P align="center">
<B><FONT face="Times New Roman">ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND
<br>
MANAGEMENT&#146;S DISCUSSION AND ANALYSIS </FONT></B></P>
<P align="left">
<B><FONT face="Times New Roman">A. Annual Audited Consolidated Financial Statements </FONT></B></P>
<P align="left">
<font size="2" face="Times New Roman">For the BCE annual audited consolidated financial statements for the year ended December 31, 2010 (the &#147;BCE 2010 Financial Statements&#148;), see pages 90</font><font
size="2"><B><FONT face="Times New Roman"> </FONT></B></font><font size="2"
face="Times New Roman">to 130 of the BCE 2010 Annual Report to Shareholders (the &#147;BCE 2010 Annual Report&#148;), which BCE 2010 Financial Statements are contained in Exhibit 99.2 and are incorporated herein by reference.
</font></P>
<P align="left">
<B><FONT face="Times New Roman">B. Management&#146;s Discussion and Analysis </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">For the BCE management&#146;s discussion and analysis of financial condition and results of operations for the year ended December 31, 2010 (the &#147;BCE 2010 MD&amp;A&#148;), see pages 22 to 87 and page 131 of the BCE
2010 Annual Report, which BCE 2010 MD&amp;A is contained in Exhibit 99.2 and is incorporated herein by reference. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">Refer to the document entitled &#147;Reconciliation of Canadian GAAP to United States GAAP&#148; reconciling the significant differences between Canadian and United States generally accepted accounting principles
attached hereto as Exhibit 99.5, which is incorporated herein by reference, and to the external auditors&#146; report with respect thereto attached hereto as Exhibit 99.6, which is also incorporated herein by reference. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">DISCLOSURE CONTROLS AND PROCEDURES </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized and reported within the time periods specified under
Canadian and U.S. securities laws and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE&#146;s President and Chief Executive Officer (CEO) and Executive
Vice-President and Chief Financial Officer (CFO), to allow timely decisions regarding required disclosure. </FONT></P>
<P align="left">
<font size="2" face="Times New Roman">As at December 31, 2010, management evaluated, under the supervision and with the participation of the CEO and the CFO, the effectiveness of our disclosure controls and procedures, as defined in Rule 13a-15(e) under the
</font><font size="2"><I><FONT face="Times New Roman">U.S. Securities Exchange Act of 1934 </FONT></I><FONT face="Times New Roman">and under </FONT><I><FONT face="Times New Roman">National Instrument 52-109</FONT></I><FONT face="Times New Roman">  </FONT><I><FONT face="Times New Roman">Certification of Disclosure in Issuers&#146; Annual and Interim Filings.</FONT></I></font><B><font
size="2" face="Times New Roman"> </font></B></P>
<P align="left">
<font size="2" face="Times New Roman">Based on that evaluation,</font><font
size="2"><B><FONT face="Times New Roman"> </FONT></B></font><font size="2"
face="Times New Roman">the CEO and CFO concluded that our disclosure controls and procedures were effective as at December 31, 2010.
</font></P>
<P align="center" style="margin-bottom: 0">
<font size="2">3</font></P>

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




<P align="center">
<B><FONT face="Times New Roman">INTERNAL CONTROL OVER FINANCIAL REPORTING </FONT></B></P>
<P align="left">
<B><FONT face="Times New Roman">A. Management&#146;s report on internal control over financial reporting </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">The report of BCE&#146;s management entitled &#147;Management&#146;s Report On Internal Control Over Financial Reporting&#148; appearing at page 88 of the BCE 2010 Annual Report, which report is contained in Exhibit
99.3, is incorporated herein by reference. </FONT></P>
<P align="left">
<B><FONT face="Times New Roman">B. Auditors&#146; report on internal control over financial reporting </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">The report of BCE&#146;s external auditors concerning BCE&#146;s internal control over financial reporting appearing at page 89 of the BCE 2010 Annual Report, which report is contained in Exhibit 99.3, is incorporated
herein by reference. </FONT></P>
<P align="left">
<B><FONT face="Times New Roman">C. Changes in internal control over financial reporting </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">There have been no changes during the year ended December 31, 2010 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over
financial reporting. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">STATEMENT REGARDING CONTROLS AND PROCEDURES </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">There can be no assurance that our disclosure controls and procedures will detect or uncover all failures to disclose all material information otherwise required to be set forth in our disclosure. Furthermore, a control
system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Accordingly, BCE does not expect that BCE&#146;s
internal control over financial reporting will prevent or detect all errors and all fraud. BCE will continue to periodically review its disclosure controls and procedures and internal control over financial reporting and may make modifications from
time to time as considered necessary or desirable. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">AUDIT COMMITTEE FINANCIAL EXPERT </FONT></B></P>
<P align="left">
<font size="2" face="Times New Roman">In respect of the current members of the Audit Committee, the board determined that at least one of the members, being the current Chair of the Audit Committee, Mr. P.R. Weiss, is qualified as an &#147;audit committee
financial expert&#148;, and that all members of the audit committee are independent under the listing standards of the New York Stock Exchange.</font><B><font
size="2" face="Times New Roman"> </font></B></P>
<P align="center">
<B><FONT face="Times New Roman">CODE OF ETHICS </FONT></B></P>
<P align="left">
<font size="2" face="Times New Roman">All employees, directors and officers must follow Bell Canada&#146;s Code of Business Conduct (the &#147;Code of Conduct&#148;), which provides guidelines for ethical behaviour.  The Code of Conduct includes additional
guidelines for executive officers, including the CEO, CFO, Controller and Treasurer. The Code of Conduct is available in the governance section of BCE&#146;s website at
</font><font size="2"><U><FONT face="Times New Roman">www.bce.ca</FONT></U></font><font
size="2" face="Times New Roman">. </font></P>
<P align="center" style="margin-bottom: 0">
<font size="2">4</font></P>

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




<P align="center">
<B><FONT face="Times New Roman">PRINCIPAL ACCOUNTANT FEES AND SERVICES </FONT></B></P>
<P align="left">
<B><font face="Times New Roman">External auditors&#146; fees</font></B><font
face="Times New Roman"> </font></P>
<P align="left">
<FONT face="Times New Roman" size="2">The table below shows the fees that BCE&#146;s external auditors, Deloitte &amp; Touche LLP, billed to BCE and its subsidiaries for various services in each of the past two fiscal years. </FONT></P>
&nbsp;<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=32% style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
&nbsp;</TD>
	<TD align=center width=38% style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<FONT size=2 face="Times New Roman">2010</FONT><font size="2"> </font>
	</TD>
	<TD align=center width=25% style="border-left:1px solid #000000; border-right:1px solid #000000; border-top:1px solid #000000; ">
<FONT size=2 face="Times New Roman">2009</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000; ">
&nbsp;</TD>
	<TD align=center width=38% style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000; ">
<FONT size=2 face="Times New Roman">(in &#36; millions)</FONT><font size="2">
</font>
	</TD>
	<TD align=center width=25% style="border-left:1px solid #000000; border-right:1px solid #000000; border-bottom:1px solid #000000; ">
<FONT size=2 face="Times New Roman">(in &#36; millions)</FONT><font size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">Audit fees</FONT><SUP><FONT size=2 face="Times New Roman">(1)</FONT></SUP><font
size="2"> </font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;9.1</FONT><font size="2"> </font>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;9.2</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">Audit-related fees</FONT><SUP><FONT size=2 face="Times New Roman">(2)</FONT></SUP><font
size="2"> </font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;1.4</FONT><font size="2"> </font>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;3.0</FONT></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">Tax fees</FONT><SUP><FONT size=2 face="Times New Roman">(3)</FONT></SUP><font
size="2"> </font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;0.7</FONT><font size="2"> </font>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;0.7</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">All other fees</FONT><SUP><FONT size=2 face="Times New Roman">(4)</FONT></SUP><font
size="2"> </font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;0.3</FONT><font size="2"> </font>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;1.0</FONT><font size="2"> </font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width=32% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">Total</FONT><font size="2"> </font>
	</TD>
	<TD align=center width=38% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;11.5 </FONT><SUP><FONT size=2 face="Times New Roman">(5)</FONT></SUP><font
size="2"> </font>
	</TD>
	<TD align=center width=25% style="border:1px solid #000000; ">
<FONT size=2 face="Times New Roman">&#36;13.9</FONT><SUP><FONT size=2 face="Times New Roman">(5)</FONT></SUP><font
size="2"> </font>
	</TD>
</TR>
</TABLE>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="3%" valign="top"><font size="2" face="Times New Roman">(1)</font></td>
		<td width="97%" valign="top"><font size="2" face="Times New Roman">These
		fees include professional services provided by the external auditors for
		statutory audits of the annual financial statements, the audit of the
		effectiveness of internal control over financial reporting, the review
		of interim financial statements,</font><font size="2"><B><FONT face="Times New Roman"> </FONT></B>
		</font><font size="2" face="Times New Roman">the review of financial accounting and reporting matters, the review of securities offering documents, other regulatory audits and
filings and translation services. </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Times New Roman" size="2">(2)</FONT></td>
		<td width="97%" valign="top">
<FONT face="Times New Roman" size="2">These fees relate to non-statutory audits
		and due diligence procedures. </FONT></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Times New Roman" size="2">(3)</FONT></td>
		<td width="97%" valign="top">
<FONT face="Times New Roman" size="2">These fees include professional services
		for tax compliance, tax advice and assistance with tax audits and
		appeals. </FONT></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><font size="2" face="Times New Roman">(4)</font></td>
		<td width="97%" valign="top"><font size="2"><FONT face="Times New Roman">These fees include any other fees for permitted services not included in any of the above-stated categories.<B> </B></FONT><FONT face="Times New Roman">In 2010 and 2009, the fees are solely for services related to compliance with the Payment Card Industry Data Security Standard.</FONT></font><B><font
  size="2" face="Times New Roman"> </font></B></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><font size="2" face="Times New Roman">(5)</font></td>
		<td width="97%" valign="top"><font size="2" face="Times New Roman">The amounts of &#36;11.5 million for 2010 and &#36;13.9 million for 2009 reflect fees billed in those fiscal years without taking into account the year to
which those services relate. Total fees for services provided for each fiscal year amounted to &#36;10.5 million in 2010 and &#36;12.8 million in 2009.
		</font></td>
	</tr>
</table>
<P align="left">
<B><font face="Times New Roman">Auditor Independence Policy</font></B><font
face="Times New Roman"> </font></P>
<P align="left">
<FONT face="Times New Roman" size="2">BCE&#146;s Auditor Independence Policy is a comprehensive policy governing all aspects of BCE&#146;s relationship with the external auditors, including: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">establishing a process for determining whether various audit and other services provided by the external auditors affect their independence;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">identifying the services that the external auditors may and may not provide to BCE and its subsidiaries;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">pre-approving all services to be provided by the external auditors of BCE and its subsidiaries; and
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">establishing a process outlining procedures when hiring current or former personnel of the external auditors in a financial oversight role to ensure auditor independence is maintained.
	</FONT></P></li>
</ul>
<P align="center" style="margin-bottom: 0">
<font size="2">5</font></P>

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<P align="left">
<FONT face="Times New Roman" size="2">In particular, the policy specifies that:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">the external auditors cannot be hired to provide any services falling within the prohibited services category, such as bookkeeping, financial information system design and implementation and
legal services; </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">for all audit or non-audit services falling within the permitted services category (such as prospectus work, due diligence and non-statutory audits), a request for approval must be submitted to
the audit committee prior to engaging the external auditors; </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">specific permitted services however are pre-approved annually and quarterly by the audit committee and consequently only require approval by the CFO prior to engaging the external auditors; and
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Times New Roman" size="2">at each regularly scheduled audit committee meeting, a consolidated summary of all fees paid to the external auditors by service type is presented. This summary includes a breakout of fees
incurred within the pre-approved amounts. </FONT></P></li>
</ul>
<P align="left">
<FONT face="Times New Roman" size="2">The Auditor Independence Policy is available in the governance section of BCE&#146;s website at www.bce.ca. </FONT></P>
<P align="left">
<FONT face="Times New Roman" size="2">In 2010 and 2009, BCE&#146;s audit committee did not approve any audit-related, tax or other services pursuant to paragraph (c)(7) (i) (C) of Rule 2-01 of Regulation S-X. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">OFF-BALANCE SHEET ARRANGEMENTS </FONT></B></P>
<P align="left">
<font size="2" face="Times New Roman">Please see the section entitled &#147;Off-Balance Sheet Arrangements&#148; at page 59 of the BCE 2010 MD&amp;A contained in Exhibit 99.2 (which section is incorporated by reference in this annual report on Form 40-F),
and Note 9 entitled &#147;Accounts Receivable&#148; and Note 25 entitled &#147;Guarantees&#148;</font><font
size="2"><B><FONT face="Times New Roman"> </FONT></B></font><font size="2"
face="Times New Roman">of the BCE 2010 Financial Statements contained in Exhibit 99.2 (which
Notes are incorporated by reference in this annual report on Form 40-F), for a discussion of off-balance sheet arrangements.
</font></P>
<P align="center">
<B><FONT face="Times New Roman">TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">Please see the section entitled &#147;Contractual Obligations&#148; at page 59 of the BCE 2010 MD&amp;A contained in Exhibit 99.2 (which section is incorporated by reference in this annual report on Form 40-F), for a
tabular disclosure and discussion of contractual obligations. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">IDENTIFICATION OF THE AUDIT COMMITTEE </FONT></B></P>
<P align="left">
<font size="2" face="Times New Roman">BCE has a separately designated standing audit committee established in accordance with section 3(a)(58)(A) of the
</font><font size="2"><I><FONT face="Times New Roman">Exchange Act</FONT></I><FONT face="Times New Roman">. BCE&#146;s
audit committee is comprised of five independent members: Mr. P.R. Weiss (Chair), Mr. A. B&eacute;rard, Ms. S. Brochu, Mr. A.S. Fell, and Ms. C. Taylor.</FONT></font><B><font
size="2" face="Times New Roman"> </font></B></P>
<P align="center">
<B><FONT face="Times New Roman">UNDERTAKING </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">BCE undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information
relating to: the securities in relation to which the obligation to file this annual report on Form 40-F arises; or transactions in said securities. </FONT></P>

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

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<P align="center">
<B><FONT face="Times New Roman">WEBSITE INFORMATION </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">Notwithstanding any reference to BCE&#146;s website or other websites on the World Wide Web in this annual report on Form 40-F or in the documents attached as Exhibits hereto, the information contained in BCE&#146;s
website or any other site on the World Wide Web referred to in this annual report on Form 40-F or in the documents attached as Exhibits hereto, or referred to in BCE&#146;s website, is not a part of this annual report on Form 40-F and, therefore, is
not filed with the Commission. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">STATEMENT REGARDING FORWARD-LOOKING STATEMENTS </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">BCE has made in the documents filed as part of this annual report on Form 40-F, and from time to time may otherwise make, forward-looking statements and related assumptions concerning its operations, economic performance
and financial matters. Except as may be required by Canadian securities laws, BCE does not undertake any obligation to update or revise any of these forward-looking statements or related assumptions whether as a result of new information, future
events or otherwise. Actual results or events could differ materially from those set forth in, or implied by, the forward-looking statements and the related assumptions due to a variety of risk factors. Reference is made to the various risk factors
discussed throughout the BCE 2010 MD&amp;A, contained in Exhibit 99.2, including, in particular, to the risk factors discussed in the sections of the BCE 2010 MD&amp;A entitled &#147;About Forward-Looking Statements&#148;, &#147;Our Competitive
Environment&#148;, &#147;Our Regulatory Environment&#148; and &#147;Risks that Could Affect Our Business and Results&#148;. Reference is also hereby made to the various assumptions discussed throughout the BCE 2010 MD&amp;A, including, in
particular, to the assumptions discussed in the section of the BCE 2010 MD&amp;A entitled &#147;Business Outlook and Assumptions&#148;. </FONT></P>
<P align="center">
<B><FONT face="Times New Roman">SUMMARY OF SIGNIFICANT DIFFERENCES FROM <br>
NYSE CORPORATE GOVERNANCE RULES </FONT></B></P>
<P align="left">
<font size="2" face="Times New Roman">A summary of significant differences between corporate governance practices followed by BCE and corporate governance practices required to be followed by U.S. domestic companies under the New York Stock Exchange&#146;s
Listing Standards (disclosure required by section 303A.11 of the NYSE Listed Company Manual) is available in the governance section of BCE&#146;s website at
</font><font size="2"><U><FONT face="Times New Roman">www.bce.ca</FONT></U></font><font
size="2" face="Times New Roman">.
</font></P>






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

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<P align="center">
<B><FONT face="Times New Roman">SIGNATURES </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the
undersigned, thereto duly authorized. </FONT></P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table5">
		<tr>
			<td width="100%" colspan="2">
			<P align="left">
<B><font face="Times New Roman">BCE Inc. </font> <br>
<font size="2">&nbsp;</font></B></P></td>
		</tr>
		<tr>
			<td width="8%">
<FONT face="Times New Roman" size="2">By:</FONT></td>
			<td width="92%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
			<font size="2"><I><FONT face="Times New Roman">(signed) Siim A. Vanaselja</FONT></I><FONT face="Times New Roman">    </FONT>
			</font> </td>
		</tr>
		<tr>
			<td width="8%">&nbsp;</td>
			<td width="92%"><font size="2">
<FONT face="Times New Roman">Siim A. Vanaselja </FONT><BR>
<FONT face="Times New Roman">Executive Vice-President and Chief </FONT><BR>
<FONT face="Times New Roman">Financial Officer </FONT> <br>
&nbsp;</font></td>
		</tr>
		<tr>
			<td width="100%" colspan="2">
<font size="2">Date: </font><font size="2" face="Times New Roman">March 15, 2011
</font> </td>
		</tr>
	</table>
</div>
<P align="left">
&nbsp;</P>
<P align="left">
&nbsp;</P>






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

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<P align="center">
<B><FONT face="Times New Roman">LIST OF EXHIBITS<br>
TO FORM 40-F </FONT></B></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Annual Information Form of BCE Inc. for the year ended December 31, 2010</FONT><font
size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.1</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Annual audited consolidated financial statements of BCE Inc. for the year ended</FONT><font
size="2"> </font><FONT size=2 face="Times New Roman">December 31, 2010 and the related management&#146;s discussion and analysis of</FONT><FONT
size=2> </FONT>
	<FONT size=2 face="Times New Roman">financial condition and results of operations<br>
&nbsp;</FONT></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.2</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Reports of BCE Inc.&#146;s management and of BCE Inc.&#146;s external auditors concerning</FONT><FONT
size=2> </FONT>
	<FONT size=2 face="Times New Roman">internal control over financial reporting</FONT><font
size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.3</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Consent of Independent Registered Chartered Accountants</FONT><font
size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.4</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Reconciliation of Canadian GAAP to United States GAAP</FONT><font
size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.5</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Report of Independent Registered Chartered Accountants on Reconciliation of</FONT><font
size="2"> </font>
<FONT size=2 face="Times New Roman">Canadian GAAP to United States GAAP</FONT><font
size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.6</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Certifications of the Chief Executive Officer and the Chief Financial Officer</FONT><font
size="2"> </font>
<FONT size=2 face="Times New Roman">pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</FONT><font
size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.31</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<FONT size=2 face="Times New Roman">Certification of the Chief Executive Officer and the Chief Financial Officer pursuant</FONT><font
size="2"> </font>
<FONT size=2 face="Times New Roman">to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley</FONT><font
size="2"> </font>
<FONT size=2 face="Times New Roman">Act of 2002</FONT><font size="2"> <br>
&nbsp;</font></TD>
	<TD align=right width=15% valign="top">
<FONT size=2 face="Times New Roman">Exhibit 99.32</FONT><font size="2"> </font>
	</TD>
</TR>
</TABLE>&nbsp;<P align="center" style="margin-bottom: 0">
<font size="2">9</font></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>aif_an10.htm
<DESCRIPTION>ANNUAL INFORMATION FORM OF BCE INC. FOR THE YEAR ENDED DECEMBER 31, 2010
<TEXT>

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   <TITLE>BCE&nbsp;-&nbsp;2010 Annual Information Form </TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

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<p align="right"><b><font face="Arial" size="2">Exhibit 99.1</font></b></p>

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	<table border="0" width="80%" cellspacing="0" cellpadding="0">
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			<td colspan="2"><hr color="#0066A4" size="1">
			<p>&nbsp;</td>
		</tr>
		<tr>
			<td width="40%">
			<img border="0" src="logo.jpg" width="332"
   height="121"><p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</td>
			<td width="40%">&nbsp;</td>
		</tr>
		<tr>
			<td width="40%">&nbsp;<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p>&nbsp;</p>
			<p align="center"><B><font size="2" face="Arial" color="#0066A4">BCE&nbsp;INC.</font></B><font
   size="2"><BR>
<FONT face="Arial">FOR THE YEAR ENDED DECEMBER 31,&nbsp;2010</FONT><BR>
			</font><font size="2" face="Arial">MARCH 10,&nbsp;2011</font></td>
			<td width="40%">
			<img border="0" src="logo2.jpg" width="406"
   height="578" align="right"></td>
		</tr>
	</table>
</div>





<P align="left">
&nbsp;</P>
<P align="center">
&nbsp;</P>
<P align="center">
&nbsp;</P>

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<P align="left">
<FONT face="Arial" size="1">In this Annual Information Form, we, us, our, company and BCE&#160;mean BCE&#160;Inc., its subsidiaries and joint ventures. Bell&#160;Canada is, unless otherwise indicated, referred to herein as Bell, and comprises our
Bell&#160;Wireline and Bell&#160;Wireless segments. Bell&#160;Aliant means, until December&nbsp;31,&nbsp;2010, Bell&#160;Aliant Regional Communications Income Fund and its subsidiaries and, from January&nbsp;1,&nbsp;2011, its successor, Bell&#160;Aliant&#160;Inc. and
its subsidiaries.</FONT></P>
<P align="left">
<FONT face="Arial" size="1">All dollar figures are in Canadian dollars, unless stated otherwise. The information in this Annual Information Form is as of March&nbsp;10,&nbsp;2011, unless stated otherwise, and except for information in documents incorporated by
reference that have a&#160;different date.</FONT></P>

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<p align="left">&nbsp;</p>
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		<p style="margin-top: 8px; margin-bottom: 8px"><FONT face="Arial"
  size="4">TABLE OF CONTENTS</FONT></td>
	</tr>
</table>






<P align="left">
&nbsp;</P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=45%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=19%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<FONT size=1 face="Arial">PARTS OF MANAGEMENT&#146;S DISCUSSION</FONT><font
size="1"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=19%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<FONT size=1 face="Arial">&amp; ANALYSIS AND FINANCIAL STATEMENTS</FONT><font
size="1"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=1 face="Arial">ANNUAL</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<FONT size=1 face="Arial">INCORPORATED BY REFERENCE</FONT><font size="1"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=1 face="Arial">INFORMATION</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<FONT size=1 face="Arial">(REFERENCE TO PAGES OF BCE&#160;INC.</FONT><font
size="1"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=1 face="Arial">FORM</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<FONT size=1 face="Arial">2010 ANNUAL REPORT)</FONT><font size="1"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=5>
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Caution Regarding Forward-Looking Statements </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">33-35; 60-76
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Corporate Structure </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Incorporation and Registered Offices </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Subsidiaries </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Description of Our Business </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">General Summary </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">24-29; 33-36; 40-53
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Strategic Imperatives </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">30-32 </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Our Competitive Strengths </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Marketing and Distribution Channels </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Our Networks </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp; 33-35; 60-76</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Our Employees </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	29</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Corporate Responsibility </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Competitive Environment </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	60-63</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Regulatory Environment </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	63-69</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Intangible Properties </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">General Development of Our Business </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Three-Year History</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font
size="2" face="Arial"> </font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Our Capital Structure </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">18 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">BCE&#160;Inc. Securities </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">18 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	63-69; 117-119</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&#160;Canada Debt Securities </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">18 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Ratings for BCE&#160;Inc. and Bell&#160;Canada Securities </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Ratings for Bell&#160;Canada Debt Securities </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Ratings for BCE&#160;Inc. Preferred Shares </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Outlook </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">General Explanation </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=right width=45%>
<p style="text-indent: -12px; margin-left: 24px" align="left">
<FONT size=2 face="Arial">Explanation of Rating Categories Received for our Securities </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">21 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Market for our Securities </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Trading of our Securities </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Our Dividend Policy </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">25 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Our Directors and Executive Officers </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">26 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Directors </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">26 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Executive Officers </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">28 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Directors&#146; and Executive Officers&#146; Share Ownership </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">28 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Legal Proceedings </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">29 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Lawsuits Related to BCE&#160;Inc.</FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><FONT size=2 face="Arial"> </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">29 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Lawsuits Related to Bell&#160;Canada </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">31 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">33 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Interest of Management and Others in Material Transactions </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">34 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Material Contracts </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">34 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Experts </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">34 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Transfer Agent and Registrar </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">34 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">For More Information </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Documents You Can Request </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other Information About BCE&#160;Inc. </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Schedule 1 &#150; Audit Committee Information </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">36 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Schedule 1A &#150; Audit Committee Charter </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=45%>
<FONT size=2 face="Arial">Schedule 2 &#150; Glossary </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=19%>
<FONT size=2 face="Arial">44 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=31%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
</TABLE>&nbsp;<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(1) </FONT></td>
		<td valign="top" width="98%"><FONT face="Arial" size="1">This section of the Annual Information Form also incorporates by reference BCE&#160;Inc.&#146;s material change report dated September&nbsp;20,&nbsp;2010 with respect to the proposed acquisition by BCE&#160;Inc. of the remaining 85%
interest in CTVglobemedia&#160;Inc. it does not already own filed by BCE&#160;Inc. with the Canadian securities regulatory authorities (available at www.sedar.com) and with the U.S. Securities and Exchange Commission (available at
www.sec.gov).</FONT></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(2)</FONT></td>
		<td valign="top" width="98%"><font size="1" face="Arial">This section of the Annual Information Form also incorporates by reference the sections entitled
		</font><font size="1"><I><FONT face="Arial">Recent Developments in Legal Proceedings</FONT></I></font><font
  size="1" face="Arial"> contained in
BCE&#160;Inc.&#146;s&nbsp;2010 First Quarter MD&amp;A and&nbsp;2010 Third Quarter MD&amp;A dated May&nbsp;5,&nbsp;2010 and November&nbsp;3,&nbsp;2010, respectively, filed by BCE&#160;Inc. with the Canadian securities regulatory authorities (available at www.sedar.com) and with
the U.S. Securities and Exchange Commission (available at www.sec.gov).</font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>&nbsp;BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp;
<b>1</b></FONT></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<p style="margin-top: 8px; margin-bottom: 8px"><FONT face="Arial"
  size="4">CAUTION REGARDING FORWARD-LOOKING STATEMENTS</FONT></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="left">
<font size="2" face="Arial">Certain statements made in this Annual Information Form including, but not limited to, statements relating to BCE&#160;Inc.&#146;s dividend policy, our fibre-optic deployment plans, the proposed acquisition by BCE&#160;Inc. of the
remaining 85% interest in CTVglobemedia&#160;Inc. (CTV) that it does not already own and certain strategic benefits and operational, competitive and cost efficiencies expected to result from the transaction, and other statements that are not
historical facts, such as our objectives, plans and strategic priorities, are forward-looking statements. A&#160;statement we make is forward-looking when it uses what we know and expect today to make a&#160;statement about the future.
Forward-looking statements may include words such as </font><font size="2"><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
United States <I>Private Securities Litigation Reform Act of 1995</I></FONT></font><font
size="2" face="Arial">. </font></P>
<P align="left">
<B><font size="2" face="Arial">Unless otherwise indicated by us, forward-looking statements in this Annual Information Form describe our expectations at March&#160;10,&#160;2011 and, accordingly, are subject to change after such date.
</font></B><font size="2" face="Arial">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&#160;result of new information, future events or otherwise.
</font></P>
<P align="left">
<FONT face="Arial" size="2">Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions which give rise to the possibility that actual results or events could differ materially from
our expectations expressed in or implied by such forward-looking statements. As a&#160;result, we cannot guarantee that any forward-looking statement will materialize and you are cautioned not to place undue reliance on these forward-looking
statements. Forward-looking statements are provided in this Annual Information Form for the purpose of giving information about management&#146;s current strategic priorities, expectations and plans and allowing investors and others to get
a&#160;better understanding of our operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.</FONT></P>
<P align="left">
<font size="2" face="Arial">Forward-looking statements made in this Annual Information Form are based on a&#160;number of assumptions that we believed were reasonable on March&nbsp;10,&nbsp;2011. Refer in particular to the section of BCE&#160;Inc.&#146;s&nbsp;2010
management&#146;s discussion and analysis of financial condition and results of operations (BCE&#160;2010 MD&amp;A) entitled
</font><font size="2"><I><FONT face="Arial">Business Outlook and Assumptions</FONT></I><FONT face="Arial"> at pages
33 to 35 </FONT>
</font><font size="2" face="Arial">of the BCE&#160;Inc.&nbsp;2010 annual report (BCE&#160;2010 Annual Report), for a&#160;discussion
of certain key economic, market and operational assumptions we have used in making forward-looking statements, which section is incorporated by reference herein.
</font></P>
<P align="left">
<FONT face="Arial" size="2">Important factors that could cause actual results or events to differ materially from those expressed in or implied by the above-mentioned forward-looking statements and other forward-looking statements contained in this Annual
Information Form include, but are not limited to: the intensity of competitive activity, including the increase in wireless competitive activity resulting from Industry&nbsp;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 to attract new ones, as well as on our pricing strategies, average revenue per unit and financial results;
variability in subscriber acquisition and retention costs based on subscriber acquisitions, retention volumes, smartphone sales and subsidy levels; 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; the increased adoption by customers of TV alternative services; general economic and financial market conditions, the level of consumer confidence and
spending, and the demand for, and prices of, our products and services; our ability to implement our strategies and plans in order to produce the expected benefits; our ability to continue to implement our cost reduction initiatives and contain
capital intensity while seeking to improve customer service; our ability to respond to technological changes and rapidly offer new products and services; increased contributions to employee benefit plans; events affecting the functionality of, and
our ability to protect, maintain and replace, our networks, information technology (IT) systems and software; the complexity and costs of our IT environment; 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; the quality of our network and customer equipment and the extent to which they may be subject to manufacturing defects; labour disruptions; the potential
adverse effects on our Internet and wireless networks of the significant increase in broadband demand and in the volume of wireless data-driven traffic; 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; our ability to discontinue certain traditional services as necessary to
improve capital and operating efficiencies; 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; launch and in-orbit risks of satellites used by Bell&nbsp;ExpressVu Limited Partnership (Bell&nbsp;TV); competition from unregulated U.S. direct-to-home (DTH) satellite television services sold illegally in&nbsp;Canada and the theft of
our satellite television services; BCE&nbsp;Inc.&#146;s dependence on the ability of its subsidiaries, joint ventures and other companies in which it has an interest to pay dividends and make other distributions; there can be no certainty that dividends
will be declared by BCE&nbsp;Inc.&#146;s board of directors or that BCE&nbsp;Inc.&#146;s dividend policy will be maintained; stock market volatility; our ability to maintain customer service and our networks operational in the event of the occurrence of
environmental disasters or epidemics, pandemics and other </FONT></P>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>&nbsp;2</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;
2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Caution regarding forward-looking
statements</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">health risks; health concerns about radio frequency emissions from wireless devices; the expected timing and completion of the proposed acquisition by BCE&nbsp;Inc. of the remaining 85% interest in CTV that it does not already own is
subject to closing conditions, termination rights and other risks and uncertainties including, without limitation, any required remaining regulatory approvals; and employee retention and performance.</FONT></P>
<P align="left">
<font size="2" face="Arial">These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by our forward-looking statements are discussed throughout this Annual Information Form and
the BCE&#160;2010 MD&amp;A and, in particular, in the sections entitled </font>
<font size="2"><I><FONT face="Arial">Our Competitive Environment, Our Regulatory Environment </FONT></I><FONT face="Arial">and</FONT></font><I><font
size="2" face="Arial"> Risks that Could Affect Our
Business and Results</font></I><FONT face="Arial" size="2">, in the BCE&#160;2010 MD&amp;A, at pages
60 to 63, pages 63 to 69, and pages 70 to
76, respectively, of the BCE&#160;2010 Annual Report, which sections are incorporated by reference herein.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We caution readers that the risks described above are not the only ones that could impact us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a&#160;material
adverse effect on our business, financial condition or results of operations.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business
combinations or other transactions that may be announced or that may occur after March&nbsp;10,&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&#160;meaningful way or in the same way we present known risks affecting our business.</FONT></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>3</b></FONT></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<p style="margin-top: 8px; margin-bottom: 8px"><FONT face="Arial"
  size="4">CORPORATE STRUCTURE</FONT></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">INCORPORATION AND REGISTERED OFFICES</FONT></B></P>
<P align="left">
<font size="2" face="Arial">BCE&#160;Inc. was incorporated in 1970 and was continued under the
</font><font size="2"><I><FONT face="Arial">Canada Business Corporations Act</FONT></I></font><font
size="2" face="Arial"> in 1979. It is governed by a&#160;certificate and articles of
amalgamation dated August&nbsp;1, 2004, by a&#160;certificate and articles of arrangement dated July&nbsp;10,&nbsp;2006 and by a&#160;certificate and articles of amendment dated January&nbsp;25,&nbsp;2007. BCE&#160;Inc.&#146;s head and registered offices are at 1 Carrefour
Alexander-Graham-Bell, Building A, 8th Floor, Verdun, Qu&eacute;bec H3E 3B3.
</font></P>
<P align="left">
<B><FONT face="Arial">SUBSIDIARIES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below shows BCE&#160;Inc.&#146;s main subsidiaries, where they are incorporated or registered, and the percentage of voting and non-voting securities that BCE&#160;Inc. beneficially owns or directly or indirectly
exercises control or direction over. BCE&#160;Inc. has other subsidiaries, but they have not been included in the table because each represents 10% or less of our total consolidated assets and 10% or less of our total consolidated operating
revenues. These other subsidiaries together represented 20% or less of&#160;our total consolidated assets and 20% or less of our total consolidated operating revenues at December&nbsp;31,&nbsp;2010.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="32%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
</font>
	</TD>
	<TD align=right width="32%">
<FONT size=1 face="Arial">WHERE IT IS INCORPORATED </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=1 face="Arial">PERCENTAGE OF VOTING SECURITIES THAT </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">SUBSIDIARY </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=1 face="Arial">OR REGISTERED </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=1 face="Arial">BCE&#160;INC. HELD AT DECEMBER 31,&nbsp;2010</FONT><font size="1" face="Arial"> </font>
	</TD>
	<TD align=left width="3%">
<SUP><FONT
size=1 face="Arial">(1)</FONT></SUP></TD>
</TR>
<TR>
	<TD colspan=4 width="32%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Canada </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">Canada </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Mobility&nbsp;Inc. (Bell&nbsp;Mobility) </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">Canada </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;TV </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">Ontario </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=4 width="32%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top"><font size="1" face="Arial">BCE&nbsp;Inc. does
		not own any outstanding non-voting securities issued by these
		subsidiaries. </font></td>
	</tr>
</table>
<p><font size="2" face="Arial">As at December&nbsp;31,&nbsp;2010, BCE&#160;Inc. also owned 44.1% of the voting securities of Bell&#160;Aliant Regional Communications Income Fund, with the remaining interest publicly held. On January&nbsp;1,&nbsp;2011, Bell&#160;Aliant Regional
Communications Income Fund completed a&#160;plan of arrangement under Section 192 of the
</font><font size="2"><I><FONT face="Arial">Canada Business Corporations Act</FONT></I><FONT face="Arial"> (Plan of Arrangement) pursuant to which it converted to
a&#160;corporate structure. Under the Plan of Arrangement, BCE&#160;Inc. and Bell&#160;Canada exchanged, through a&#160;series of steps, substantially all of their direct and indirect interests in Bell&#160;Aliant Regional Communications Income Fund
and its underlying entities for an aggregate of 100,376,270 common shares of Bell&#160;Aliant&#160;Inc., the successor of Bell&#160;Aliant Regional Communications Income Fund. Immediately following the completion of the Plan of Arrangement,
BCE&#160;directly and indirectly owned 100,376,270 common shares of Bell&#160;Aliant&#160;Inc., representing 44.1% of the outstanding common shares of Bell&#160;Aliant&#160;Inc., with the remaining interest publicly held. In addition, under the Plan
of Arrangement, Bell&#160;Aliant Regional Communications Holdings&#160;Inc., the former Bell&#160;Aliant Regional Communications&#160;Inc. and 7538332&nbsp;Canada&#160;Inc. (all underlying entities of Bell&#160;Aliant Regional Communications Income Fund)
amalgamated under the </FONT><I><FONT face="Arial">Canada Business Corporations Act</FONT></I></font><font
size="2" face="Arial"> to continue as Bell&#160;Aliant Regional Communications&#160;Inc. (Bell&#160;Aliant Amalco). Under the amalgamation, Bell&#160;Canada
exchanged one voting common share in Bell&#160;Aliant Regional Communications Holdings&#160;Inc. for one voting common share of Bell&#160;Aliant Amalco. The balance of the outstanding shares of Bell&#160;Aliant Amalco are owned by
Bell&#160;Aliant&#160;Inc.</font></p>
<P align="left">
<FONT face="Arial" size="2">Pursuant to an Amended and Restated Securityholder Agreement dated January&nbsp;1,&nbsp;2011, entered into between Bell&#160;Aliant&#160;Inc., Bell&#160;Aliant Regional Communications, Limited Partnership, Bell&#160;Aliant Amalco, 6583458
Canada&#160;Inc., BCE&#160;Inc. and Bell&#160;Canada, BCE&#160;Inc. has the following rights with respect to Bell&#160;Aliant&#160;Inc.:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">For so long as BCE&#160;Inc. owns a&#160;30% or greater interest in Bell&#160;Aliant&#160;Inc., and provided that certain major commercial agreements are in place, BCE&#160;Inc. has the right to appoint a&#160;majority of
the directors of Bell&#160;Aliant&#160;Inc.</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">For so long as BCE&#160;Inc. owns a&#160;20% or greater interest in Bell&#160;Aliant&#160;Inc., BCE&#160;Inc. also has the ability to veto certain actions of&#160;Bell&#160;Aliant&#160;Inc. (such as certain material
business plans and corporate transactions, material changes in business, leverage in&#160;excess of 2.5 times debt to earnings before interest, taxes, depreciation and amortization, the appointment and change of&#160;the chief executive officer and
entering into material commercial agreements with our competitors).</FONT></P>
	</li>
</ul>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">4</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp;
<b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<p style="margin-top: 8px; margin-bottom: 8px"><FONT face="Arial"
  size="4">DESCRIPTION OF OUR BUSINESS</FONT></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">GENERAL SUMMARY</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#160;is&nbsp;Canada&#146;s largest communications company. We are a&#160;comprehensive provider of wireline voice and wireless communications services, Internet access, data services and video services to residential, business and
wholesale customers. In&nbsp;2010, we reported the results of our operations in three segments: Bell&#160;Wireline, Bell&#160;Wireless and Bell&#160;Aliant. Bell, which encompasses our core operations, is the largest local exchange carrier in Ontario and
Qu&eacute;bec, and is comprised of our Bell&#160;Wireline and Bell&#160;Wireless segments. We also own a&#160;44.1% interest in, and control, Bell&#160;Aliant, the incumbent carrier in&nbsp;Canada&#146;s Atlantic provinces and in rural and regional areas
of Ontario and Qu&eacute;bec. </FONT></P>
<P align="left">
<font size="2" face="Arial">In addition to our operating segments we also hold minority equity interests in CTV and in entities that operate the Montr&eacute;al Canadiens Hockey Club and the Bell&#160;Centre in Montr&eacute;al. On September&nbsp;10,&nbsp;2010,
BCE&#160;Inc. announced its intention to acquire the&#160;remaining 85% interest in CTV that it does not already own. More information with respect to this proposed transaction can&#160;be found under
</font><font size="2"><I><FONT face="Arial">General Development
of Our Business &#150; Three Year History &#150; Proposed Acquisition of CTV</FONT></I></font><font
size="2" face="Arial">.</font></P>
<P align="left">
<FONT face="Arial" size="2">For the year ended December&nbsp;31,&nbsp;2010, we generated consolidated operating revenues of &#36;18,069&nbsp;million and consolidated operating income of &#36;3,672&nbsp;million.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The table below shows the operating revenues that each segment contributed to total operating revenues for the years ended December&nbsp;31,&nbsp;2010 and&nbsp;2009.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<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="12%" colspan=3>
<FONT face="Arial" size="1">OPERATING REVENUES (IN $ MILLIONS </FONT>
	</TD>
	<TD align=left width=2%>
<FONT face="Arial" size="1">)&nbsp;
	</FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="46%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT face="Arial" size="1">SEGMENT </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT face="Arial" size="1">2010</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=12%>
<FONT face="Arial" size="1">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT face="Arial" size="1">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="46%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">10,695</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">10,666 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">0.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&#160;Wireless </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">4,934</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">4,558 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<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="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">(204</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">(204 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">0.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="46%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&#160; </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">15,425</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">15,020 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">2.7 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&#160;Aliant </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">3,071</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">3,174 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">(3.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">427</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">(459 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">7.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="46%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="46%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Operating Revenues </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">18,069</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">17,735 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">1.9 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</tr>
<tr>
	<TD align=left width="46%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<font size="2" face="Arial">Some of our segments&#146; revenues vary slightly by season. For more information, refer to the sections entitled
</font><I><font size="2" face="Arial">2010 Operating Highlights</font></I><font
size="2"><FONT face="Arial"> and </FONT><I><FONT face="Arial">Financial Results Analysis </FONT></I><FONT face="Arial">in the BCE&#160;2010 MD&amp;A, at pages
35 to 36 and pages 40 to </FONT></font><font face="Arial" size="2">53, respectively, of the BCE&#160;2010 Annual Report, which sections are incorporated by reference herein.</font></P>
<P align="left">
<FONT face="Arial" size="2">Additional information regarding our business operations and the products and services we provide can be found in the section entitled </FONT>
<font size="2"><I><FONT face="Arial">About Our Business </FONT></I><FONT face="Arial">in the BCE&#160;2010 MD&amp;A, at pages
24 to </FONT></font><font face="Arial" size="2">29 of the BCE&#160;2010 Annual Report, which section is incorporated by reference herein.</font></P>
<P align="left">
<FONT face="Arial" size="2">Finally, additional information regarding the business outlook of our Bell&#160;Wireline, Bell&#160;Wireless and Bell&#160;Aliant segments can be found in the section entitled </FONT>
<font size="2"><I><FONT face="Arial">Business Outlook and Assumptions </FONT></I><FONT face="Arial">in the BCE&#160;2010 MD&amp;A, at pages
33 to </FONT></font><font face="Arial" size="2">35 of the BCE&#160;2010 Annual Report, which section is incorporated by reference herein.</font></P>
<P align="left">
<B><FONT face="Arial">STRATEGIC IMPERATIVES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our goal is to be recognized by customers as&nbsp;Canada&#146;s leading communications company. Our primary business objective is to maximize subscribers, revenues, operating profit, free cash flow and return on invested capital by
further enhancing our position as a&#160;foremost provider of comprehensive communications services to residential and business customers. We seek to take advantage of opportunities to leverage our networks, infrastructure, sales channels, and brand
and marketing resources across our various lines of business to create value for both our customers and other stakeholders. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our strategy to deliver a&#160;better customer experience at every level is enabled by our five strategic imperatives:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Improve Customer Service</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Accelerate Wireless</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Leverage Wireline Momentum</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Invest in Broadband Networks and Services</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Achieve a&#160;Competitive Cost Structure</FONT></P></li>
</ul>
<P align="left">
<font size="2" face="Arial">Additional information regarding our strategic imperatives can be found in the section entitled
</font><font size="2"><I><FONT face="Arial">Strategic Imperatives </FONT></I>
</font><font size="2" face="Arial">in the BCE&#160;2010 MD&amp;A, at pages
30 to 32 of the BCE&#160;2010 Annual Report, which section
is incorporated by reference herein.</font></P>
<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; </FONT>
<b><font face="Arial" size="1">5</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Description of our business</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">OUR COMPETITIVE STRENGTHS</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Canada&#146;s Largest Communications Company</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We are&nbsp;Canada&#146;s largest communications company offering a&#160;broad scope of products and services:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">We are the largest local exchange carrier in&nbsp;Canada. We operate an extensive local network in the urban areas of Ontario and Qu&eacute;bec, including in the greater metropolitan areas of Toronto and Montr&eacute;al, the two
most populous cities in the country. We offer a&#160;complete suite of wireline voice, wireless communication, Internet access, data and video product and service offerings for residential and business customers;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Bell&#160;operates approximately 6.5&nbsp;million network access lines principally in Ontario and Qu&eacute;bec, and continues to hold over 60% of the market share, while continuing to moderate competitive losses through
marketing initiatives;</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">We are the second largest wireless operator in&nbsp;Canada based on the number of subscribers, providing more than 7.2&nbsp;million subscribers with nationwide wireless service at December&nbsp;31,&nbsp;2010;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">We are the largest digital television provider in&nbsp;Canada, nationally distributing more than 500 all-digital video and audio channels to over 2.0&nbsp;million subscribers at December&nbsp;31,&nbsp;2010 through Bell&#160;TV&#146;s DTH
satellite and Internet protocol television (IPTV or Fibe TV) technologies;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">We are the largest Internet service provider in&nbsp;Canada, providing 2.1&nbsp;million customers at December&nbsp;31,&nbsp;2010 with Internet access through digital subscriber line, fibre-optic or wireless broadband;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Our Business Markets unit is a&#160;consistent market leader in serving the communications needs of Canadian businesses; and</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">Bell&#160;Aliant, the incumbent local exchange carrier in Atlantic&nbsp;Canada and rural parts of Ontario and Qu&eacute;bec, operates approximately 2.8&nbsp;million network access lines at December&nbsp;31,&nbsp;2010.</FONT></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial"
 size="2">Our large customer base and our ability to sell through a&#160;variety of distribution channels, as discussed in more detail under
	</FONT><I><font size="2" face="Arial">Marketing and Distribution Channels</font></I><font
 size="2" face="Arial">, are key competitive advantages.</font></P>
<P align="left">
<B><FONT face="Arial">Strong Operating Momentum in Wireless</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our wireless segment provides wireless services over a&#160;national network that is available to virtually all Canadians. We provide a&#160;full range of wireless services to residential and business customers through our
portfolio of targeted brands, including Bell, Solo Mobile and Virgin Mobile.</FONT></P>
<P align="left">
<font size="2" face="Arial">Wireless is a&#160;key growth segment for Bell&#160;Canada and we have established strategic priorities seeking to further enhance our offerings. Bell&#160;is focused on capturing an increasing share of new wireless customers
through growing points of presence, improved sales execution and increased value-added service offerings. We also believe our priorities for improved customer experience at all touch points, enhanced network quality and data speeds, and an expanded
handset offering should improve our ability to attract and maintain wireless customers. With the launch of a&#160;national high-speed packet access plus network (HSPA+ network) in November&nbsp;2009, we have confirmed our position as the Canadian
wireless provider delivering the broadest range of choice in wireless smartphones, along with extensive North American and international coverage. Furthermore, our acquisition in&nbsp;2009 of substantially all of the assets of national electronics
retailer </font><font size="2"><I><FONT face="Arial">The Source by Circuit City</FONT></I></font><font
size="2" face="Arial"> and its approximately 700 retail stores nationally, gives us an increased presence in&nbsp;Canada&#146;s highest-traffic mall locations and effectively
increases the number of places where customers can buy Bell&#160;products and services. We also believe that full ownership of Virgin Mobile&nbsp;Canada (Virgin) enhances our competitive market position by allowing us to compete more effectively with the
Canadian industry&#146;s other flanker&#160;brands.</font></P>
<P align="left">
<B><FONT face="Arial">Incumbent Service Provider with Market Leadership Position</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We leverage our market leadership position and our broad suite of product offerings as a&#160;foundation for the other products and services we offer, providing us with a&#160;significant number of established customer connections
to drive uptake of new products and services, either through bundled offerings or on a&#160;stand-alone basis, and to improve customer retention.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our long-standing ownership of our DTH satellite TV business and recently launched IPTV service set us apart from other incumbent Canadian telecom providers that largely rely on resale agreements to provide video service. Our
Business Markets unit is also a&#160;consistent market-leading performer having established relationships with a&#160;majority of&nbsp;Canada&#146;s 800 largest corporations. Our Business Markets unit continues to deliver network-centric information and
communications technology (ICT) solutions to large business and public sector clients that increase the value of connectivity services, which helps drive overall performance for Bell.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In the last few years, the number of residential line losses has slowed, year over year, due to on-going retention efforts, increased penetration of service bundles and better overall service execution.</FONT></P>

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<b><font face="Arial" size="1">6</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp;
<b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<b><font face="Arial" size="1">Description of our business</font></b></P>

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&nbsp;</P>






<P align="left">
<B><FONT face="Arial">MARKETING AND DISTRIBUTION CHANNELS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The guiding principle driving our marketing strategy is to offer our clients the ultimate in reliable, simple and accessible telecommunications services. In doing so, our objective is to enhance customer retention and loyalty
through multiple service&#160;offerings.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Through the Bell&#160;Bundle, which combines wireline local voice and long distance, high-speed Internet, TV and wireless services, our goal is to use a&#160;quadruple play product offering to achieve competitive differentiation
by offering a&#160;premium, integrated set of services that provides customers more freedom, flexibility and choice. We also make use of limited-time promotional offers featuring discounted rate plans, special rates on wireless handsets and video
receivers, as well as other incentives, to stimulate customer acquisition and winbacks or to respond to competitive pressures in our markets. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">We focus our marketing efforts on a&#160;coordinated program of television, print, radio, Internet, outdoor signage, direct mail and point-of-sale media promotions. We engage in mass-market advertising in order to maintain our
brand and support direct and indirect distribution channels. Coordinated marketing efforts throughout our service area ensure that our marketing message is presented consistently across all of our markets. Promoting the Bell&#160;brand is
complemented by the company&#146;s other brand marketing efforts, reinforcing the awareness of all our services and capitalizing on the size and breadth of our customer base across all product lines.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The Bell&#160;brand plays a&#160;key role in product positioning. Our branding is straightforward and benefit-focused, and directly supports our strategy of delivering a&#160;better customer experience at every level. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Specifically for wireless, acquiring and retaining high-value postpaid subscribers is a&#160;key marketing focus, as we leverage our network advantage and suite of leading-edge devices and services to drive higher usage and
increased adoption of data services. We subsidize the sale of wireless handsets &#150; a&#160;practice also used by other Canadian wireless operators. Research has shown that a&#160;key driver of customer acquisition is handset selection and style.
This factor is important as handset life cycles shorten. Our current wireless device portfolio includes many leading-edge handsets, some launched as exclusive to Bell. As the Canadian wireless market further matures and competition intensifies as
a&#160;result of Industry&nbsp;Canada&#146;s licensing of AWS spectrum to new entrants, customer retention is becoming increasingly important. Accordingly, we employ customer retention initiatives aimed at increasing our customers&#146; level of
satisfaction and loyalty.</FONT></P>
<P align="left">
<font size="2" face="Arial">Our acquisition on July&nbsp;1,&nbsp;2009, of substantially all of the assets of national electronics retailer
</font><font size="2"><I><FONT face="Arial">The Source by Circuit City</FONT></I></font><font
size="2" face="Arial">, which are now held by
Bell&#160;Canada&#146;s wholly-owned subsidiary The Source (Bell) Electronics&#160;Inc. (The Source), has added approximately 700 retail stores, most of them in high-traffic mall locations, increasing Bell&#146;s national distribution
footprint.</font></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;delivers its products and services to residential customers through:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">a network of corporate and dealer-owned Bell, Bell&#160;Mobility, Solo Mobile and Virgin Mobile retail locations;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">The Source&#146;s approximately 700 retail locations;</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">national retailers such as Future Shop, Best Buy, Wal-Mart, Wireless Wave, T-Booth, Wireless Etc., Loblaws and a&#160;network of&#160;regional and independent retailers in all regions; </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial"
 size="2">call centre representatives;
and </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial"
 size="2">the bell.ca website.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Residential customers can buy all or some of Bell&#146;s products and services through call centres, retail stores, sales representatives and our web portals.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;also offers customers the convenience of &#147;One Bill&#148; for Home Phone, Internet, video and wireless services with a&#160;single point of contact.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Communications products and services, other than wireless, for Bell&#146;s business customers are delivered by the Bell&#160;Business Markets unit. Products and solutions are sold to small, mid-sized and large business customers
through web portals, call centres, dedicated sales representatives, as well as select value-added resellers. We intend to continue to differentiate ourselves in the marketplace by enhancing our customer service levels and our offer breadth by
introducing unique fee-based service offerings in the market. Much of the procurement of our customers in this segment is completed through competitive bids that we win. In addition to basic communications services, the Bell&#160;Business Markets
unit bundles products, services and professional services into fully managed, end-to-end, information and technology business solutions for its customers. It also partners with third parties to bid on and sell complex business solutions. We are
focusing on increasing the number of customers and the breadth of business solutions sold to these customers. The solutions offer more value and strengthen relationships with customers, thus helping to reduce churn.</FONT></P>

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<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>7</b></FONT></P>

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<b><font face="Arial" size="1">Description of our business</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">Bell&#146;s wireless products and services are delivered to business customers by Bell&#160;Mobility through the same channels as those previously described for Bell&#160;Mobility services with respect to residential customers. In
addition, Bell&#146;s business customers are served by Bell&#146;s nationwide sales team responsible for the sale of wireless products and services to business customers as well as the execution of sales contracts.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Communications products and services for Bell&#146;s wholesale business are delivered by Bell&#146;s Wholesale unit. They are sold through our dedicated sales representatives, web portals and call centres.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Aliant sells its products and services through call centre representatives, independent dealer stores (certain of which are full service and certain of which sell small and medium-sized business products), value-added
resellers and the Bell&#160;Aliant website, www.bellaliant.ca. In addition to these channels, Bell&#160;Aliant sells products and services to larger business customers through dedicated sales representatives and competitive bids. As well,
Bell&#160;Aliant facilitates customer payments through numerous payment agencies in New Brunswick, Nova Scotia, Prince Edward Island and Newfoundland and Labrador. During&nbsp;2010, Bell&#160;Aliant continued to implement measures to simplify and improve
various types of customer interactions.</FONT></P>
<P align="left">
<B><FONT face="Arial">OUR NETWORKS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The telecommunications industry is evolving rapidly as the industry continues to move from multiple service-specific networks to Internet protocol (IP)-based integrated communications networks where voice, data and video traffic
all travel on a&#160;single network. Bell&#160;and Bell&#160;Aliant continue to work with key vendor partners to expand their national multi-services IP-enabled&#160;networks.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#146;s communications networks provide wireline and wireless, voice, data and video services to customers across&nbsp;Canada.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#146;s infrastructure includes:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">national transport networks for voice, data and video traffic, including Internet traffic;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">urban and rural access networks and infrastructures for delivering services to customers; and </FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">national wireless networks that provide voice, data and video services.</FONT></P>
	</li>
</ul>
<P align="left">
<B><FONT face="Arial">Wireline</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our national voice and data network consists of an optical fibre network, with built-in redundancy and fault protection. It reaches all major Canadian metropolitan centres, as well as New York, Chicago, Washington/Ashburn,
Buffalo, San Francisco/Palo Alto and Seattle in the United States.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#146;s networks in major Canadian cities provide state-of-the-art high-speed access at gigabit speeds based on IP technology. Bell&#160;and Bell&#160;Aliant operate a&#160;national IP/multi-protocol label switching network
with international gateways to the rest of the world. This network delivers next generation, business grade Internet protocol virtual private network (IPVPN) services that connect our customers&#146; offices and data centres throughout&nbsp;Canada and
around the world. The IPVPN service is the foundation platform required for the delivery of information and communications technology solutions that add value and efficiencies to customers&#146; businesses. These technology solutions include voice
over Internet protocol /IP Telephony, IP videoconferencing, IP call centre applications and other future IP-based applications. In addition, Bell&#160;and Bell&#160;Aliant maintain extensive copper and voice-switching networks that provide
traditional local and interexchange voice and data services to all business and residential customers in Ontario, Qu&eacute;bec and the Atlantic provinces.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Since 2004, Bell&#160;has been upgrading the access infrastructure by deploying fibre closer to its residential customers using fibre-to-the-node (FTTN) technology. In parallel, Bell&#160;has also been deploying high-speed fibre
access directly to new condominiums and other multiple-dwelling units (MDUs), throughout the Qu&eacute;bec-Windsor corridor under a&#160;fibre-to-the-building (FTTB) initiative.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On February&nbsp;4,&nbsp;2010, Bell&#160;Canada announced several initiatives supporting its strategic imperative to invest in broadband networks and services.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">First, Bell&#160;Canada announced a&#160;three-year plan to deploy high-speed fibre-to-the-home (FTTH) technology across the Qu&eacute;bec City region. FTTH, in which optical fibre cables are used to connect each and every home,
is the ideal network architecture to address the growing needs of our customers, and to support future bandwidth-demanding IP services and applications. One of the first FTTH deployments in&nbsp;Canada, Bell&#160;Canada&#146;s Qu&eacute;bec City region initiative is the largest city-wide FTTH rollout in the country to-date. Since the Qu&eacute;bec City region is served largely by
&#147;aerial&#148; infrastructure, above-ground wiring on utility poles, these extensive fibre deployments can be accomplished much faster and more economically than in centres with underground&#160;infrastructure.</FONT></P>

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<b><font face="Arial" size="1">8</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp;
<b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<b><font face="Arial" size="1">Description of our business</font></b></P>

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<P align="left">
<FONT face="Arial" size="2">Bell&#160;Canada also announced its plan to deploy FTTH in all new urban and suburban housing developments in Ontario and Qu&eacute;bec, which began in the second half of&nbsp;2010. This is in addition to Bell&#160;Canada&#146;s
deployment of FTTB already under way to&#160;approximately 1,600 MDUs in Ontario and Qu&eacute;bec, which is expected to be complete by the end of&nbsp;2012.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On February&nbsp;4,&nbsp;2010, Bell&#160;Canada announced that its new Bell&#160;Fibe Internet service was available in the Montr&eacute;al and Greater Toronto areas, providing users with higher download speeds of up to 25 megabits per
second (Mbps). Fibe Internet employs advanced tools to proactively monitor and optimize speed and offers comprehensive security features including parental controls, pop-up blocker, privacy control, Wi-Fi protection, fraud protection and online
storage.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On September&nbsp;13,&nbsp;2010, Bell&#160;Canada announced the launch of Bell&#160;Fibe TV, its advanced IPTV service, in several Toronto and Montr&eacute;al neighbourhoods. An all-digital IPTV service, Fibe TV is delivered on
Bell&#160;Canada&#146;s advanced high-speed fibre optic network and powered by Microsoft&#146;s Mediaroom multimedia software and complements our national Bell&#160;TV satellite service and expands television choice and competition in major urban
markets where cable has dominated. Bell&#160;Fibe TV offers a&#160;wide range of flexible programming options and innovative features, including a&#160;whole-home personal video recorder, the ability to record up to four programs simultaneously,
a&#160;picture-in-picture program guide, advanced search capabilities, and the fastest channel change in the market. Unlike cable, Fibe TV&#146;s advanced IP-based software technology makes possible many of these features and allows us to leverage
Internet content and applications into the television environment, while providing the ability to instantly deliver future innovations without the need for new receivers or a&#160;visit from a&#160;technician.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On July&nbsp;6,&nbsp;2009, Bell&#160;Aliant, with the support of the Government of New Brunswick, announced a&#160;&#36;60&nbsp;million investment to fully deploy FTTH technology in Fredericton and Saint John by mid-2010. This investment, which
is now completed, has brought an advanced broadband network using 100% fibre-optic technology, directly to 70,000 homes and businesses in these two cities, allowing Bell&#160;Aliant to deliver its new &#147;FibreOP&#148; branded FTTH broadband
services. On August&nbsp;26,&nbsp;2010, Bell&#160;Aliant announced the launch of FibreOP services in the Greater Moncton Area. Subsequently, on November&nbsp;1,&nbsp;2010, Bell&#160;Aliant announced that FibreOP services and bundles were available to customers in the
serving areas of Greater Saint John and Greater Fredericton. The virtually 100% aerial nature of Bell&#160;Aliant&#146;s network infrastructure and the relatively low population densities of these areas make the cost of FTTH and FTTN very similar in
these markets. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On May&nbsp;28,&nbsp;2010, Bell&#160;Aliant, with the support of the Government of Nova Scotia, announced that its FibreOP services would be introduced in Nova Scotia. On September&nbsp;29,&nbsp;2010, Bell&#160;Aliant and the Government of Prince
Edward Island announced that FibreOP services would be introduced in Prince Edward Island.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">As of the end of&nbsp;2010, Bell&#160;Aliant&#146;s FibreOP services were available to 138,000 homes and businesses in Atlantic&nbsp;Canada, while Bell&#160;Aliant&#146;s high-speed Internet service was available to over 81% of homes in
Bell&#160;Aliant&#146;s operating territory.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our forward-looking statements referred to in this section relating to plans to deploy FTTN and FTTH assume, in particular, that municipal consents required by Bell&#160;in order to install network equipment on municipal property
will be issued on a&#160;timely basis. The failure by municipalities to issue such consents or to issue such consents in accordance with Bell&#146;s schedule could result in our inability to deploy FTTN or FTTH in certain areas or in significant
delays in our pace of FTTN or FTTH deployment. In addition, our forward-looking statements referred to in this section relating to plans to deploy FTTN, FTTH and FTTB assume the availability of the required capital which, in turn, is based on our
ability to either generate cash flows from operations or raise financing. Our ability to generate cash flows from operations depends on our business performance which, in turn, is based on certain key economic, market and operational assumptions that are discussed in the section entitled
</FONT><font size="2"><I><FONT face="Arial">Business Outlook and Assumptions </FONT></I>
</font><font size="2" face="Arial">in the BCE&#160;2010 MD&amp;A, at pages 33 to
35 of the BCE&#160;2010 Annual Report, which section
is incorporated by reference herein. Our ability to generate cash flows from operations is also subject to various risks, which could affect our business, including competitive, technological, economic, financial and regulatory risks. Our ability to raise financing depends on
our ability to access the public equity and debt capital markets and the bank credit market which, in turn, is based on prevailing market conditions and the outlook for our business and credit ratings at the time the capital is raised. Refer to the
sections entitled </font><font size="2"><I><FONT face="Arial">Our Competitive Environment, Our Regulatory Environment </FONT></I><FONT face="Arial">and </FONT><I><FONT face="Arial">Risks that Could Affect Our Business and Results </FONT></I><FONT face="Arial">in the BCE&#160;MD&amp;A, at pages
60</FONT></font><font
size="2" face="Arial"> to 63, pages 63 to 69, and pages 70 to 76, respectively, of the BCE&#160;2010 Annual Report, which sections are incorporated by reference
herein, for a&#160;description of risks that could affect our business and our ability to generate cash flows from operations, and to the risk entitled </font><font size="2"><I><FONT face="Arial">If we are unable to raise the capital we need, we
may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of assets</FONT></I></font><font
size="2" face="Arial"> for a&#160;description of risks that could affect our ability to
raise&#160;financing.</font></P>

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<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>9</b></FONT></P>

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<b><font face="Arial" size="1">Description of our business</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">Wireless</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;provides wireless connectivity through the use of its own wireless facilities as well as the facilities of other wireless carriers that Bell&#160;may access through contractual arrangements. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Launched in November&nbsp;2009, our HSPA+ network is capable of delivering high-speed mobile access of up to 21 Mbps to 96% of the Canadian population and covers thousands of cities and towns in both urban and rural locations. This
network supports full global roaming, as well as a&#160;wide range of new smartphones, wireless Internet sticks, and other leading-edge mobile devices. Over the course of&nbsp;2010, Bell&#160;continued to develop its HSPA+ network by adding capacity to
manage the traffic generated by feature rich smart phones, universal serial bus (USB) data sticks and wireless gateway products. In November&nbsp;2010, Bell&#160;became the first wireless operator in North America to deploy leading-edge Dual cell
technology, which doubles the speed of HSPA+ mobile data service from up to 21 Mbps to as high as 42 Mbps when using capable USB modem devices. Bell&#160;has launched 42&#160;Mbps service initially in Toronto and intends to expand service to more
Canadian cities and towns through&nbsp;2011.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The HSPA+ network also supports international roaming in more than 200 countries, including a&#160;preferred roaming agreement with AT&amp;T&#160;Inc., the largest HSPA operator in the United States. The vast majority of the site
connectivity for the new HSPA+ network was built with high-speed fibre and an all-IP architecture for enhanced reliability. The HSPA+ buildout leveraged our network sharing agreement with TELUS Communications Company. Each company built half of the
new network&#146;s coverage across&nbsp;Canada, which reduced our overall deployment cost, accelerated the launch of the new network and allowed each company to compete more quickly with each other and with other wireless operators. Moreover, our
deployment of the HSPA+ network well positions us to move to long-term evolution (LTE) in the coming years. The 4G HSPA+ network joined our existing national 3G code division multiple access (CDMA)/evolution-data optimized (EVDO) network, which
Bell&#160;currently plans to continue to operate alongside the HSPA+ network. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;was the first operator in&nbsp;Canada to conduct trials using the newest generation of LTE technology. The trials validated the theoretical data performance in a&#160;live air environment, exercised network integration points
to the existing networks and validated advanced features such as Self Optimizing Networks. LTE will be the technology used for the next network evolution of&#160;4G and will be deployed in the future as the handset/terminals eco-system matures and
the data traffic requires the capacity delivered by this enhanced capability.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In order to provide an expansion path for next-generation technologies and future services, we purchased new wireless licences in the AWS spectrum auction that concluded on July&nbsp;21,&nbsp;2008. We acquired 20 megahertz (MHz) of spectrum
in Ontario (including Toronto and surrounding areas), in&nbsp;Canada&#146;s Atlantic provinces, and in Northern&nbsp;Canada, as well as 10 MHz in Qu&eacute;bec and in Western&nbsp;Canada, for a&#160;total investment of &#36;741&nbsp;million. This AWS spectrum was
utilized for LTE technology trial activities over the course of&nbsp;2010.</FONT></P>
<P align="left">
<B><FONT face="Arial">OUR EMPLOYEES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below shows the number of our employees as at December&nbsp;31,&nbsp;2010,&nbsp;2009 and&nbsp;2008.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">NUMBER OF EMPLOYEES AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="58%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&#160;Wireline segment </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">34,600</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">34,800 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">32,400 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&#160;Wireless segment </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">8,300</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">8,000 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">8,400 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&#160;Aliant Segment </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">7,300</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">8,100 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">8,800 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="58%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="58%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">50,200</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">50,900 </FONT>
	</TD>
	<TD align=left width=2%>
<SUP><FONT size=2 face="Arial">(2)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">49,600 </FONT>
	</TD>
	<TD align=left width=2%>
<SUP><FONT size=2 face="Arial">(3)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
</tr>
<tr>
	<TD align=left width="58%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=12%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE><table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%" valign="top">
<FONT face="Arial" size="1">(1) </FONT></td>
		<td width="98%" valign="top">
<FONT face="Arial" size="1">The total number of Bell&nbsp;employees at the end of
		2010 was 42,900, which includes 3,400 employees at The Source, compared
		with 42,800 on December&nbsp;31,&nbsp;2009, which includes 3,500 employees at The
		Source. The increase was due primarily to a higher headcount in our Bell&nbsp;
		Wireless segment, and in our network and field operations units, in
		order to support our significant wireless subscriber growth and
		smartphone adoption over the past year, broadband fibre development
		activities, IPTV rollout, and ongoing service quality initiatives. This was partly offset by a&#160;reduced workforce, year over year, in our Bell&nbsp;Residential and Bell&nbsp;Business Markets units, driven by employee departures, attrition, and other
targeted reductions brought about by further operating efficiencies and productivity improvements. </FONT>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<FONT face="Arial" size="1">(2) </FONT></td>
		<td width="98%" valign="top"><FONT face="Arial" size="1">The total number of Bell&#160;employees at the end of&nbsp;2009 was 42,800, up from 40,800 on December&nbsp;31,&nbsp;2008. The increase in Bell&#146;s headcount was primarily the result of the acquisitions on July&nbsp;1,&nbsp;2009 of The Source and
Virgin. Excluding these acquisitions, Bell&#146;s workforce decreased 6.1% or by 2,500 to 38,300 employees in&nbsp;2009.</FONT></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<FONT face="Arial" size="1">(3) </FONT></td>
		<td width="98%" valign="top"><FONT face="Arial" size="1">On July&nbsp;28,&nbsp;2008, we announced a&#160;reduction in the size of our Bell&#160;Canada management team as part of an organizational restructuring focused on achieving a&#160;competitive cost structure. The number of management
departures at Bell&#160;Canada totalled approximately 2,500, representing approximately 6% of the total workforce or about 15% of management.</FONT></td>
	</tr>
</table>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">10</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp;
<b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Description of our business</font></b></P>

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






<P align="left">
<FONT face="Arial" size="2">Approximately 45% of BCE&#160;employees are represented by unions and are covered by collective agreements.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following collective agreements were signed in&nbsp;2010 or&nbsp;2011:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between Bell&#160;Aliant Regional Communications, Limited Partnership and the Communications, Energy and Paperworkers Atlantic Communications Council, covering approximately 2,825 clerical, craft
and operator services employees, that was set to expire on December&nbsp;31,&nbsp;2011, was renewed early in September&nbsp;2010. The new agreement will be in effect until December&nbsp;31, 2014;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between Northwestel&#160;Inc. and the
International Brotherhood of Electrical Workers covering approximately 420 clerical and craft employees expired on December&nbsp;31,&nbsp;2010. A tentative agreement was ratified on January&#160;14,&nbsp;2011 and the new agreement will last until December&nbsp;31,
2013; and </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the Communications, Energy and Paperworkers Union of&nbsp;Canada (CEP) and Bell&#160;Canada, covering approximately 115 craft employees located in Western&nbsp;Canada, was renewed in September&nbsp;2010 and
will be in effect until May&nbsp;10, 2014.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">The following collective agreements will expire in&nbsp;2011:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and Expertech Network Installation&#160;Inc. (Expertech) covering 1,147&#160;craft employees will expire on November&nbsp;30,&nbsp;2011;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between
the CEP and Bell&#160;Aliant Regional Communications, Limited Partnership covering approximately 650 craft employees will expire on November&nbsp;30,&nbsp;2011;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between CEP and T&eacute;l&eacute;bec, Limited Partnership
covering approximately 220 clerical employees will expire on November&nbsp;1,&nbsp;2011; and
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and Bell&#160;Canada (ICT) covering approximately 125 clerical employees will expire on May&nbsp;31,&nbsp;2011.</FONT></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">The following describes the status of collective agreements that have already expired:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and Bell&#160;Canada covering approximately 770 communications sales employees expired on December&nbsp;31,&nbsp;2010. A tentative agreement was signed with the union on January&nbsp;12,&nbsp;2011, but
union membership voted against its ratification. The parties are pursuing discussions;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and Expertech covering approximately 165 clerical employees expired on November&#160;30,&nbsp;2010. Negotiations for
the renewal of this agreement have reached an impasse and the CEP filed for conciliation on January&nbsp;11,&nbsp;2011. Conciliation sessions took place on February&nbsp;2, 3 and 17,&nbsp;2011; and
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and NorthernTel,
Limited Partnership covering approximately 135 craft and clerical employees expired on February&nbsp;28,&nbsp;2011.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">In addition, Bell&#160;Mobility was formally notified on October&nbsp;27,&nbsp;2010 that the CEP filed an application for certification to represent approximately 1,585 call center employees working in the Mississauga region of Ontario.
Submissions have been filed with the&nbsp;Canada Industrial Relations Board relative to this application and a&#160;hearing will be scheduled later in&nbsp;2011. BellTV was also advised on January&nbsp;20,&nbsp;2011 that the CEP filed an application for certification
to represent approximately 140 broadcast employees working in the Toronto region of Ontario. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">In addition, negotiations with respect to a&#160;first collective agreement between the CEP and Bell&#160;Canada covering approximately 85&#160;clerical employees located in Western&nbsp;Canada scheduled to commence in the fall of&nbsp;2010
have been delayed and are tentatively scheduled to start in the latter part of the first quarter of&nbsp;2011.</FONT></P>
<P align="left">
<font size="2" face="Arial">Additional information regarding our employees can be found in the section entitled
</font><font size="2"><I><FONT face="Arial">About Our Business &#150; Employees
</FONT></I></font><font size="2" face="Arial">in the BCE&#160;2010 MD&amp;A, at page
29 of the BCE&#160;2010 Annual Report, which section
is incorporated by reference herein.</font></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>11</b></FONT></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Description of our business</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">CORPORATE RESPONSIBILITY</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We are committed to the highest standards of corporate responsibility and we seek to integrate environmental, social and economic considerations into our business decisions. We engage with stakeholders to identify opportunities to
create benefits for both society and BCE&#160;while minimizing, where we can, any negative impact our activities may generate. In line with this commitment, in&nbsp;2006, we adopted a&#160;resolution to support the United Nations Global Compact,
a&#160;set of universal principles addressing human rights, labour, environmental and anti-corruption issues.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s corporate responsibility strategy and environmental risks and opportunities are overseen by the Corporate Responsibility Oversight Committee, an officer level committee chaired by the Executive Vice-President and Chief
Legal and Regulatory Officer. The committee&#146;s role is to ensure that BCE&#146;s corporate responsibility strategy is well integrated and aligned across all parts of its business, with the intent of minimizing financial and reputational risks
and maximizing business opportunities.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#160;has implemented a&#160;range of social and environmental policies which are supported by various programs and initiatives. The policies include:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Code of Business Conduct </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Bell&#160;Privacy Statement</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Bell&#160;Code of Fair Information Practices</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Environmental Policy</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Supplier Code of Conduct</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">BCE&#160;Inc. was recently listed on the Global 100 Most Sustainable Corporations in the World, and is part of socially responsible investment indices such as the FTSE4 GOOD Index and the Jantzi Social Index.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Canada is an active member of the Global e-Sustainability Initiative (www.gesi.org), an international organization that promotes sustainable development in the ICT industry. Part of its involvement includes the promotion
of ICT as a&#160;solution to climate change by enabling travel reduction and dematerialization. Monitoring and reducing energy consumption is a&#160;key priority at Bell&#160;Canada because of its positive impact on the environment and the economy.
BCE&#160;reports on its carbon footprint and carbon reduction initiatives through the Carbon Disclosure Project since the early beginnings in 2004.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Details of these policies, and performance of our programs and initiatives, can be found under the heading Responsibility on BCE&#160;Inc.&#146;s website at www.bce.ca.</FONT></P>
<P align="left">
<B><FONT face="Arial">Community</FONT></B></P>
<P align="left">
<font face="Arial" size="2">Bell&nbsp;is committed to advancing mental health across
Canada through the Bell&nbsp;Mental Health Initiative. Mental illness affects
millions of Canadians yet this major health issue remains significantly
underfunded, misunderstood and stigmatized. With 1 in 5 people suffering
directly from the disease, everyone has a family member, friend or colleague who
has struggled with mental illness. The impact on the Canadian economy is
staggering with an estimated $51&nbsp;billion each year in lost productivity and
approximately 500,000 Canadians absent from work each day due to mental health
issues.</font></P>
<P align="left">
<font face="Arial" size="2">On September&nbsp;21,&nbsp;2010, Bell&nbsp;announced its five-year,
$50&nbsp;million initiative supporting an extensive range of programs to enhance
mental health in every aspect of Canadian life. The Bell&nbsp;Mental Health
Initiative is supported by 4 pillars: anti-stigma, enhanced care and access, new
research and workplace leadership. This initiative is the largest-ever corporate
effort to promote mental health in&nbsp;Canada. During&nbsp;2010, Bell&nbsp;committed $4
million of the program to several initiatives, including partnerships with the
Louis-H. Lafontaine Hospital, the Royal Ottawa Mental Health Centre, and the
Centre for Addiction and Mental Health.</font></P>
<P align="left">
<font face="Arial" size="2">Because the challenge of stigma remains the primary
reason two-thirds of people with mental health problems do not receive the help
they need, Bell&nbsp;asked Canadians to talk about the issue. Bell&nbsp;Let&#146;s Talk Day on
February&nbsp;9,&nbsp;2011, led by Olympian Clara Hughes, worked to promote discussion and
understanding of mental illness while raising new funds for Canadian mental
health.</font></P>
<P align="left">
<font face="Arial" size="2">With over 66&nbsp;million text messages and long distance
calls made that day by Bell&nbsp;and Bell&nbsp;Aliant customers, Bell&#146;s 5-cent donation
per message meant an additional $3.3&nbsp;million to support mental health programs
across the country.</font></P>
<P align="left">
<font face="Arial" size="2">To learn more, please visit bell.ca/letstalk.</font></P>
<P align="left">
<font face="Arial" size="2">Between mental health and its other initiatives,
Bell&nbsp;and Bell&nbsp;Aliant contributed over $16&nbsp;million in community investment in
2010. Bell&nbsp;and Bell&nbsp;Aliant employees and pensioners also donated approximately $1.5&nbsp;million in
charitable gifts and logged over 377,000 hours in volunteer time.</font></P>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>12</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011
AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Description of our business</font></b></P>

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






<P align="left">
<B><FONT face="Arial">Environment</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On November&nbsp;2, 2004, BCE&#160;adopted an environmental policy that affirms: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">our commitment to environmental protection;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">our belief that environmental protection is an integral part of doing business, and needs to be managed systematically under a&#160;continuous improvement process.
	</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">The policy is reviewed annually and contains principles that support our goal, varying from exercising due diligence to meet or exceed the environmental legislation that applies to us, to prevent pollution and promote
cost-effective initiatives that minimize resources and waste.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We have instructed subsidiaries subject to this policy to support these principles, and have established a&#160;management-level committee to oversee the implementation of the policy.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Canada monitors its operations to seek to ensure that it complies with environmental requirements and standards, and takes action to prevent and correct problems, when needed. It has had an environmental management and
review system in place since 1993, that:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">provides early warning of potential problems;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">identifies management and cost-saving opportunities;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">establishes a&#160;course of action; </FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">ensures ongoing improvement through regular monitoring and reporting.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">On April&nbsp;14,&nbsp;2009, Bell&#160;Canada obtained the ISO 14001 certification for its environmental management system (Registration number: EMS 545955). The certification covers all of Bell&#160;Canada&#146;s businesses including
landline, wireless, television and Internet services in addition to related administrative functions. This certification was maintained in&nbsp;2010, following an external and independent periodic audit. Bell&#160;Canada also obtained LEED certification
for its Montr&eacute;al campus and LEED Silver for its Mississauga campus expansion.</FONT></P>

<P align="left">
<FONT face="Arial" size="2">One of its key tools is the corporate environmental action plan, which outlines the environmental activities of Bell&#160;Canada&#146;s various business units. The plan identifies funding requirements, accountabilities and
deliverables, and monitors Bell&#160;Canada&#146;s progress in meeting its objectives. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">For the year ended December&nbsp;31,&nbsp;2010, Bell&#160;Canada spent &#36;18.1&nbsp;million on environmental activities, 37% of which was expensed and 63% of which was for capital expenditures. For&nbsp;2011, Bell&#160;Canada has budgeted &#36;18.6
million (41% for expenses and 59% for capital expenditures) to seek to ensure that its environmental policy is applied properly and its environmental risks are minimized.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Aliant adopted a&#160;comprehensive environmental policy for Atlantic&nbsp;Canada that was updated in&nbsp;2006 which affirms its goal to work to create a&#160;sustainable future by integrating long-term economic, environmental
and social considerations into the way the business is operated. The policy provides for the identification of activities and situations which may have potential to harm the environment, and the implementation of environmentally positive practices
and preventive measures. Bell&#160;Aliant&#146;s program seeks to ensure that it complies with all environmental regulatory requirements and that its activities are carried out in a&#160;manner that minimizes risk to the environment through
a&#160;continuous improvement process.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Aliant manages its environment program through processes similar to those employed by Bell&#160;Canada, and collaborates on many levels to seek harmonization with Bell&#160;Canada&#146;s environment program.
Bell&#160;Aliant has adopted an environment action plan which sets out specific environmental goals for&nbsp;2011.</FONT></P>
<P align="left">
<B><FONT face="Arial">COMPETITIVE ENVIRONMENT</FONT></B></P>
<P align="left">
<font size="2" face="Arial">A discussion of BCE&#146;s competitive environment can be found in the section entitled
</font><font size="2"><I><FONT face="Arial">Our Competitive Environment </FONT></I>
</font><font size="2" face="Arial">in the BCE&#160;2010 MD&amp;A, at pages 60 to
63 of the BCE&#160;2010 Annual Report, which section is
incorporated by reference herein.</font></P>
<P align="left">
<font size="2" face="Arial">See also </font><font size="2"><I><FONT face="Arial">Description of Our Business &#150; Our Competitive Strengths</FONT></I></font><font
size="2" face="Arial"> in this Annual Information Form for more information concerning BCE&#146;s competitive
position.</font></P>
<P align="left">
<B><FONT face="Arial">REGULATORY ENVIRONMENT</FONT></B></P>
<P align="left">
<font size="2" face="Arial">A discussion of the legislation that governs our business as well as government consultations and recent regulatory initiatives and proceedings affecting us can be found in the section entitled
</font><font size="2"><I><FONT face="Arial">Our
Regulatory Environment</FONT></I><FONT face="Arial"> in the BCE&#160;2010 MD&amp;A, at pages </FONT></font>
<font face="Arial" size="2">63 to 69 of the BCE&#160;2010 Annual Report, which section is incorporated by reference herein.</font></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>13</b></FONT></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Description of our business</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">INTANGIBLE PROPERTIES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#160;uses various works protected by intellectual property rights which BCE&#160;owns itself or for which it has been granted rights to use. These works include brand names, customers&#146; lists, copyrights, patents and
trademarks. This intellectual property is important to BCE&#146;s operations and its success.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The table below is a&#160;list of trademarks that are referred to and used as such in this Annual Information Form and their owners.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="48%">
<FONT size=1 face="Arial">OWNER </FONT>
	</TD>
	<TD width="4%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=1 face="Arial">TRADEMARK </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;Aliant Regional Communications, Limited Partnership </FONT>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Aliant </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">FibreOP </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<FONT size=2 face="Arial">BCE&#160;Inc. </FONT>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">BCE&nbsp;</FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;Canada </FONT>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160; </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;Centre </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;Distribution </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;Mobility </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;Nordiq </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;TV </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;World </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Fibe </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">xwave </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;TV </FONT>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">ExpressVu </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<FONT size=2 face="Arial">Bell&#160;Mobility </FONT>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Solo </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Solo Mobile </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<FONT size=2 face="Arial">Virgin Enterprises Limited </FONT>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">Virgin Mobile </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="48%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="48%">
<FONT size=2 face="Arial">The Source </FONT>
	</TD>
	<TD width="4%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="48%">
<FONT size=2 face="Arial">The Source </FONT>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<FONT face="Arial" size="2">Other trademarks or corporate, trade or domain names used in this Annual Information Form are the property of their owners. Our trademark rights are perpetual provided that their registrations are timely renewed when applicable
and that the trademarks are used in commerce by us or our licencees. We take appropriate measures to protect, renew and defend our trademarks including prosecuting infringers. We take great care not to infringe on the intellectual property and
trademarks of others.</FONT></P>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>14</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011
AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<p style="margin-top: 8px; margin-bottom: 8px"><FONT face="Arial"
  size="4">GENERAL DEVELOPMENT OF OUR BUSINESS</FONT></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">THREE-YEAR HISTORY</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Proposed Acquisition of CTV</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On September&nbsp;10,&nbsp;2010, BCE&#160;Inc. announced that it had agreed to acquire the remaining 85% interest in CTV that it does not already own. CTV holds specialty television, digital media, conventional television and radio
broadcasting assets. It is&nbsp;Canada&#146;s largest television network with 27 stations across the country; 30 specialty channels, including TSN and RDS; online video programming and properties including CTV.ca, TSN.ca, RDS.ca, MuchMusic.com, MTV.ca
and TheComedyNetwork.ca; and CHUM Radio, which operates 34 radio stations throughout&nbsp;Canada. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On September&nbsp;10,&nbsp;2010, BCE&#160;Inc. entered into an agreement (the Transaction Agreement) with CTV, The Woodbridge Company Limited (Woodbridge Limited), 1565117 Ontario Limited (Woodbridge Holdco), Woodbridge
Investments&#160;Inc. (Woodbridge Investments, and together with Woodbridge Limited and Woodbridge Holdco, Woodbridge), Ontario Teachers&#146; Pension Plan Board (Teachers&#146;) and Torstar Corporation (Torstar), pursuant to which BCE&#160;Inc.
intends to acquire the remaining 85% interest in CTV that it does not already own. The description of the Transaction Agreement contained in this Annual Information Form does not purport to be complete and is qualified in its entirety by reference
to the Transaction Agreement, which has been filed separately by BCE&#160;Inc. with the Canadian securities regulatory authorities (available at www.sedar.com) and with the U.S. Securities and Exchange Commission (available at www.sec.gov).
</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Pursuant to the Transaction Agreement, BCE&nbsp;Inc. has agreed to acquire all the Class A common shares in CTV held by each of Woodbridge Holdco, Teachers&#146; and Torstar for an aggregate share purchase price of approximately
&#36;1.3&nbsp;billion. Including the value of BCE&nbsp;Inc.&#146;s present 15% interest, the transaction has an equity value of approximately &#36;1.5&nbsp;billion. Together with &#36;1.7&nbsp;billion in proportionate debt, the total transaction value is approximately
&#36;3.2&nbsp;billion. BCE&nbsp;Inc. has also agreed, under the Transaction Agreement, to acquire certain debt from Woodbridge Investments and to repay in full CTV&#146;s senior indebtedness, both of which constitute part of the &#36;1.7&nbsp;billion in
proportionate debt included in the transaction. As a component of the consideration to be paid, BCE&nbsp;Inc. will issue common shares with a value of approximately &#36;750&nbsp;million to Woodbridge based on a share price formula set out in the Transaction
Agreement. Woodbridge has agreed that, for a two-year period, it will not sell or otherwise dispose of the BCE&nbsp;Inc. common shares issued to it pursuant to the Transaction Agreement without the consent of BCE&nbsp;Inc.</FONT></P>
<P align="left">
<font face="Arial" size="2">In addition to the approximately $750&nbsp;million in new
BCE&nbsp;Inc. common shares to be issued to Woodbridge, the available sources of
funding for the acquisition of CTV also include the issuance by Bell&nbsp;Canada of
$1&nbsp;billion of 4.40% medium-term debentures (MTN Debentures), Series M-22 under
its Shelf Prospectus (as further defined herein) expected to close on or about
March&nbsp;16,&nbsp;2011, a new, fully committed unsecured credit facility of up to $2
billion entered into on October&nbsp;28,&nbsp;2010 by Bell&nbsp;Canada, which matures in May&nbsp;
2013, with a syndicate of financial institutions and surplus cash on hand.</font></P>
<P align="left">
<FONT face="Arial" size="2">With video streaming rapidly growing in popularity among Canadians, who are increasingly moving to mobile, online and digital television platforms for video content, we intend to acquire CTV&#146;s range of video content with the
objective of enhancing the execution of our strategic imperatives by seeking to leverage our broadband network investments, to accelerate video growth across all four screens &#150; mobile smartphones and tablets, online and television &#150; and to
achieve a&#160;competitive cost structure. With 100% ownership of CTV, BCE&#160;will seek to maximize strategic and operating synergies with CTV, including the efficiency of BCE&#146;s content and advertising spend. Effective at the time of the
closing of the transaction, BCE&#160;Inc. will start consolidating CTV&#146;s financial results. For the twelve-month period ended August&nbsp;31,&nbsp;2010, CTV had revenues of approximately &#36;1,800&nbsp;million and earnings before interest, taxes,
depreciation and amortization of intangible assets of &#36;380&nbsp;million.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The closing of the transaction is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, required regulatory approvals, including by the Competition Bureau and
the Canadian Radio-television and Telecommunications Commission (CRTC). The Competition Bureau indicated on February&nbsp;1,&nbsp;2011 that the Commissioner of Competition did not intend, at that time, to challenge the proposed acquisition. On March&nbsp;7,&nbsp;2011,
the CRTC approved BCE&nbsp;Inc.&#146;s acquisition of CTV. In addition, the listing on the Toronto and New York stock exchanges of&#160;the new BCE&#160;Inc. common shares to be issued to Woodbridge is subject to approval by such stock exchanges. The
transaction is expected to&#160;close&#160;early in the second quarter of&nbsp;2011.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">More information with respect to this transaction and the Transaction Agreement may be found in the material change report dated September&nbsp;20,&nbsp;2010 filed by BCE&#160;Inc. with the Canadian securities regulatory authorities
(available at www.sedar.com) and with the U.S. Securities and Exchange Commission (available at www.sec.gov).</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In a&#160;separate transaction, completed on December&nbsp;31,&nbsp;2010, Woodbridge Holdco acquired ownership of The Globe and Mail, in&#160;which BCE&#160;Inc. retains a&#160;15% equity position.</FONT></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>15</b></FONT></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">General development of our business</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">Key Completed Transactions</FONT></B></P>
<P align="left">
<font size="2" face="Arial">In April&nbsp;2010, as part of our commitment to eliminate holdings in businesses that do not enhance the execution of our strategic imperatives described under
</font><font size="2"><I><FONT face="Arial">Description of Our Business &#150; Strategic
Imperatives</FONT></I></font><font size="2" face="Arial">, BCE&#160;Inc. sold its interest in the satellite services company SkyTerra Communications&#160;Inc. (SkyTerra). More information with respect to this transaction can be found in the
table&#160;below.</font></P>
<P align="left">
<FONT face="Arial" size="2">In line with our strategic imperatives, from&nbsp;2008 to&nbsp;2010 and in&nbsp;2011 prior to the date of this Annual Information Form, we have entered into certain other transactions that have influenced the general development of our business.
More information with respect to these transactions is provided in the table below.</FONT></P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="48%" valign="top">
<FONT face="Arial" size="1">TRANSACTION</FONT></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
<FONT face="Arial" size="1">KEY CHARACTERISTICS</FONT></td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
	</tr>
	<tr>
		<td width="48%" valign="top">
<FONT face="Arial" size="2">Acquisition of xwave, a&#160;division of Bell&#160;Aliant Regional Communications, Limited Partnership (xwave) (2011)</FONT></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
		<ul>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">On January&nbsp;1,&nbsp;2011, Bell&#160;Canada acquired xwave from Bell&#160;Aliant for an acquisition price of &#36;40&nbsp;million, a&#160;transaction that enhances Bell&#160;Business Markets&#146; leading portfolio of IT product and
professional solutions for corporate, government and health-care clients across&nbsp;Canada.</FONT></P>
			</li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">xwave is focused on developing advanced technology solutions and IT professional services, including leading e-health solutions.</FONT></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
	</tr>
	<tr>
		<td width="48%" valign="top">
<FONT face="Arial" size="2">Acquisition of the assets of the hosting division of Hypertec Availability Services (2010)</FONT></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
		<ul>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">On December&nbsp;1,&nbsp;2010, Bell&#160;Canada acquired the assets of the hosting division of Hypertec Availability Services, the leading top-tier data hosting provider in Qu&eacute;bec.
			</FONT></P></li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">The acquisition provides Bell&#160;Canada with more than 100,000 square feet of hosting space in a&#160;state-of-the-art Montr&eacute;al data centre, enhancing Bell&#160;Canada&#146;s ability to provide co-location and
managed data centre services for corporate and public sector clients.</FONT></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
	</tr>
	<tr>
		<td width="48%" valign="top">
<FONT face="Arial" size="2">Sale of SkyTerra (2010)</FONT></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
		<ul>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">On March&nbsp;29,&nbsp;2010, BCE&#160;Inc. sold its 22.1&nbsp;million shares in satellite services company SkyTerra to private investment firm Harbinger Capital Partners. The sale yielded proceeds of approximately &#36;111
million.</FONT></P></li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">Harbinger&#146;s take-private transaction was an all-cash merger in which Harbinger acquired SkyTerra common stock for US&#36;5.00 per share, representing an approximate 56% premium over the average closing price of
SkyTerra&#146;s common stock for the 30 days ended September&#160;22,&#160;2009, the last day before the announcement of the merger agreement.</FONT></P>
			</li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">The sale of the interest in SkyTerra is in line with BCE&#160;Inc.&#146;s commitment to eliminate holdings in businesses that do not enhance the execution of&#160;its strategic imperatives.</FONT></P>
			</li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">SkyTerra is a&#160;developer and supplier of mobile satellite communication services based in Reston, Virginia.</FONT></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
	</tr>
	<tr>
		<td width="48%" valign="top">
<FONT face="Arial" size="2">Acquisition of minority interest in the Montr&eacute;al Canadiens Hockey Club&#160;and the Bell&#160;Centre as part of a&#160;consortium led by the Molson Family&#160;(2009)</FONT></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
		<ul>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">On December&nbsp;1,&nbsp;2009, Bell&#160;Canada, as part of a&#160;consortium led by the Molson Family, acquired a&#160;minority participation in the Montr&eacute;al Canadiens Hockey Club and the Bell&#160;Centre.
Bell&#160;Canada&#146;s investment was approximately &#36;50&nbsp;million.</FONT></P>
			</li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">This investment enhanced Bell&#160;Canada&#146;s marketing and promotional relationship with the Canadiens.</FONT></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
	</tr>
	<tr>
		<td width="48%" valign="top">
<font size="2" face="Arial">Acquisition of substantially all of the assets of
</font><font size="2"><I><FONT face="Arial">The Source by Circuit City </FONT></I>
</font><font size="2" face="Arial">(2009)</font></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
		<ul>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<font size="2" face="Arial">On July&nbsp;1,&nbsp;2009, we acquired substantially all of the assets of national electronics retailer
			</font><font size="2"><I><FONT face="Arial">The Source by Circuit City</FONT></I></font><font
size="2" face="Arial">, for a&#160;total investment of &#36;161
million. These assets are held by our wholly-owned subsidiary, The&#160;Source.
			</font></P></li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">The Source began selling Bell&#160;TV services at the end of the second quarter of&nbsp;2009 and Bell&#160;Internet services in November&nbsp;2009. It has offered Bell&#160;Mobility and Virgin Mobile wireless products since January&nbsp;
2010. Other Bell&#160;services, such as Bell&#160;Home Phone, are expected to be offered at the end of the second quarter of&nbsp;2011.</FONT></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
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</table>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>16</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011
AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">General development of our business</font></b></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="48%" valign="top">
<FONT face="Arial" size="1">TRANSACTION</FONT></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
<FONT face="Arial" size="1">KEY CHARACTERISTICS</FONT></td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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






		</td>
	</tr>
	<tr>
		<td width="48%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Acquisition of the remaining 50% of the equity of Virgin (2009)</FONT></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
		<ul>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">On July&nbsp;1,&nbsp;2009, we acquired the remaining 50% of the equity of Virgin not already owned, for a&#160;total investment of &#36;161&nbsp;million.</FONT></P>
			</li>
			<li>
			<P align="left"
   style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">As part of this transaction, we entered into a&#160;long-term brand licensing agreement with the Virgin Group.</FONT></P>
			</li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
	</tr>
	<tr>
		<td width="48%" valign="top">
<FONT face="Arial" size="2">Advanced Wireless Services Spectrum Auction (2008)</FONT></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="50%" valign="top">
		<ul>
			<li>
			<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">In order to provide an expansion path for
			next-generation technologies and future services, we purchased new
			wireless licences in the AWS spectrum auction that concluded on July&nbsp;21,&nbsp;2008. We acquired 20 MHz of spectrum in
Ontario (including Toronto and surrounding areas), in&nbsp;Canada&#146;s Atlantic provinces, and in Northern&nbsp;Canada, as well as 10 MHz in Qu&eacute;bec and in Western&nbsp;Canada, for a&#160;total investment of &#36;741&nbsp;million.</FONT></li>
		</ul>
		</td>
	</tr>
	<tr>
		<td width="100%" colspan="3" valign="top">

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		</td>
	</tr>
</table>
<P align="left">
<B><FONT face="Arial">2007/2008 Proposed Privatization</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On June&nbsp;30,&nbsp;2007, BCE&#160;Inc. announced that it had entered into a&#160;definitive agreement relating to its privatization (the Privatization) through the proposed acquisition of all of BCE&#160;Inc.&#146;s outstanding common
and preferred shares by a&#160;corporation (the Purchaser) owned by an investor group at that time led by Teachers&#146; Private Capital, the private investment arm of Teachers&#146;, and affiliates of Providence Equity Partners&#160;Inc. and Madison
Dearborn Partners, LLC and which, subsequently, also included Merrill Lynch Global Private Equity. The transaction was to be completed through a&#160;plan of arrangement (the Arrangement). On July&nbsp;4,&nbsp;2008, BCE&#160;Inc. and the Purchaser entered into a&#160;final amending agreement (the Final Amending Agreement) further amending the definitive agreement of June&nbsp;29,&nbsp;2007, as amended (together with the Final Amending
Agreement, the Definitive Agreement). As a&#160;result of the execution of the Final Amending Agreement, closing was to occur on or before December&nbsp;11,&#160;2008 and, prior to closing, BCE&#160;Inc. would not pay dividends on its common shares but
would continue to pay dividends on its preferred shares. On December&nbsp;12,&nbsp;2008, BCE&#160;Inc. terminated the Definitive Agreement in accordance with its terms. See
</FONT><font size="2"><I><FONT face="Arial">Legal Proceedings &#150; Lawsuits Related to
BCE&#160;Inc. &#150; Privatization Transaction Lawsuit</FONT></I></font><font
size="2" face="Arial"> for more information concerning the termination of the Definitive Agreement and the related legal proceedings. Under the terms of the Definitive Agreement,
BCE&#160;Inc. agreed that prior to the consummation of the Privatization, it would conduct its business, and cause its subsidiaries to conduct their business, in the ordinary course consistent with past practice and specifically agreed to restrict
certain of its activities, including the entering into of certain transactions such as mergers, asset dispositions and acquisitions. As such, subject to limited exceptions, no such transactions were entered into in&nbsp;2008.</font></P>
<P align="left">
<B><FONT face="Arial">Returning Value to Shareholders</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Following the termination of the Definitive Agreement by BCE&#160;Inc. in accordance with its terms, BCE&#160;Inc. announced, on December&#160;12,&nbsp;2008, plans to return value to BCE&#160;Inc.&#146;s shareholders with
a&#160;reinstated common share dividend and a&#160;normal course issuer bid common share buyback program (2008/2009 NCIB). </FONT></P>
<P align="left">
<font size="2" face="Arial">On February&nbsp;10,&nbsp;2009, the board of directors of BCE&#160;Inc. adopted a&#160;new common share dividend policy with a&#160;target dividend payout ratio of 65% to 75% of earnings per share (EPS) before restructuring and other and
net (gains) losses on investments (Adjusted EPS). In&nbsp;2009, BCE&#160;Inc. announced three increases in the annual dividend payable on its common shares. In&nbsp;2010, BCE&#160;Inc. continued to further its track record as a&#160;dividend growth company
with the announcement of two additional increases in the annual dividend payable on its common shares. With these dividend increases, which were consistent with BCE&#160;Inc.&#146;s above-mentioned dividend policy, BCE&#160;Inc.&#146;s annual common
share dividend has increased 35% since the fourth quarter of&nbsp;2008. Refer to
</font><font size="2"><I><FONT face="Arial">Our Dividend Policy</FONT></I></font><font
size="2" face="Arial"> for more details concerning BCE&#160;Inc.&#146;s common share dividend policy and its common
share dividend increases announced in&nbsp;2009 and&nbsp;2010. BCE&#160;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&#160;Inc.&#146;s board of directors.</font></P>
<P align="left">
<FONT face="Arial" size="2">Under the&nbsp;2008/2009 NCIB, BCE&#160;Inc. was entitled to repurchase for cancellation up to 40,000,000 common shares over the 12-month period starting on December&nbsp;23,&nbsp;2008 and ending on December&nbsp;22,&nbsp;2009, representing approximately
5% of BCE&#160;Inc.&#146;s 807,049,958 issued and outstanding common shares as of December&nbsp;5,&nbsp;2008. On May&nbsp;5,&nbsp;2009, BCE&#160;Inc. completed the&nbsp;2008/2009 NCIB at an average price of approximately &#36;24.65 per share, including 10.3&nbsp;million common
shares that BCE&#160;Inc. purchased for cancellation pursuant to private agreements with arm&#146;s length third-party sellers. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On December&nbsp;17,&nbsp;2009, BCE&#160;Inc. announced a&#160;new normal course issuer bid common share buyback program (2010 NCIB). Under the&nbsp;2010 NCIB, BCE&#160;Inc. was entitled to repurchase for cancellation up to 20,000,000 common
shares (subject to a&#160;maximum aggregate purchase price of &#36;500&nbsp;million) over the 12-month period starting on December&nbsp;29,&nbsp;2009 and ending on December&#160;28,&#160;2010, representing approximately 2.6% of BCE&#160;Inc.&#146;s 767,166,281
issued and outstanding common shares as of December&nbsp;11,&#160;2009. On December&nbsp;6,&nbsp;2010, BCE&#160;Inc. completed the&nbsp;2010 NCIB having purchased 16,236,182 common shares at an average price of approximately &#36;30.80 per share, including 6.66&nbsp;million
common shares that BCE&#160;Inc. purchased for cancellation pursuant to private agreements with arm&#146;s length third-party sellers.</FONT></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>17</b></FONT></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<p style="margin-top: 8px; margin-bottom: 8px"><FONT face="Arial"
  size="4">OUR CAPITAL STRUCTURE</FONT></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">This section describes BCE&#160;Inc.&#146;s securities, the trading of certain of such securities on the Toronto Stock Exchange and the ratings that certain rating agencies have attributed to BCE&#160;Inc.&#146;s preferred shares
and Bell&#160;Canada&#146;s public debt securities.</FONT></P>
<P align="left">
<B><FONT face="Arial">BCE&#160;INC. SECURITIES</FONT></B></P>
<P align="left">
<B><FONT face="Arial">BCE&#160;Inc. Preferred Shares, Common Shares and Class B Shares</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#160;Inc.&#146;s articles of amalgamation, as amended, provide for an unlimited number of common shares, an unlimited number of first preferred shares issuable in series, an unlimited number of second preferred shares also
issuable in series and an unlimited number of Class B shares. </FONT></P>
<P align="left">
<font size="2" face="Arial">Each common share entitles its holder to one vote at any meeting of shareholders. Additional information about the terms and conditions of the BCE&#160;Inc. preferred shares, common shares and Class B Shares can be found under
note 20 &#150; </font><font size="2"><I><FONT face="Arial">Share Capital</FONT></I></font><font
size="2" face="Arial"> of the BCE&#160;Inc.&nbsp;2010 financial statements on pages
117 to 119 of the BCE&#160;2010 Annual
Report, which note is incorporated by reference herein.</font></P>
<P align="left">
<FONT face="Arial" size="2">There are ownership constraints on BCE&#160;Inc.&#146;s common shares. A discussion of these ownership constraints can be found in the section entitled </FONT><font size="2"><I><FONT face="Arial">Our Regulatory Environment</FONT></I><FONT face="Arial"> in the BCE&#160;2010 MD&amp;A, at pages
63 to
</FONT></font><font face="Arial" size="2">69 of the BCE&#160;2010 Annual Report, which section is incorporated by reference herein.</font></P>
<P align="left">
<B><FONT face="Arial">BCE&#160;Inc. Debt Securities</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On June&nbsp;8,&nbsp;2009, BCE&#160;Inc. redeemed, prior to maturity, all of its outstanding &#36;650&nbsp;million principal amount of 7.35% Series C notes due October&nbsp;30,&nbsp;2009. Accordingly, as of March&nbsp;10,&nbsp;2011, BCE&#160;Inc. had no debt
securities outstanding.</FONT></P>
<P align="left">
<B><FONT face="Arial">BELL CANADA DEBT SECURITIES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Canada has issued long-term debt securities as summarized in the table below.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">WEIGHTED AVERAGE </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=1 face="Arial">AT DECEMBER&nbsp;31,&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">INTEREST RATE </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">MATURITY </FONT>
	</TD>
	<TD width="3%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=1 face="Arial">(IN &#36; MILLIONS) </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debentures </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=12%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">1997 trust indenture </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">5.46% </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">2011-2035 </FONT>
	</TD>
	<TD width="3%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">5,100 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">1976 trust indenture </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">9.59% </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">2010-2054 </FONT>
	</TD>
	<TD width="3%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">1,250 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Subordinated debentures </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">8.21% </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">2026-2031 </FONT>
	</TD>
	<TD width="3%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">275 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="56%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="3%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=12%>
<FONT size=2 face="Arial">6,625 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="85%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The Bell&#160;Canada debentures are unsecured and have been guaranteed by BCE&#160;Inc.</FONT></P>
<P align="left">
<font face="Arial" size="2">Under its shelf prospectus (Shelf Prospectus) and
prospectus supplement (Prospectus Supplement) dated September&nbsp;3,&nbsp;2009 and
September&nbsp;4,&nbsp;2009, respectively, Bell&nbsp;Canada may issue, from time to time, over
a 25-month period, up to $3&nbsp;billion of MTN Debentures. On December&nbsp;2,&nbsp;2010, Bell&nbsp;
Canada issued under the Shelf Prospectus and Prospectus Supplement, $1&nbsp;billion
of 3.60% MTN Debentures, Series M-21, due December&nbsp;2, 2014, at a price of
$99.832 per $100 principal amount. On March&nbsp;9,&nbsp;2011, Bell&nbsp;Canada announced the
public offering, under the Shelf Prospectus and Prospectus Supplement, of $1
billion of 4.40% MTN Debentures, Series M-22, due March&nbsp;16, 2018, at a price of
$99.916 per $100 principal amount, expected to close on or about March&nbsp;16,&nbsp;2011.
Accordingly, as of March&nbsp;10,&nbsp;2011, Bell&nbsp;Canada had $1&nbsp;billion of debt securities
issued under its Shelf Prospectus and Prospectus Supplement with an additional
$1&nbsp;billion of debt securities expected to be issued on or about March&nbsp;16,&nbsp;2011.</font></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Canada may issue short-term notes under its commercial paper program up to the amount of its supporting committed lines of credit. The total amount of its supporting committed lines of credit available at March&nbsp;10,&nbsp;2011
was &#36;1,135&nbsp;million. Bell&#160;Canada had no commercial paper outstanding at March&nbsp;10,&nbsp;2011. Certain of Bell&#160;Canada&#146;s trust indentures impose covenants which place limitations on the issuance of additional debt with a&#160;maturity date
exceeding one year based on certain tests related to interest and asset coverage. In addition, Bell&#160;Canada is required, under certain conditions, to make an offer to repurchase all or, at the option of the holder thereof, any part of certain
series of its debentures, upon the occurrence of both a&#160;&#147;Change of Control&#148; of BCE&#160;Inc. or Bell&#160;Canada and a&#160;&#147;Rating Event&#148; relating to the relevant series of debentures. &#147;Change of Control&#148; and
&#147;Rating Event&#148; are defined in the terms and conditions attaching to the relevant series of debentures. Bell&#160;Canada is in compliance with all conditions and restrictions attaching to its debt securities.</FONT></P>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>18</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011
AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our capital structure</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">RATINGS FOR BCE&#160;INC. AND BELL CANADA SECURITIES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Ratings generally address the ability of a&#160;company to repay principal and pay interest or dividends on issued and outstanding securities.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our ability to raise financing depends on our ability to access the public equity and debt capital markets as well as the bank credit market. Our ability to access such markets and the cost and amount of funding available depends
partly on the quality of our credit ratings at the time capital is raised. Investment grade ratings usually mean that when we borrow money, we qualify for lower interest rates than companies that have ratings lower than investment grade. A ratings
downgrade could result in adverse consequences for our funding capacity or our ability to access the capital markets.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">As of March&nbsp;10,&nbsp;2011, BCE&#160;Inc.&#146;s preferred shares and Bell&#160;Canada&#146;s debt securities are rated by the following rating agencies:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">DBRS Limited (DBRS)</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Moody&#146;s Investors Service,&#160;Inc. (Moody&#146;s)</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Standard &amp; Poor&#146;s Financial Services LLC, a&#160;subsidiary of The McGraw-Hill Companies,&#160;Inc. (S&amp;P).</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">This section describes the credit ratings, as of March&nbsp;10,&nbsp;2011, that BCE&#160;Inc. and Bell&#160;Canada have requested for certain of their securities. These ratings provide investors with an independent measure of credit quality
of an issue of securities. However, they are not recommendations to buy, sell or hold any of the securities referred to below, and they may be revised or withdrawn at any time by the assigning rating agency. Each credit rating should be evaluated
independently of any other credit rating.</FONT></P>
<P align="left">
<B><FONT face="Arial">Impact of Proposed Acquisition of CTV on Ratings for BCE&#160;Inc. and Bell&#160;Canada Securities</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On September&nbsp;10,&nbsp;2010, DBRS and S&amp;P confirmed the ratings of BCE&#160;Inc. and Bell&#160;Canada following BCE&#160;Inc.&#146;s announcement that it intends to acquire the remaining 85% interest in CTV that it does not already
own. Moody&#146;s stated that the ratings are unaffected by the announcement.</FONT></P>
<P align="left">
<B><FONT face="Arial">RATINGS FOR BELL CANADA DEBT SECURITIES</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Short-Term Debt Securities</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=1 face="Arial">SHORT-TERM DEBT SECURITIES </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RATING </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RANK </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=2 face="Arial">Bell&#160;Canada commercial paper </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">R-1 (low) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">3 out of 10 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">P-2 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">2 out of 4 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">A-2 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">4 out of 8 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p><B><FONT face="Arial">Long-Term Debt Securities</FONT></B><font
face="Arial"> </font>
	</p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=1 face="Arial">LONG-TERM DEBT SECURITIES </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RATING </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RANK </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=2 face="Arial">Bell&#160;Canada unsubordinated long-term debt </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">A (low) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">7 out of 26 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">Baa1 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">8 out of 21 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">BBB+ </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">8 out of 22 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=2 face="Arial">Bell&#160;Canada subordinated long-term debt </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">9 out of 26 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">Baa2 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">9 out of 21 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">9 out of 22 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<p><B><FONT face="Arial">RATINGS FOR BCE&#160;INC. PREFERRED SHARES</FONT></B></p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=1 face="Arial">PREFERRED SHARES </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RATING </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=1 face="Arial">RANK </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=7 width="58%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<FONT size=2 face="Arial">BCE&#160;Inc. preferred shares </FONT>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">Pfd-3 (high) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">7 out of 16 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="58%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">P-2 (low) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="12%">
<FONT size=2 face="Arial">6 out of 18 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="70%" colspan="7">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="right" style="margin-bottom: 0">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>19</b></FONT></P>

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






<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our capital structure</font></b></P>

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






<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">OUTLOOK</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">As of March&nbsp;10,&nbsp;2011, BCE&#160;Inc. and Bell&#160;Canada have stable outlooks from DBRS, Moody&#146;s and S&amp;P. </FONT></P>
<P align="left">
<B><FONT face="Arial">GENERAL EXPLANATION</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Short-Term Debt Securities</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below shows the range of credit ratings that each rating agency assigns to short-term debt instruments.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="33%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="32%">
<FONT size=1 face="Arial">HIGHEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=1 face="Arial">LOWEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=4 width="33%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">R-1 (high) </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">P-1 </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">NP </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="33%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">A-1 (high) </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The DBRS short-term debt rating scale provides an opinion on the risk that a&#160;borrower will not meet its short-term financial obligations in a&#160;timely manner. Ratings are based on quantitative and qualitative
considerations relevant to the borrowing entity.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Moody&#146;s short-term debt ratings are Moody&#146;s opinions of the ability of issuers to meet short-term financial obligations. It may assign ratings to issuers, short-term programs or to individual short-term debt instruments.
These short-term obligations generally have an original maturity of 13 months or less, unless explicitly noted.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">An S&amp;P short-term debt rating indicates S&amp;P&#146;s assessment of whether the company can meet the financial commitments of a&#160;specific commercial paper program or other short-term financial instrument, compared to the
debt servicing and repayment capacity of other companies in&nbsp;Canada&#146;s financial markets.</FONT></P>
<P align="left">
<B><FONT face="Arial">Long-Term Debt Securities</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below shows the range of credit ratings that each rating agency assigns to long-term debt instruments.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="33%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="32%">
<FONT size=1 face="Arial">HIGHEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=1 face="Arial">LOWEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=4 width="33%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">AAA </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">Aaa </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">C </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="33%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">AAA </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The DBRS long-term debt rating scale provides an opinion on the risk of default. That is, the risk that an issuer will fail to satisfy its financial obligations in accordance with the terms under which an obligation has been
issued. Ratings are based on quantitative and qualitative considerations relevant to the borrowing entity.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Moody&#146;s long-term obligation ratings are opinions of the relative credit risk of financial obligations with an original maturity of one year or more. They address the possibility that a&#160;financial obligation will not be
honoured as promised. Such ratings reflect both the likelihood of default and any financial loss suffered in the event of default. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">S&amp;P&#146;s long-term debt credit rating scale provides an assessment of the creditworthiness of a&#160;company in meeting a&#160;specific financial obligation, a&#160;specific class of financial obligations, or a&#160;specific
financial program. It takes into consideration the likelihood of payment, i.e. capacity and willingness of the company in meeting its financial commitment on an obligation according to the terms of the obligation, among other factors.</FONT></P>
<P align="left">
<B><FONT face="Arial">Preferred Shares</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below describes the range of credit ratings that each rating agency assigns to preferred shares.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="33%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="32%">
<FONT size=1 face="Arial">HIGHEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=1 face="Arial">LOWEST QUALITY OF SECURITIES RATED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=4 width="33%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="33%">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">Pfd-1 (high)</FONT></TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="33%">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="32%">
<FONT size=2 face="Arial">P-1 (high) </FONT>
	</TD>
	<TD align=right width="33%">
<FONT size=2 face="Arial">D </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>20</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011
AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our capital structure</font></b></P>

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






<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">The DBRS preferred share rating scale indicates its assessment of the risk that a&#160;borrower may not be able to meet its full obligation to pay dividends and principal in a&#160;timely manner. Every DBRS rating is based on
quantitative and qualitative considerations relevant to the borrowing entity.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">S&amp;P&#146;s preferred share rating is an assessment of the creditworthiness of a&#160;company in meeting a&#160;specific preferred share obligation issued in the Canadian market, compared to preferred shares issued by other
issuers in the Canadian market.</FONT></P>
<P align="left">
<B><FONT face="Arial">EXPLANATION OF RATING CATEGORIES RECEIVED FOR OUR SECURITIES</FONT></B></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%">
<FONT size=1 face="Arial">DESCRIPTION OF SECURITIES </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%">
<FONT size=1 face="Arial">RATING CATEGORY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%">
<FONT size=1 face="Arial">EXPLANATION OF RATING CATEGORY RECEIVED </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=7 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Short-term debt </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">R-1 (low) </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="6" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">good credit quality </FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">capacity for the payment of short-term financial obligations as they fall due is substantial
	</FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">overall strength is not as favourable as higher rating categories
	</FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">may be vulnerable to future events, but qualifying negative factors are considered manageable.
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%" valign="top"><font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD colspan=5 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">A </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="5" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">good credit quality </FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">capacity for the payment of financial obligations is substantial, but of lesser credit quality than AA
	</FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">may be vulnerable to future events, but qualifying negative factors are considered manageable.
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<tr>
	<TD align=left width="12%" valign="top">
<font size="2">&nbsp;</font></TD>
	<TD width=2% valign="top">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="12%" valign="top">
<font size="2">&nbsp;</font></TD>
	<TD width=2% valign="top">
<font size="2">&nbsp;</font></TD>
	<TD width="72%" valign="top" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="5" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">adequate credit quality </FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">protection of interest and principal is acceptable, but the company is fairly susceptible to adverse changes in financial and economic conditions, or there may be other adverse conditions present which reduce the strength of the company and its rated securities.
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%" valign="top"><font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD colspan=5 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Preferred Shares </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">Pfd-3 </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="6" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">adequate credit quality </FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">protection of dividends and principal is still acceptable, but the company is more susceptible to adverse changes in financial and economic conditions, and there may be other adverse conditions present which detract from debt protection. Generally, companies with Pfd-3 ratings have senior bonds rated in the higher end of the BBB category.
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR>
	<TD colspan=7 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Moody&#146;s </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Short-term debt </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">P-2 </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">a strong ability to repay short-term debt obligations
	</FONT></li>
</ul>
	</TD>
</TR>
<TR>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%" valign="top"><font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD colspan=5 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">Baa </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="3" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">subject to moderate credit risk </FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">considered medium-grade and may have certain speculative characteristics.
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR>
	<TD colspan=7 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">S&amp;P </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Short-term debt </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">A-2 </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="4" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">satisfactory capacity of the company to fulfill its financial commitment on the obligation
	</FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">higher susceptibility to changing circumstances or economic conditions than obligations rated A-1 (Low).
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%" valign="top"><font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD colspan=5 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="4" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">adequate protection parameters </FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">adverse economic conditions or changing circumstances are more likely to lead to a&#160;weakened capacity of the company to meet its financial commitments.
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%" valign="top"><font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD colspan=5 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<FONT size=2 face="Arial">Preferred Shares </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<FONT size=2 face="Arial">P-2 </FONT>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" rowspan="4" valign="top">
<ul>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">adequate protection parameters </FONT></li>
	<li>
	<p style="margin-left: -12px; margin-top: 0; margin-bottom: 0">
	<FONT size=2 face="Arial">adverse economic conditions or changing circumstances are more likely to weaken the company&#146;s ability to meet its financial commitment on the&#160;obligation.
	</FONT></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% valign="top">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
</TR>
<TR>
	<TD colspan=7 width="12%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="right" style="margin-bottom: 0">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>21</b></FONT></P>

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






<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our capital structure </font></b></P>

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






<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">MARKET FOR OUR SECURITIES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The common and preferred shares of BCE&#160;Inc. are listed on the Toronto Stock Exchange. BCE&#160;Inc.&#146;s common shares are also listed on the New York Stock Exchange.</FONT></P>
<P align="left">
<B><FONT face="Arial">TRADING OF OUR SECURITIES</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The tables below and on the next pages show the range in share price per month and volume traded on the Toronto Stock Exchange in&nbsp;2010 for each class of BCE&#160;Inc. shares.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="9%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">COMMON </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES R </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES S </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES T </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES Y </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES Z </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AA </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AB </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">January&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$29.23 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.47 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.48 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.47 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.70 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.75 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$27.31 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.67 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.60 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.51 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.42 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.93 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.60 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">34,068,085 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">209,624 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">59,129 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">109,573 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">160,004 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">93,935 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">478,084 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">67,414 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">February&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$29.38 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.95 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.69 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.35 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.83 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$27.35 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.82 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.63 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.93 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.55 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.91 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.45 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">39,682,735 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">218,943 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">36,969 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">331,910 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">190,340 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">139,357 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">368,749 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">33,082 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">March&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$31.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.67 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.24 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.95 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.30 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.70 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.97 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$29.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.73 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.60 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.88 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.17 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.86 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.24 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.35 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">51,482,802 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">577,343 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">56,391 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">263,348 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">558,830 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">183,603 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">640,583 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">146,890 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">April&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$31.10 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.81 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.95 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.10 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.60 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.33 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$29.29 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.90 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.02 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.80 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.01 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.62 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.50 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">42,358,393 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">105,361 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">55,900 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">133,895 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">205,569 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">50,999 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">385,862 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">93,160 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">May&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$32.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.21 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.66 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.10 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.76 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.96 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$30.03 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.32 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.90 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.04 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.17 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">46,492,796 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">81,274 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">26,643 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">120,515 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">80,346 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">31,919 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">224,953 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">15,655 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">June&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$32.23 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.81 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.10 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.85 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.66 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.14 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.84 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$30.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.77 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.17 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.06 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.69 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">42,296,865 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">79,706 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">13,090 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">62,095 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">98,035 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">67,662 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">373,882 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">15,942 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">July&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$32.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.05 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.52 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.95 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.58 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.95 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.25 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$30.38 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.47 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.30 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.17 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.35 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.33 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.69 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">30,409,682 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">68,997 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">21,042 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">151,615 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">433,529 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">17,406 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">194,435 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">5,810 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">August&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$33.72 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.15 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.98 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.84 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.74 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$31.07 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.71 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.34 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.73 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.80 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">37,752,579 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">116,274 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">31,650 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">273,141 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">154,135 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">14,355 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">155,028 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">50,170 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">September&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$34.07 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.57 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.63 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.50 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$32.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.72 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.18 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.38 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.29 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.60 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.82 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.75 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">51,762,982 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">120,392 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">29,439 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">286,503 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">787,448 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">97,998 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">442,990 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">44,984 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="17">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>22</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011
AIF</FONT></P>

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






<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our capital structure</font></b></P>

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






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






<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="9%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">COMMON </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES R </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES S </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES T </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES Y </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES Z </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AA </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AB </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">October&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$35.04 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.34 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.45 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.27 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$32.94 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.41 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.30 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.26 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.41 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.65 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.65 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">35,249,730 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">183,535 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">15,380 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">363,212 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">232,077 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">114,760 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">624,731 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">136,145 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">November&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$35.13 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.51 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.98 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.22 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.15 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.99 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$32.64 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.02 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">21.90 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.15 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.28 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">37,112,052 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">864,509 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">50,996 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">225,379 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">153,576 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">67,633 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">280,917 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">93,816 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=17 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<B><FONT size=2 face="Arial">December&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$36.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">23.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.29 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.38 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.18 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.07 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.79 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$34.90 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.71 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">22.10 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.26 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.52 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.65 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.53 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="12%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">38,974,745 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">162,453 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">25,338 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">184,263 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">218,726 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">41,847 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">229,700 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">102,822 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="17">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<p>&nbsp;</p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="23%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AC </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AD </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AE </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AF </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AG </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AH </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AI </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">January&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.92 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.28 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.96 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.44 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.85 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.55 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.14 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.29 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.81 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">181,601 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">114,850 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">42,524 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">345,656 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">197,078 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">229,775 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">251,850 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">February&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.08 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.49 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.87 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.11 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.26 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.19 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.88 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.44 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$18.88 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.29 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.66 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">310,099 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">26,675 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">54,520 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">245,859 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">145,991 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">87,058 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">211,703 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">March&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.34 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.47 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.65 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.80 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.15 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.80 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.94 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.11 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.87 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">343,653 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">265,377 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">19,415 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">232,992 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">345,063 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">902,848 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">203,001 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">April&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.55 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.08 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.38 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.83 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.01 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.31 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.51 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.84 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">139,906 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">113,850 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">73,473 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">218,966 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">123,498 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">150,912 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">191,635 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">May&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.26 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.90 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.65 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.15 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.95 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.64 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.79 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.34 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.02 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.01 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">119,080 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">24,700 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">44,088 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">111,089 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">111,627 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">54,412 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">122,293 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">June&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.09 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.51 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.10 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.47 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.92 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.10 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.96 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">202,452 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">22,100 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">66,144 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">157,651 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">102,775 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">19,665 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">123,610 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">July&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.84 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.26 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.80 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.04 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.22 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.70 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.71 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.03 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.90 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.58 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.60 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.24 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.49 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">80,648 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">13,350 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">9,455 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">263,560 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">44,455 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">365,763 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">96,567 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">August&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.16 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.30 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.23 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.25 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.69 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.80 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.84 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.60 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.75 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$19.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20,40 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">74,180 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">103,250 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">8,254 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">229,678 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">74,068 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">54,668 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">192,568 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="15">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="right" style="margin-bottom: 0">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>23</b></FONT></P>

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






<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our capital structure</font></b></P>

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






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






<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="23%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">PREFERRED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SHARES </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AC </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AD </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AE </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AF </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AG </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AH </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=1 face="Arial">SERIES AI </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">September&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.60 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.14 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.54 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.26 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.30 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.76 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.80 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.01 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.78 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.83 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$20.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.07 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">203,925 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">288,510 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">14,655 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">478,863 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">101,807 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">185,750 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">382,899 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">October&nbsp;2010</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.55 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.92 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.94 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.70 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.22 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.95 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.15 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.85 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">234,693 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">80,087 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">22,622 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">314,060 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">306,583 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">273,760 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">229,920 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">November&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.19 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.76 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.25 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.73 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.88 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.56 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.01 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.85 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.02 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">275,346 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">57,190 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">36,879 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">191,496 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">200,866 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">42,318 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">355,925 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="23%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<B><FONT size=2 face="Arial">December&nbsp;2010</FONT></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">High </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.05 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.40 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$24.06 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.78 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.41 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.46 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Low </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.16 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$21.99 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$23.50 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.15 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.00 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">$22.70 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="23%">
<FONT size=2 face="Arial">Volume </FONT>
	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">170,383 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">41,210 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">13,440 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">304,932 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">358,777 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">86,605 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="9%">
<FONT size=2 face="Arial">111,290 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="15">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>24</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011
AIF</FONT></P>

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







<p align="left">&nbsp;</p>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">OUR DIVIDEND POLICY</FONT></P>
		</td>
	</tr>
</table>






<P align="left">
<FONT face="Arial" size="2">The board of directors of BCE&#160;Inc. reviews from time to time the adequacy of BCE&#160;Inc.&#146;s dividend policy. On February&nbsp;10,&nbsp;2009, the board of directors of BCE&#160;Inc. adopted a&#160;new common share dividend policy
with a&#160;target dividend payout ratio of 65% to 75% of Adjusted EPS. This dividend policy was adopted with the objective of allowing sufficient financial flexibility to continue investing in BCE&#146;s business while growing returns to
shareholders. Under this dividend policy, increases in the common share dividend are directly linked to growth in BCE&#160;Inc.&#146;s Adjusted EPS. BCE&#160;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion
of BCE&#160;Inc.&#146;s board of directors and, consequently, there can be no guarantee that BCE&#160;Inc.&#146;s dividend policy will be maintained or that dividends will be declared.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In the course of&nbsp;2009 and&nbsp;2010, BCE&#160;Inc. announced increases in the annual dividend payable on BCE&#160;Inc.&#146;s common shares, as indicated in the table below.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=1 face="Arial">DATE OF ANNOUNCEMENT </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=1 face="Arial">AMOUNT OF INCREASE </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=1 face="Arial">EFFECTIVE TIME </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">February&nbsp;11,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">5.5% (from &#36;1.46 per share to &#36;1.54 per share) </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">August&nbsp;6,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">5.2% (from &#36;1.54 per share to &#36;1.62 per share) </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">Quarterly dividend payable on October&nbsp;15,&nbsp;2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">December&nbsp;17,&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">7.4% (from &#36;1.62 per share to &#36;1.74 per share) </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">August&nbsp;5,&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">5.2% (from &#36;1.74 per share to &#36;1.83 per share) </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">Quarterly dividend payable on October&nbsp;15,&nbsp;2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">December&nbsp;10,&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">7.7% (from &#36;1.83 per share to &#36;1.97 per share) </FONT>
	</TD>
	<TD align=left width="40%">
<FONT size=2 face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2011 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<p><font face="Arial" size="2">In connection with the proposed Privatization, on July&nbsp;4,&nbsp;2008, BCE&#160;Inc. entered into the Final Amending Agreement under which BCE&#160;Inc. agreed that prior to the consummation of the proposed Privatization pursuant to the
Definitive Agreement, it would not pay dividends on its common shares but would continue to pay dividends on its preferred shares. Therefore, BCE&#160;Inc. did not declare or pay dividends on its common shares in respect of the second and third
quarters of&nbsp;2008.</font></p>
<P align="left">
<font size="2" face="Arial">Following the termination of the proposed Privatization, on December&nbsp;12,&nbsp;2008, BCE&#160;Inc. announced plans to return value to BCE&#160;Inc. shareholders with the&nbsp;2008/2009 NCIB and a&#160;reinstated common share dividend. Refer
to </font><font size="2"><I><FONT face="Arial">Returning Value to Shareholders</FONT></I></font><font size="2" face="Arial"> for more details.</font></P>
<P align="left">
<FONT face="Arial" size="2">Dividends on BCE&#160;Inc.&#146;s preferred shares are, if declared, payable quarterly, except for dividends on Series S, Series Y, Series AB, Series AD, Series AE and Series AH preferred shares, which, if declared, are payable
monthly.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The table below shows the amount of cash dividends declared per BCE&#160;Inc. common share and per Series R, Series S, Series T, Series Y, Series Z, Series AA, Series AB, Series AC, Series AD, Series AE, Series AF, Series AG,
Series AH and Series AI preferred share for&nbsp;2010,&nbsp;2009, and&nbsp;2008.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<p style="margin-top: 6px">
<font face="Arial" size="1">&nbsp;
	</font><B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<p style="margin-top: 6px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<p style="margin-top: 6px">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<p style="margin-top: 6px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<p style="margin-top: 6px">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<p style="margin-top: 6px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="24%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.785</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">$1.58 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$0.73 </FONT>
	</TD>
	<TD align=left width=2%>
<SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="64%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Preferred Shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
&nbsp;</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="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series R </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.131875</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">$1.135 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.135 </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">Series S </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;0.66177</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">$0.58802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.15109 </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">Series T </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.1255</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">$1.1255 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.1255 </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">Series Y </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;0.66177</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">$0.58802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.15109 </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">Series Z </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.08275</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">$1.08275 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.08275 </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">Series AA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.20</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">$1.20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.20 </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">Series AB </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;0.66177</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">$0.58802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.1487 </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">Series AC </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.15</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">$1.15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.15 </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">Series AD </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;0.66177</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">$0.58802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$0.96041 </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">Series AE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;0.66177</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">$0.58802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.15109 </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">Series AF </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.13525</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">$1.10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.10 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Series AG </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.0875</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">$1.0875 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.0875 </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">Series AH </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;0.66177</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">$0.58802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.15109 </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">Series AI </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">&#36;1.1625</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">$1.1625 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$1.1625 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="24%" colspan="4">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(1) </FONT></td>
		<td valign="top" width="98%"><FONT face="Arial" size="1">BCE&#160;Inc. did not declare or pay dividends on its common shares in respect of the second and third quarters of&nbsp;2008.</FONT></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>&nbsp;BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp;
</FONT><b><font face="Arial" size="1">25</font></b></P>

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






<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">OUR DIRECTORS AND EXECUTIVE OFFICERS</FONT></P>
		</td>
	</tr>
</table>






<P align="left">
<B><FONT face="Arial">DIRECTORS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below lists BCE&#160;Inc.&#146;s directors, where they lived, the date they have been elected or appointed and their principal occupation on March&nbsp;10,&nbsp;2011.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=1 face="Arial">DIRECTORS </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=1 face="Arial">NAME AND PROVINCE/STATE<br>
AND COUNTRY OF RESIDENCE </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=1 face="Arial">DATE ELECTED OR APPOINTED <br>
TO THE BCE&#160;INC. BOARD </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=1 face="Arial">PRINCIPAL OCCUPATION ON MARCH 10,&nbsp;2011 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Barry K. Allen, </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">May&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Senior Advisor, Providence Equity Partners (private equity firm focused on </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Wisconsin, United States </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">media, entertainment, communications and information investments) since </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">September&nbsp;2007 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Andr&eacute; B&eacute;rard, O.C., </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">January&nbsp;2003 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Corporate director, since March&nbsp;2004 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Ronald A. Brenneman, </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">November&nbsp;2003 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Corporate director, since March&nbsp;2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Alberta,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Sophie Brochu, </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">May&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">President and Chief Executive Officer, Gaz M&eacute;tro (natural gas distributor </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">in&#160;Qu&eacute;bec), since February&nbsp;2007 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Robert E. Brown,</FONT><SUP><FONT size=2 face="Arial">(1)(2)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">May&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Corporate director, since October&nbsp;2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">George A. Cope, </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">July&nbsp;2008 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">President and Chief Executive Officer, BCE&#160;Inc. and Bell&#160;Canada, since </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">July&#160;2008 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Anthony S. Fell, O.C.,</FONT><SUP><FONT size=2 face="Arial">(3)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">January&nbsp;2002 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Corporate director, since January&nbsp;2008 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Donna Soble Kaufman,</FONT><SUP><FONT size=2 face="Arial">(4)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">June&nbsp;1998 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Corporate director, since July&nbsp;1997 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Brian M. Levitt,</FONT><SUP><FONT size=2 face="Arial">(4)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">May&nbsp;1998 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Partner and Co-Chair, Osler, Hoskin &amp; Harcourt LLP (law firm), since </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">January&#160;2001 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">The Honourable </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">January&nbsp;2003 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Vice-Chairman, BMO Capital Markets (investment bank), since </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Edward C. Lumley, P.C.,</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">December&nbsp;1991 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Thomas C. O&#146;Neill, FCA, </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">January&nbsp;2003 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Chair of the Board of Directors, BCE&#160;Inc. and Bell&#160;Canada (since </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">February&#160;2009) and chartered accountant </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">The Honourable </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">August&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Corporate director, since September&nbsp;2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Carole Taylor, </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">British Columbia,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Paul R. Weiss, FCA, </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">May&nbsp;2009 </FONT>
	</TD>
	<TD align=left width="58%">
<FONT size=2 face="Arial">Corporate director, since April&nbsp;2008, and chartered accountant </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="58%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan="3" width="22%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(1)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">Was a&#160;director of Air&nbsp;Canada until October&nbsp;2004. Air&nbsp;Canada filed for court protection under insolvency statutes on April&nbsp;1, 2003.</FONT></P></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(2)</FONT></td>
		<td valign="top" width="98%"><FONT face="Arial" size="1">Was also a&#160;director of Nortel Networks Corp. when, on or about May&nbsp;31, 2004, cease trade orders were issued against directors, officers and certain other current and former employees of Nortel Networks Corp. and Nortel
Networks Ltd. (collectively, Nortel Networks). The management cease trade orders were imposed in response to the failure by Nortel Networks to file certain financial statements with the Canadian securities regulatory authorities.</FONT></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(3)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">Was a&#160;director of Teleglobe&#160;Inc. until April&nbsp;2002. Teleglobe&#160;Inc. filed for court protection under insolvency statutes on May&nbsp;15, 2002.</FONT></P></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(4)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">Mrs. Kaufman and Mr. Levitt are not standing for re-election at the next annual general meeting of the shareholders of BCE&#160;Inc.</FONT></P></td>
	</tr>
</table>
<P align="left" style="margin-top: 0; margin-bottom: 0">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>26</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;
2011 AIF</FONT></P>

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






<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our directors and executive officers</font></b></P>

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






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

<P align="left">
<B><FONT face="Arial">Past Occupation</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under BCE&#160;Inc.&#146;s by-laws, each director holds office until the next annual shareholder meeting or until their earlier resignation. All of BCE&#160;Inc.&#146;s directors have held the positions listed in the previous
table or other executive positions with the same or associated firms or organizations during the past five years or more, except for the people listed in the table below.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=1 face="Arial">DIRECTOR </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=1 face="Arial">PAST OCCUPATION </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2 face="Arial">Mr. Allen </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Executive Vice-President of Operations of Qwest Communications International (communications company) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">from 2004 to June&nbsp;2007 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2 face="Arial">Mr. Brenneman </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Executive Vice-Chairman of Suncor Energy&#160;Inc. (petroleum company) from August&nbsp;2009 to February&nbsp;2010 and </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">President and Chief Executive Officer of Petro-Canada (petroleum company) from 2000 to July&nbsp;2009 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2 face="Arial">Mr. Brown </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">President and Chief Executive Officer of CAE&#160;Inc. (provider of simulation and modeling technologies as well </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">as&#160;integrated training service for both civil aviation and defence customers) from 2004 to September&nbsp;2009 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2 face="Arial">Mr. Fell </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Chairman of the board of RBC Capital Markets (investment bank) from 1999 to December&nbsp;2007 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2 face="Arial">Mr. O&#146;Neill </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Corporate director from 2003 to February&nbsp;2009 when he was appointed Chair of the board, BCE&#160;Inc. </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">and&#160;Bell&#160;Canada </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2 face="Arial">Ms. Taylor </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Senior Advisor, Borden Ladner Gervais LLP (law firm) from&nbsp;2009 to September&nbsp;2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Chair of the Federal Finance&#160;Minister&#146;s Economic Advisory Council from&nbsp;2008 to January&nbsp;2010 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Minister of Finance for British Columbia from 2005 to June&nbsp;2008 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" valign="top">
<FONT size=2 face="Arial">Mr. Weiss </FONT>
	</TD>
	<TD align=left width=80% valign="top">
<FONT size=2 face="Arial">Partner of KPMG LLP (accounting and audit firm) from 1977 until March&nbsp;2008 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="2" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<b><font face="Arial">Committees of the Board</font></b></P>
<P align="left">
<FONT face="Arial" size="2">The table below lists the committees of BCE&#160;Inc.&#146;s board of directors and their members on March&nbsp;10,&nbsp;2011. </FONT></P>
<TABLE border=0 width="40%" cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<FONT size=1 face="Arial">COMMITTEES </FONT>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=1 face="Arial">MEMBERS </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="50%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Audit </FONT>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Paul R. Weiss (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Andr&eacute; B&eacute;rard </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Sophie Brochu </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Anthony S. Fell </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Carole Taylor </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="50%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Corporate Governance </FONT>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Robert E. Brown (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Barry K. Allen </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Andr&eacute; B&eacute;rard </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Sophie Brochu </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Donna Soble Kaufman </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Carole Taylor </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="50%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Management Resources and </FONT>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Brian M. Levitt (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Compensation </FONT>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Barry K. Allen </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Ronald A. Brenneman </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Anthony S. Fell </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="50%" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Pension Fund </FONT>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Ronald A. Brenneman (Chair) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Robert E. Brown </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Edward C. Lumley </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" valign="top">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="50%" valign="top">
<FONT size=2 face="Arial">Paul R. Weiss </FONT>
	</TD>
</TR>
<TR>
	<TD width="50%" colspan="2" valign="top">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp;
</FONT><b><font face="Arial" size="1">27</font></b></P>

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






<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Our directors and executive officers</font></b></P>

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






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

<P align="left">
<B><FONT face="Arial">EXECUTIVE OFFICERS</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below lists BCE&#160;Inc.&#146;s and Bell&#160;Canada&#146;s executive officers, being the 13 members of the Executive Committee of BCE&#160;Inc. and Bell&#160;Canada, where they lived and the office that they held at
BCE&#160;Inc. and/or Bell&#160;Canada on March&nbsp;10,&nbsp;2011.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=1 face="Arial">NAME </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=1 face="Arial">PROVINCE AND COUNTRY <br>
OF RESIDENCE </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=1 face="Arial">OFFICE HELD AT BCE&#160;INC./BELL CANADA </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">St&eacute;phane Boisvert </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President &#150; Bell&#160;Business Markets (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Charles W. Brown</FONT><SUP><FONT size=2 face="Arial">(1)(2)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President &#150; The Source (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Michael Cole </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and Chief Information Officer (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">George A. Cope </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President and Chief Executive Officer (BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Kevin W. Crull </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Chief Operating Officer &#150; CTVglobemedia (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Stephen Howe </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and Chief Technology Officer (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Thomas Little </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and President of Bell&#160;Wholesale (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Wade Oosterman </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">President &#150; Bell&#160;Mobility and Bell&#160;Residential Services and Chief Brand </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Officer (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Mary Ann Turcke </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President &#150; Field Services (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Martine Turcotte </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and Chief Legal &amp; Regulatory Officer </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">(BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Siim A. Vanaselja </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Qu&eacute;bec,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President and Chief Financial Officer </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">(BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">John Watson </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President &#150; Customer Operations (Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">David Wells </FONT>
	</TD>
	<TD align=left width="20%">
<FONT size=2 face="Arial">Ontario,&nbsp;Canada </FONT>
	</TD>
	<TD align=left width="60%">
<FONT size=2 face="Arial">Executive Vice-President &#150; Corporate Services (BCE&#160;Inc. and Bell&#160;Canada) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="3">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(1)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">Was Vice-President, Sales and Marketing of Waverider Communications&#160;Inc. when, in April&nbsp;2002, Waverider Communications&#160;Inc. was delisted from the NASDAQ National Market as a&#160;result of its share price falling
below &#36;1.00 for a&#160;period of 30 days. Waverider Communications&#160;Inc. then began to trade on the Over The Counter Bulletin Board. </FONT></P></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(2)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">Was a&#160;director and the Chief Executive Officer of Wave Wireless Corporation on, or during the year preceding, October&nbsp;31,&nbsp;2006, the date when Wave Wireless Corporation filed a&#160;voluntary petition for relief pursuant
to Chapter 11 of Title 11 of the United States Code in the United States Bankruptcy Court.</FONT></P></td>
	</tr>
</table>
<P align="left">
<B><FONT face="Arial">Past Occupation</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">All of our executive officers have held their present positions or other executive positions with BCE&#160;Inc. or Bell&#160;Canada during the past five years or more, except for:</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=1 face="Arial">OFFICER </FONT>
	</TD>
	<TD align=left width="80%">
<FONT size=1 face="Arial">PAST OCCUPATION </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Mr. Boisvert </FONT>
	</TD>
	<TD align=left width="80%">
<FONT size=2 face="Arial">Senior Vice-President, Global Client Solutions Sales &#150; Sun Microsystems&#160;Inc. before June&nbsp;2006 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Mr. Brown </FONT>
	</TD>
	<TD align=left width="80%">
<FONT size=2 face="Arial">Chief Executive Officer, Wave Wireless Corporation in&nbsp;2006 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="10%">
<p align="left"><font size="2">&nbsp;</font></TD>
	<TD align=center width="10%">
<p align="left">
<FONT size=2 face="Arial">Chief Executive Officer, WaveRider Communications&#160;Inc. from 2005 to&nbsp;2006 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Mr. Little </FONT>
	</TD>
	<TD align=left width="80%">
<FONT size=2 face="Arial">President and Chief Executive Officer, Visual Sonics from June&nbsp;2002 to May&nbsp;2009 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Mr. Watson </FONT>
	</TD>
	<TD align=left width="80%">
<FONT size=2 face="Arial">Executive Vice-President and President, Telus Consumer Solutions, TELUS Communications&#160;Inc. from April&nbsp;2005 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="80%">
<FONT size=2 face="Arial">to June&nbsp;2009 </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=2 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<FONT size=2 face="Arial">Mr. Wells </FONT>
	</TD>
	<TD align=left width="80%">
<FONT size=2 face="Arial">Executive Vice-President of Corporate Services, TELUS Mobility from October&nbsp;2000 to June&nbsp;2006 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="2">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial">DIRECTORS&#146; AND EXECUTIVE OFFICERS&#146; SHARE OWNERSHIP</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">As at March&nbsp;10,&nbsp;2011, BCE&#160;Inc.&#146;s directors and executive officers as a&#160;group beneficially owned, or exercised control or direction over, directly or indirectly,
678,503 common shares (or 0.09%) of BCE&#160;Inc.</FONT></P>

<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>28</b>&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;
2011 AIF</FONT></P>

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&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">LEGAL PROCEEDINGS</FONT></P>
		</td>
	</tr>
</table>






<P align="left">
<FONT face="Arial" size="2">We become involved in various legal proceedings as a&#160;part of our business. This section describes important legal proceedings. While we cannot predict the final outcome of the legal proceedings described below or of any other
legal proceedings pending at March&nbsp;10,&nbsp;2011, based on the information currently available and management&#146;s assessment of the merits of such legal proceedings, management believes that the resolution of these legal proceedings will not have
a&#160;material and negative effect on&#160;our consolidated financial position or results of operations. With regard to those legal proceedings where we are defendants, we believe that we have strong defences and we intend to vigorously defend our
position.</FONT></P>
<P align="left">
<B><FONT face="Arial">LAWSUITS RELATED TO BCE&#160;INC.</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Privatization Transaction Lawsuit</FONT></B></P>
<P align="left">
<font size="2" face="Arial">On June&nbsp;30,&nbsp;2007, BCE&#160;Inc. announced that it had entered into a&#160;definitive agreement (subsequently amended on July&nbsp;4,&nbsp;2008), providing for the Privatization. For more information on the proposed Privatization, see
</font><font size="2"><I><FONT face="Arial">General Development of Our Business &#150; Three-Year History</FONT></I></font><font size="2" face="Arial">.</font></P>
<P align="left">
<FONT face="Arial" size="2">The closing of the Privatization was contingent upon the fulfillment of several closing conditions, including, pursuant to Section&#160;8.1(f) of the Definitive Agreement, the receipt at the effective time (on December&nbsp;11,&nbsp;2008,
the outside date for the closing of the Privatization) of a&#160;positive solvency opinion from KPMG LLP (KPMG) stating that BCE&#160;Inc. would be &#147;Solvent&#148; (in accordance with the solvency tests set out in the Definitive Agreement) as at
the effective time and immediately following the closing of the&#160;Privatization.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On November&nbsp;26,&nbsp;2008, BCE&#160;Inc. announced it had received a&#160;preliminary view from KPMG that, based on current market conditions, KPMG&#146;s analysis to date and the amount of indebtedness involved in the financing of the
Privatization, KPMG did not expect to be in a&#160;position to deliver at the effective time an opinion that BCE&#160;Inc. would meet, post-transaction, the solvency tests as defined in the Definitive Agreement. BCE&#160;Inc. disagreed that the
addition of the financing debt would result in BCE&#160;Inc. not meeting the technical solvency definition and continued to work with KPMG and the Purchaser to seek to satisfy all&#160;closing&#160;conditions.</FONT></P>
<P align="left">
<font size="2" face="Arial">On December&nbsp;11,&nbsp;2008, BCE&#160;Inc. announced that it had received from the Purchaser on December&nbsp;10,&nbsp;2008 a&#160;notice purporting to terminate the Definitive Agreement. BCE&#160;Inc. disputes that the Purchaser was entitled to
terminate the Definitive Agreement on December&nbsp;10,&nbsp;2008, as such notice was delivered prematurely, prior to the outside date for closing of the transaction (</font><font size="2"><I><FONT face="Arial">i.e</FONT></I></font><font size="2" face="Arial">.,&#160;December&nbsp;11,&nbsp;2008),
and is therefore invalid. Also on December&nbsp;11,&nbsp;2008, BCE&#160;Inc. announced that it had received confirmation from KPMG that it would not be able to deliver an opinion that BCE&#160;Inc. would meet, post-transaction, the solvency tests set out in
the Definitive Agreement. All closing conditions had been satisfied by BCE&#160;Inc., other than the solvency opinion, a&#160;condition to closing that was to be satisfied by its nature at the effective time.
</font></P>
<P align="left">
<FONT face="Arial" size="2">In light of these developments, BCE&#160;Inc. terminated the Definitive Agreement in accordance with its terms on December&nbsp;12,&nbsp;2008, and demanded payment of the &#36;1.2&nbsp;billion break-up fee from the Purchaser. The demand for
payment was refused or neglected by the Purchaser and its guarantors (Teachers&#146; and affiliates of Providence Equity Partners&#160;Inc. and Madison Dearborn Partners, LLC (the Guarantors)).</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On December&nbsp;17,&nbsp;2008, BCE&#160;Inc. filed a&#160;motion to institute legal proceedings against the Purchaser and the Guarantors in the Qu&eacute;bec Superior Court in respect of the payment of the &#36;1.2&nbsp;billion break-up fee.
</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;5,&nbsp;2009, the Purchaser and the Guarantors served their statement of defence alleging, among other things, that the solvency opinion is a&#160;mutual condition precedent that was not, by its nature, a&#160;condition to
be satisfied at the effective time. Their statement of defence was amended on January&nbsp;28,&nbsp;2011.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On May&nbsp;3,&nbsp;2010, BCE&#160;Inc. filed an answer to plea, amended on December&nbsp;1,&nbsp;2010, stating that the Purchaser and the Guarantors have failed to raise serious grounds of defence in regard to the determinant issue in the
proceedings and reaffirming BCE&#160;Inc.&#146;s right to the payment of the break-up fee.</FONT></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp;
</FONT><b><font face="Arial" size="1">29</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Legal proceedings</font></b></P>

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

<P align="left">
<B><FONT face="Arial">Purported Class Action Concerning Dividends</FONT></B></P>
<P align="left">
<font size="2" face="Arial">On October&nbsp;24,&nbsp;2008, a&#160;statement of claim was filed under
</font><font size="2"><I><FONT face="Arial">The Class Actions Act </FONT></I>
</font><font size="2" face="Arial">(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina,
Saskatchewan against BCE&#160;Inc., the Purchaser and the Guarantors on behalf of persons or entities who held common shares of BCE&#160;Inc. between August&nbsp;8,&nbsp;2007 and July&nbsp;4,&nbsp;2008.</font></P>
<P align="left">
<font size="2" face="Arial">The plaintiffs allege, among other things, that by amending the June&nbsp;29,&nbsp;2007 definitive agreement on July&nbsp;4,&nbsp;2008 by the Final Amending Agreement without seeking the approval of the class members, BCE&#160;Inc. violated the
terms, restrictions and conditions of its by-laws, articles and dividend policy, and of the Definitive Agreement, the
</font><font size="2"><I><FONT face="Arial">Canada Business Corporations Act </FONT></I><FONT face="Arial">and the March&nbsp;7,&nbsp;2008 order of the
Qu&eacute;bec Superior Court approving the Arrangement. The plaintiffs also allege that the Final Amending Agreement was oppressive to class members within the meaning of the </FONT><I><FONT face="Arial">Canada Business Corporations Act
</FONT></I></font><font size="2" face="Arial">in that, among other things, the cancellation of BCE&#160;Inc.&#146;s common share dividends defeated the reasonable expectations of class members in approving the Arrangement.
</font></P>
<P align="left">
<FONT face="Arial" size="2">The action seeks, among other things, the payment by BCE&#160;Inc. to class members of common share dividends in respect of the second and third quarters of&nbsp;2008.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;15,&nbsp;2009, BCE&#160;Inc. served a&#160;motion to strike the statement of claim on the basis that it does not disclose a&#160;reasonable cause of action against BCE&#160;Inc. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On December&nbsp;23,&nbsp;2009, the plaintiffs filed an application seeking, among other things:</FONT></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top">
<font size="2" face="Arial">(a)</font></td>
		<td width="97%" valign="top">
<P align="left">
<font size="2" face="Arial">leave to amend the statement of claim to, among other things, substitute plaintiffs and add five individual defendants;
</font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><font size="2" face="Arial">(b)</font></td>
		<td width="97%" valign="top">
		<P align="left">
<font size="2" face="Arial">leave to commence a&#160;claim under the secondary market disclosure provisions of
</font><font size="2"><I><FONT face="Arial">The Securities Act </FONT></I>
</font><font size="2" face="Arial">(Saskatchewan); and </font></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><font size="2" face="Arial">(c)</font></td>
		<td width="97%" valign="top">
		<P align="left">
<font size="2" face="Arial">certification of the action as a&#160;multi-jurisdictional class action.</font></P>
		</td>
	</tr>
</table>
<P align="left">
<font size="2" face="Arial">On January&nbsp;26,&nbsp;2010, the court ordered, among other things, that the plaintiffs&#146; application to certify the action as a&#160;multi-jurisdictional class action will be adjourned to a&#160;date to be determined later to be
brought back on 30 days&#146; notice only after the plaintiffs&#146; motions for leave to amend and leave to proceed under the secondary market disclosure provisions of
</font><font size="2"><I><FONT face="Arial">The Securities Act</FONT></I></font><font size="2" face="Arial">
(Saskatchewan) and the motion brought by BCE&#160;Inc. to strike the claim will have been heard and decided by the court.
</font></P>
<P align="left">
<FONT face="Arial" size="2">On September&nbsp;21,&nbsp;2010, BCE&#160;Inc. served an amended motion to strike the statement of claim on the basis that it is frivolous, vexatious and an abuse of process.</FONT></P>
<P align="left">
<B><FONT face="Arial">Lawsuits Related to Teleglobe&#160;Inc.</FONT></B></P>
<P align="left">
<font size="2" face="Arial">As disclosed in BCE&#160;Inc.&#146;s&nbsp;2010 First Quarter MD&amp;A dated May&nbsp;5,&nbsp;2010 (BCE&#160;2010 First Quarter MD&amp;A) and in BCE&#160;Inc.&#146;s&nbsp;2010 Third Quarter MD&amp;A dated November&nbsp;3,&nbsp;2010 (BCE&#160;2010 Third Quarter
MD&amp;A), BCE&#160;Inc. and the other parties to the lawsuits referred to therein as the
</font><font size="2"><I><FONT face="Arial">Teleglobe Plan Administrator Lawsuit</FONT></I><FONT face="Arial">, the </FONT><I><FONT face="Arial">Teleglobe Unsecured Creditor
Lawsuit </FONT></I><FONT face="Arial">and the </FONT><I><FONT face="Arial">Kroll Restructuring Lawsuit </FONT></I><FONT face="Arial">agreed, on April&nbsp;7,&nbsp;2010, to settle these lawsuits subject to approval by the U.S. Bankruptcy Court for the District
of Delaware, which approval was obtained on August&nbsp;12,&nbsp;2010. In addition, as disclosed in the BCE&#160;2010 Third Quarter MD&amp;A, BCE&#160;Inc. and the other parties to the lawsuit referred to therein as the </FONT><I><FONT face="Arial">Teleglobe
Lending Syndicate Lawsuit </FONT></I></font><font size="2" face="Arial">agreed, on November&nbsp;3,&nbsp;2010, to settle that lawsuit subject to execution by all parties of customary releases and discharges, which were all executed by November&#160;10,&#160;2010. In advance
of these settlements, BCE&#160;Inc. and its insurers settled related coverage issues and, as a&#160;result, the settlement of these lawsuits had no material effect on the consolidated financial position or results of operation of BCE.
</font></P>
<P align="left">
<font size="2" face="Arial">The section entitled </font><font size="2"><I><FONT face="Arial">Recent Developments in Legal Proceedings </FONT></I><FONT face="Arial">at page 17 of the BCE&#160;2010 First Quarter MD&amp;A and the section entitled </FONT><I><FONT face="Arial">Recent Developments in Legal Proceedings </FONT></I>
</font><font size="2" face="Arial">at page 19 of the BCE&#160;2010 Third Quarter MD&amp;A are incorporated by reference in this Annual Information Form. The BCE&#160;2010 First Quarter MD&amp;A and
the BCE&#160;2010 Third Quarter MD&amp;A were filed by BCE&#160;Inc. with the Canadian securities regulatory authorities and the United States Securities and Exchange Commission and are available on BCE&#160;Inc.&#146;s site at www.bce.ca, on SEDAR
at www.sedar.com and on EDGAR at www.sec.gov. </font></P>
<P align="left">
<FONT face="Arial" size="2">Accordingly, the only lawsuit involving Teleglobe&#160;Inc. that remains outstanding as at the date of this Annual Information Form is the lawsuit instituted by BNP Paribas (Canada) on December&nbsp;23, 2004 in the Ontario Superior
Court of Justice against BCE&#160;Inc. and five former directors of Teleglobe&#160;Inc. seeking U.S. &#36;50&nbsp;million in damages based on several allegations, including oppression against the former directors and breach of contract against
BCE&#160;Inc. Since this lawsuit, on its own, does not constitute a&#160;material legal proceeding, BCE&#160;Inc. will no longer be publicly disclosing developments relating thereto.</FONT></P>

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&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">30</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp; <b>BCE&nbsp;INC.</b>&nbsp;
2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Legal proceedings</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left">
<B><FONT face="Arial">LAWSUITS RELATED TO BELL CANADA</FONT></B></P>
<P align="left">
<B><FONT face="Arial">Purported Class Action Concerning Increase of Late Payment Charges</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;28,&nbsp;2010, a&#160;motion to obtain the authorization to institute a&#160;class action was filed in the Qu&eacute;bec Superior Court against Bell&#160;Canada and Bell&#160;Mobility on behalf of all physical persons and
companies of 50 employees or less in&nbsp;Canada who were billed late payment charges since June&nbsp;1,&nbsp;2010. The plaintiffs allege that the increase by Bell&#160;Canada and Bell&#160;Mobility of the late payment charge imposed on customers who fail to pay
their invoices by the due date from 2% to 3% per month is invalid. The action seeks an order requiring Bell&#160;Canada and Bell&#160;Mobility to repay all late payment charges in excess of 2% per month to the members of the class. In addition to the reimbursement of such amounts, the action also
seeks payment of general and punitive damages by Bell&#160;Canada and Bell&#160;Mobility. The lawsuit has not yet been authorized as a&#160;class action.</FONT></P>
<P align="left">
<B><FONT face="Arial">Independent Dealers&#146; Compensation Lawsuits</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;21,&nbsp;2008, two lawsuits were filed in Ontario and Qu&eacute;bec against Bell&#160;Distribution&#160;Inc. (Bell&#160;Distribution) by certain independent dealers. A statement of claim was filed in the Ontario Superior
Court of Justice by 36 Ontario-based dealers and a&#160;motion to institute legal proceedings was filed in the Qu&eacute;bec Superior Court by 37 Qu&eacute;bec-based dealers.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The lawsuits allege that Bell&#160;Distribution breached its 2004 BDI Independent Dealer Agreement (Dealer Agreement), an associated settlement agreement which partly settled previous claims made by dealers in connection with the
Dealer Agreement, and Bell&#160;Distribution&#146;s contractual, statutory and common law duties of good faith and fair dealing by, among other things, unilaterally reducing certain commissions and unfairly competing with the dealers through other
sales channels. The plaintiffs are seeking a&#160;mandatory order compelling Bell&#160;Distribution to cancel and reverse the commission reductions, injunctive relief in Qu&eacute;bec and Ontario preventing further unilateral changes to commissions,
declarations that the dealers are not bound by the exclusivity and non-competition clauses in the Dealer Agreement and an accounting of all profits from sales made through other channels in breach of the Dealer Agreement. The plaintiffs are seeking
damages, totaling &#36;266&nbsp;million, for lost commissions (&#36;17&#160;million), diminution in the value of their businesses (&#36;219&nbsp;million) and punitive damages (&#36;30&nbsp;million).</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In the Ontario action, Bell&#160;Distribution served a&#160;statement of defence on December&nbsp;1,&nbsp;2008, amended in January&nbsp;2010, and, on June&nbsp;15,&nbsp;2009, the plaintiffs amended their statement of claim to add allegations that
Bell&#160;Distribution unilaterally adjusted commissions paid to the dealers on a&#160;retroactive basis, failed to provide adequate administrative support to the dealers and engaged in excessive pricing on non-subsidized Bell&#160;Distribution
products. Plaintiffs&#146; Qu&eacute;bec action was also amended on August&#160;25,&nbsp;2009.</FONT></P>
<P align="left">
<B><FONT face="Arial">Purported Class Action Concerning 911 Fees</FONT></B></P>
<P align="left">
<font size="2" face="Arial">On June&nbsp;26,&nbsp;2008, a&#160;statement of claim was filed under
</font><font size="2"><I><FONT face="Arial">The Class Actions Act </FONT></I>
</font><font size="2" face="Arial">(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina,
Saskatchewan against communications service providers, including Bell&#160;Mobility and Bell&#160;Aliant Regional Communications, Limited Partnership, on behalf of certain alleged customers. The action also names BCE&#160;Inc. and Bell&#160;Canada
as defendants. </font></P>
<P align="left">
<FONT face="Arial" size="2">The statement of claim alleges, among other things, breach of contract and duty to inform, deceit, misrepresentation and collusion, in connection with certain &#147;911 fees&#148; invoiced by communications service providers to
their customers. The plaintiffs seek unspecified damages and punitive damages. The action seeks certification of a&#160;national class encompassing all customers of communications service providers wherever resident in&nbsp;Canada. The lawsuit has not
yet been authorized as a&#160;class action.</FONT></P>
<P align="left">
<B><FONT face="Arial">Purported Class Action Concerning Internet Service Speed</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On May&nbsp;29,&nbsp;2008, a&#160;motion to obtain the authorization to institute a&#160;class action was filed in the Qu&eacute;bec Superior Court against Bell&#160;Canada on behalf of all former and current Qu&eacute;bec residential
customers of Bell&#160;Canada who subscribed and subscribe, respectively, to Bell&#160;Canada&#146;s high-speed Internet service since October&nbsp;28,&nbsp;2007. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On July&nbsp;9,&nbsp;2008, plaintiffs served a&#160;motion to amend the initial proceeding to modify the class by including all Ontario residential customers. The plaintiffs allege that Bell&#160;Canada misrepresented the actual speed of
its Internet service in its contracts and its advertising and had no right to unilaterally reduce the speed of its Internet service. The plaintiffs also claim that Bell&#160;Canada breached the privacy of its customers by using the &#147;Deep Packet
Inspection&#148; technology on its Internet network. The action seeks the reimbursement of 80% of customers&#146; monthly fees for their high-speed Internet service and the payment of punitive&#160;damages. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On February&nbsp;22,&nbsp;2011, the Qu&eacute;bec Superior Court dismissed the plaintiffs&#146; amended motion to obtain the authorization to institute the above-mentioned class action. Plaintiffs have 30 days to appeal the Qu&eacute;bec
Superior Court&#146;s decision.</FONT></P>

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<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp;
<b>31</b></FONT></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Legal proceedings</font></b></P>

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

<P align="left">
<B><FONT face="Arial">Independent Dealers&#146; Wireless Income Fund Lawsuit</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On March&nbsp;28,&nbsp;2006, a&#160;motion to institute legal proceedings was filed in the Qu&eacute;bec Superior Court against Bell&#160;Distribution by&#160;52&#160;independent dealers that own 78 Bell&#160;World retail stores.
</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The plaintiffs allege that Bell&#160;Distribution agreed to proceed with a&#160;transaction pursuant to which the independent dealer retail stores and Bell&#160;Distribution-owned retail stores would be sold to a&#160;Wireless
Distribution Income Fund (WDIF) and that Bell&#160;Distribution subsequently reneged on this agreement causing damages to the independent dealers; and alternatively, that Bell&#160;Distribution&#146;s refusal to allow the independent dealers to
proceed to sell their stores and assign the dealer agreements to the WDIF constitutes an abuse of right and is contrary to Bell&#160;Distribution&#146;s obligations to act fairly and in accordance with reasonable commercial standards. The plaintiffs
seek damages against Bell&#160;Distribution in an amount of &#36;135&nbsp;million. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;Distribution filed its defence in&nbsp;2006. </FONT></P>
<P align="left">
<B><FONT face="Arial">Vid&eacute;otron Lawsuit</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On August&nbsp;31, 2005, a&#160;motion to institute legal proceedings was filed in the Qu&eacute;bec Superior Court against Bell&#160;TV by Vid&eacute;otron lt&eacute;e, Vid&eacute;otron (R&eacute;gional) lt&eacute;e and CF Cable
TV&#160;Inc. (a subsidiary of Vid&eacute;otron lt&eacute;e). </FONT></P>
<P align="left">
<FONT face="Arial" size="2">In the statement of claim, the plaintiffs allege that Bell&#160;TV has failed to adequately protect its system against signal piracy, thereby depriving the plaintiffs of subscribers who, but for their alleged ability to pirate
Bell&#160;TV&#146;s signal, would be subscribing to plaintiffs&#146; services. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On November&nbsp;4, 2005, the plaintiffs amended their statement of claim to increase the amount of damages claimed from &#36;1&nbsp;million to approximately &#36;49.5&nbsp;million for profits allegedly lost over a&#160;three-year period,
&#36;314.7&nbsp;million for alleged future losses and &#36;10&#160;million in punitive damages. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&#160;TV filed its defence in November&nbsp;2006.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The statement of claim was re-amended on March&nbsp;29,&nbsp;2010 to reduce the amount of damages claimed to approximately &#36;289&#160;million. The punitive damages claimed remain unchanged.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The trial is scheduled to begin in September&nbsp;2011.</FONT></P>
<P align="left">
<B><FONT face="Arial">Purported Class Action Concerning Billing System</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;28, 2004, a&#160;motion to obtain the authorization to institute a&#160;class action was filed in the Qu&eacute;bec Superior Court against Bell&#160;Mobility on behalf of any person who entered into a&#160;contract with
Bell&#160;Mobility. Identical motions were filed in Ontario, Alberta and British Columbia in December&nbsp;2006.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The lawsuits allege that such persons have unjustly incurred expenses as a&#160;result of billing errors made by Bell&#160;Mobility following the change of its billing platform. In addition to the reimbursement of such expenses,
the class actions seek payment in the amount of &#36;100 per class member for inconvenience as well as punitive damages in the amount of &#36;200 per class member in Qu&eacute;bec, general damages in the amount of &#36;500&nbsp;million with no precise
amount claimed as punitive damages in Ontario, and damages with no precise amount in Alberta and British Columbia.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On July&nbsp;20,&nbsp;2007, the Qu&eacute;bec Superior Court dismissed the motion to obtain the authorization to institute a&#160;class action. On August&nbsp;16,&nbsp;2007, the plaintiff filed a&#160;notice of appeal and in December&nbsp;2007 filed
a&#160;motion to amend the class description. On November&nbsp;19,&nbsp;2008, the Qu&eacute;bec Court of Appeal dismissed the plaintiff&#146;s motion to amend the class description and dismissed the appeal, with costs. The plaintiff did not file a&#160;motion
for leave to appeal to the Supreme Court of&nbsp;Canada. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The motions seeking certification to proceed as class actions in Ontario, Alberta and British Columbia have been dormant since they were filed in&nbsp;2006.</FONT></P>

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<b><font face="Arial" size="1">32</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp; <b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Legal proceedings</font></b></P>

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

<P align="left">
<B><FONT face="Arial">Class Action Concerning Wireless Access Charges</FONT></B></P>
<P align="left">
<font size="2" face="Arial">On August&nbsp;9, 2004, a&#160;statement of claim was filed under
</font><font size="2"><I><FONT face="Arial">The Class Actions Act </FONT></I>
</font><font size="2" face="Arial">(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina,
Saskatchewan against wireless communications service providers, including Bell&#160;Mobility and Aliant Telecom&#160;Inc., on behalf of certain alleged customers (Initial Action).</font></P>
<P align="left">
<FONT face="Arial" size="2">The statement of claim for the Initial Action alleges, among other things, breach of contract and duty to inform, deceit, misrepresentation, unjust enrichment and collusion, in connection with certain &#147;system access
fees&#148; and &#147;system licensing charges&#148; invoiced by wireless communications service providers to their customers. The plaintiff is seeking unspecified damages and punitive damages. The Initial Action is seeking certification of
a&#160;national class encompassing all customers of wireless communications service providers wherever resident in&nbsp;Canada.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On July&nbsp;18,&nbsp;2006, the Saskatchewan Court of Queen&#146;s Bench refused to certify the action against all defendant Bell&#160;Canada companies except Bell&#160;Mobility. With respect to Bell&#160;Mobility, the court refused to
certify the lawsuit on all grounds except for the claim for unjust enrichment. However, the court refused to grant certification on the basis that there was no appropriate representative plaintiff and no proper plan for proceeding. The court gave
the plaintiff leave to re-apply for certification.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On September&nbsp;17,&nbsp;2007, the court granted certification of the Initial Action finding that there was a&#160;proper representative plaintiff and plan of proceeding. On February&nbsp;20,&nbsp;2008, the court dismissed Bell&#160;Mobility&#146;s
application to stay the action on the ground that Saskatchewan was not the proper forum for this action against Bell&#160;Mobility. On May&nbsp;9,&nbsp;2008, the plaintiff filed motions to convert the certified Initial Action from a&#160;national opt-in class
to a&#160;national opt-out class and to add BCE&#160;Inc. and Bell&#160;Canada as defendants. The court dismissed plaintiff&#146;s motions on May&nbsp;7,&nbsp;2009.</FONT></P>
<P align="left">
<font size="2" face="Arial">On July&nbsp;27,&nbsp;2009, a&#160;new statement of claim was filed under
</font><font size="2"><I><FONT face="Arial">The Class Actions Act </FONT></I>
</font><font size="2" face="Arial">(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina,
Saskatchewan against wireless service providers, including Bell&#160;Mobility and members of the Bell&#160;Aliant group, on behalf of certain alleged customers (Second Action).
</font></P>
<P align="left">
<font size="2" face="Arial">The statement of claim for the Second Action is based on alleged facts similar to those in the Initial Action. The causes of action alleged in the Second Action are misrepresentation, breach of the
</font><font size="2"><I><FONT face="Arial">Competition Act</FONT></I></font><font size="2" face="Arial">, conspiracy and unjust enrichment. The Second Action also alleges that the government charges for spectrum licences and the CRTC rural contribution obligation constitute less than what
Bell&#160;Mobility collected for the system access fees (SAF). As such, the plaintiff is seeking either a&#160;reimbursement of the full amount of the SAF or, in the alternative, the difference between the SAF charged and the government spectrum
licence charges. With respect to the CRTC contribution obligation, the plaintiff is seeking an accounting of the difference between what the defendants have collected and what they needed to collect to meet their obligations in this
regard.</font></P>
<P align="left">
<FONT face="Arial" size="2">On November&nbsp;23,&nbsp;2009, Bell&#160;Mobility and the other defendants filed a&#160;motion to strike the Second Action as an abuse of process. On December&nbsp;22,&nbsp;2009, the court stayed the Second Action as an abuse of process. On March&nbsp;9,
2010, the plaintiff filed a&#160;motion for leave to appeal that decision to the Saskatchewan Court of Appeal.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On March&nbsp;15,&nbsp;2010, the Saskatchewan Court of Appeal granted the defendants&#146; leave to appeal applications regarding the July&#160;18,&#160;2006 and September&nbsp;17,&nbsp;2007 certification decisions of the Court of Queen&#146;s Bench
as well as Bell&#160;Mobility&#146;s leave to appeal application regarding the February&nbsp;20,&nbsp;2008 decision of the Court of Queen&#146;s Bench concerning the proper forum for the&#160;Initial Action. On the same date, the Court of Appeal also
dismissed the plaintiff&#146;s leave to appeal application regarding the&#160;May&nbsp;7,&nbsp;2009 decision of the Court of Queen&#146;s Bench which refused the plaintiff&#146;s request to add BCE&#160;Inc. and Bell&#160;Canada as defendants. Finally, the
Court of Appeal granted plaintiff&#146;s leave to appeal the May&nbsp;7,&nbsp;2009 decision of the Court of Queen&#146;s Bench that had refused to amend the certification order to convert the Initial Action into a&#160;national opt-out class action.
</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The appeals were heard on December&nbsp;13 and 14,&nbsp;2010 and judgments taken under reserve.</FONT></P>
<P align="left">
<B><FONT face="Arial">OTHER</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We are subject to other legal proceedings considered normal in the ordinary course of our current and past operations, including employment-related disputes, contract disputes, and customer disputes. In some legal proceedings, the
claimant seeks damages as well as other relief, which, if granted, would require substantial expenditures on our part.</FONT></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp;
<b>33</b></FONT></P>

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&nbsp;</P>
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  bordercolor="#000000">
		<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL TRANSACTIONS</FONT></P>
		</td>
	</tr>
</table>






<P align="left">
<font size="2" face="Arial">Except as previously disclosed in respect of the proposed Privatization in the Notice of Special Shareholder Meeting and Management Proxy Circular of BCE&#160;Inc. dated August&nbsp;7,&nbsp;2007 in the section entitled
</font><font size="2"><I><FONT face="Arial">Interests of Senior Management and Others in the Arrangement</FONT></I><FONT face="Arial">, as updated in the BCE&#160;Inc.&nbsp;2007 Annual Information Form dated March&nbsp;5,&nbsp;2008 in the section entitled </FONT><I><FONT face="Arial">Interest
of Management and Others in Material Transactions</FONT></I></font><font size="2" face="Arial">, to the best of our knowledge, there were no directors or executive officers or any associate or affiliate of a&#160;director or executive officer with a&#160;material
interest in any transaction within the three most recently completed financial years or during the current financial year that has materially affected us or is reasonably expected to materially affect us.</font></P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
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		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">MATERIAL CONTRACTS</FONT></P>
		</td>
	</tr>
</table>






<P align="left">
<font size="2" face="Arial">The only material contract entered into by BCE&#160;Inc. during the year ended December&nbsp;31,&nbsp;2010, other than in the ordinary course&#160;of business, is the Transaction Agreement entered into on September&nbsp;10,&nbsp;2010 with CTV,
Woodbridge, Teachers&#146; and Torstar, pursuant to which BCE&#160;Inc. intends to acquire the remaining 85% interest in CTV that it does not already own. The Transaction Agreement is more fully described under
</font><font size="2"><I><FONT face="Arial">General
Development of Our Business &#150; Three-Year History &#150; Proposed Acquisition of&#160;CTV</FONT></I></font><font size="2" face="Arial">.</font></P>
<P align="left">
&nbsp;</P>
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		<p align="left" style="margin-top: 8px; margin-bottom: 8px">
		<font face="Arial" size="4">EXPERTS</font></td>
	</tr>
</table>






<P align="left">
<font size="2" face="Arial">Deloitte &amp; Touche LLP prepared the Report of Independent Registered Chartered Accountants in respect of our audited consolidated financial statements and the Report of Independent Registered Chartered Accountants in respect of
our internal control over financial reporting. Deloitte &amp; Touche LLP is independent of BCE&#160;Inc. within the meaning of the Code of Ethics of the
</font><font size="2"><I><FONT face="Arial">Ordre des comptables agr&eacute;&eacute;s du Qu&eacute;bec
</FONT></I><FONT face="Arial">and the United States </FONT><I><FONT face="Arial">Securities Act of 1933 </FONT></I>
</font><font size="2" face="Arial">and the applicable rules and regulations thereunder adopted by the Securities and Exchange Commission and the
Public Company Accounting Oversight Board (United&#160;States).</font></P>
<P align="left">
&nbsp;</P>
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		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">
		<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<font face="Arial" size="4">TRANSFER AGENT AND REGISTRAR</font></P>
		</td>
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<P align="left">
<FONT face="Arial" size="2">The transfer agent and registrar for the common shares and preferred shares of BCE&#160;Inc. in&nbsp;Canada is CIBC Mellon Trust Company (CIBC Mellon) at its principal offices in Montr&eacute;al, Qu&eacute;bec; Halifax, Nova Scotia;
Toronto, Ontario; Calgary, Alberta; and Vancouver, British Columbia and in the United States is American Stock Transfer &amp; Trust Company, LLC at its principal offices in Brooklyn, New York.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The register for Bell&#160;Canada&#146;s debentures and Bell&#160;Canada&#146;s subordinated debentures is kept at the principal office of CIBC Mellon, in Montr&eacute;al, and facilities for registration, exchange and transfer of
the debentures are maintained at the principal offices of CIBC Mellon in Halifax, Montr&eacute;al, Toronto, Calgary and Vancouver.</FONT></P>

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&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">34</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp; <b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
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<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">FOR MORE INFORMATION</FONT></P>
		</td>
	</tr>
</table>






<P align="left">
<B><FONT face="Arial">DOCUMENTS YOU CAN REQUEST</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">You can ask us for a&#160;copy of any of the following documents:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">this Annual Information Form, together with any document, or the relevant pages of any document, incorporated by reference into it;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">BCE&#160;Inc.&#146;s most recent annual report, which includes the audited consolidated financial statements and management&#146;s discussion and analysis for the most recently completed financial year together with the
accompanying auditors&#146; report; </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">any interim financial statements that were filed after the financial statements for the most recently completed financial year;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">any other documents that are incorporated by reference into
a&#160;preliminary short form prospectus or a&#160;short form prospectus and are not listed above.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Please send your request to the Corporate Secretary of BCE&#160;Inc., at 1 Carrefour Alexander-Graham-Bell, Building A, 7th floor, Verdun, Qu&eacute;bec H3E 3B3.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We will send you the documents at no charge when our securities are being distributed under a&#160;preliminary short form prospectus or short form prospectus.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">At any other time, we may charge you a&#160;reasonable fee if you or the company you work for is not a&#160;security holder of BCE&#160;Inc.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">You can also ask us for a&#160;copy of the annual and quarterly management&#146;s discussion and analysis of BCE&#160;Inc. by contacting the Investor Relations group of BCE&#160;Inc., at 1 Carrefour Alexander-Graham-Bell, Building
A, 6th Floor, Verdun, Qu&eacute;bec H3E 3B3 or by sending an e-mail to investor.relations@bce.ca.</FONT></P>
<P align="left">
<B><FONT face="Arial">OTHER INFORMATION ABOUT BCE&#160;INC.</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The above documents, as well as BCE&#160;Inc.&#146;s annual and quarterly reports and news releases, are also available on BCE&#160;Inc.&#146;s website at www.bce.ca.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Additional information, including information as to directors&#146; and officers&#146; remuneration and securities authorized for issuance under equity compensation plans, is contained in BCE&#160;Inc.&#146;s management proxy
circular for its most recent annual meeting of the securityholders that involved the election of directors.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Additional information relating to BCE&#160;Inc. is available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Additional financial information is provided in BCE&#160;Inc.&#146;s audited consolidated financial statements
and related management&#146;s discussion and analysis for BCE&#160;Inc.&#146;s most recently completed financial year contained in the BCE&#160;2010 Annual Report.</FONT></P>
<table border="0" width="40%" cellspacing="0" cellpadding="0">
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		<td width="50%" valign="top">
<FONT face="Arial" size="2">Shareholder inquiries</FONT></td>
		<td width="50%" valign="top"><FONT face="Arial" size="2">1-800-561-0934<br>
&nbsp;</FONT></td>
	</tr>
	<tr>
		<td width="50%" valign="top">
<FONT face="Arial" size="2">Investor relations</FONT></td>
		<td width="50%" valign="top"><FONT face="Arial" size="2">1-800-339-6353</FONT></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">&nbsp;&nbsp;</FONT></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp;
<b>3</b></FONT><b><font face="Arial" size="1">5</font></b></P>

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<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<font size="4" face="Arial">SCHEDULE 1 &#150; AUDIT COMMITTEE INFORMATION</font><font face="Arial"><sup>(1)</sup></font></P>
		</td>
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<P align="left">
<FONT face="Arial" size="2">The purpose of BCE&#160;Inc.&#146;s audit committee (Audit Committee) is to assist the board in its oversight of: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the integrity of BCE&#160;Inc.&#146;s financial statements and related information;</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">BCE&#160;Inc.&#146;s compliance with applicable legal and regulatory requirements;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the independence, qualifications and appointment of the external auditors;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the performance of both the external and internal
auditors;</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">BCE&#160;Inc.&#146;s management&#146;s responsibility for assessing and reporting on the effectiveness of internal controls and reporting on&#160;risk management.</FONT></P>
	</li>
</ul>
<P align="left">
<B><FONT face="Arial">Members&#146; Financial Literacy, Expertise and Simultaneous Service</FONT></B></P>
<P align="left">
<font size="2" face="Arial">Under the </font><font size="2"><I><FONT face="Arial">Sarbanes-Oxley Act </FONT></I><FONT face="Arial">and related United States Securities and Exchange Commission rules, BCE&#160;Inc. is required to disclose whether its Audit Committee members
include at least one &#147;audit committee financial expert,&#148; as defined by these rules. In addition, National Instrument 52-110 &#150; </FONT><I><FONT face="Arial">Audit Committees </FONT></I>
</font><font size="2" face="Arial">and the New York Stock Exchange
governance rules followed by BCE&#160;Inc. require that all audit committee members be &#147;financially literate&#148; and &#147;independent&#148;.</font></P>
<P align="left">
<FONT face="Arial" size="2">The board has determined that all the members of the Audit Committee during&nbsp;2010 were, and all current members of the Audit Committee are, financially literate and independent. In respect of the current Audit Committee members, as
well as members during&nbsp;2010, the board determined that at least one of the members of the Audit Committee, being the current Chair of the Audit Committee, Mr. P.R. Weiss, is qualified as an &#147;audit committee financial expert.&#148; The table
below indicates the relevant education and experience of all the Audit Committee members during&nbsp;2010 and the current members.</FONT></P>
<P align="left" style="margin-bottom: 0">
<B><FONT face="Arial">Relevant Education and Experience </FONT></B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="100%" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
	<tr>
		<td width="20%" valign="top">
<P align="left">
<font size="2" face="Arial">P.R. Weiss, FCA (</font><font size="2"><I><FONT face="Arial">Chair</FONT></I></font><font size="2" face="Arial">)
</font></P>
		<p>&nbsp;</td>
		<td width="80%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Mr. Weiss has been a&#160;director on the BCE&#160;Inc. Board since May&nbsp;2009 and became Chair of the Audit Committee on May&nbsp;7,&nbsp;2009. Mr. Weiss is director and audit committee Chair at ING Bank of&nbsp;Canada, director and audit
committee Chair at Torstar Corporation and director and member of the audit committee of Empire Life Insurance Company. He is Chair of the Board of Directors of Soulpepper Theatre Company, past Chair of Toronto Rehab
Foundation, and a&#160;director of Niagara International Music Festival. For over 40 years, until his retirement in&nbsp;2008, he was with KPMG&nbsp;Canada. He served as Managing Partner of the Canadian Audit Practice, a&#160;member of KPMG&nbsp;Canada&#146;s
Management Committee, and a&#160;member of the International Global Audit Steering Group. Mr. Weiss holds a&#160;Bachelor of Commerce degree from Carleton&#160;University.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
	<tr>
		<td width="20%" valign="top">
<P align="left">
<FONT face="Arial" size="2">A. B&eacute;rard, O.C. </FONT></P>
		<p>&nbsp;</td>
		<td width="80%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Mr. B&eacute;rard has been a&#160;director on the BCE&#160;Inc. Board since January&nbsp;2003. He is a director of Bombardier&#160;Inc., Groupe BMTC Inc., Saputo Inc., and TransForce Inc. Mr. B&eacute;rard was Chair of the Board of
National Bank of&nbsp;Canada (chartered bank) from 2002 to March&nbsp;2004, and Chair of the Board and Chief Executive Officer of National Bank of&nbsp;Canada from 1990 to March&nbsp;2002. He holds a&#160;Fellows Diploma from the Institute of Canadian Bankers and was
Chair of the Executive Council of the Canadian Bankers&#146; Association from 1986 to 1988. He was appointed an Officer of the Order of&nbsp;Canada in 1995.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
	<tr>
		<td width="20%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Sophie Brochu<br>
(since May&nbsp;6,&nbsp;2010)</FONT></P>
		<p>&nbsp;</td>
		<td width="80%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Ms. Brochu has been a&#160;director on the BCE&#160;Inc. Board since May&nbsp;6,&nbsp;2010. Ms. Brochu has worked in the energy industry for more than 20 years. She began her career in 1987 with SOQUIP (Soci&eacute;t&eacute;
qu&eacute;b&eacute;coise d&#146;initiatives p&eacute;troli&egrave;res) and held several positions, including Vice-President, Development, a&#160;position she held until 1997. Ms.&#160;Brochu joined Gaz M&eacute;tro (natural gas distributor in
Qu&eacute;bec) in 1997 as Vice-President, Business Development where she held several positions including Executive Vice-President, responsible for all natural gas distribution activities in Qu&eacute;bec. In&nbsp;2007, she was appointed President and
Chief Executive Officer of Gaz M&eacute;tro. Ms. Brochu is also a director of Gaz M&eacute;tro. She is a&#160;graduate in Economics from Universit&eacute; Laval in Qu&eacute;bec City, where she specialized in the energy field. She is Chair of the
Board of the Montr&eacute;al Museum of Archaeology and History (Pointe-&agrave;-Calli&egrave;re). She is also actively involved with Muscular Dystrophy&nbsp;Canada. Ms. Brochu is co-president of the Centraide of Greater Montr&#233;al campaign for&nbsp;2010 and is
also involved in 80, ruelle de l&#146;Avenir project, which aims to combat school dropout in the Centre-Sud and Hochelaga Maisonneuve neighbourhoods.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
	<tr>
		<td width="20%" valign="top">
<P align="left">
<FONT face="Arial" size="2">A.S. Fell, O.C.</FONT></P>
		<p>&nbsp;</td>
		<td width="80%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Mr. Fell has been a&#160;director on the BCE&#160;Inc. Board since January&nbsp;2002. Mr. Fell is a&#160;former Deputy Chairman of Royal Bank of&nbsp;Canada. He was with RBC Capital Markets (investment bank) and predecessor companies for 48
years including 18 years as Chief Executive Officer and a&#160;further 8 years as Chairman until his retirement in&nbsp;2007. He is a director of CAE Inc. and of Loblaw Companies Limited. Mr. Fell is a&#160;past Chairman of Munich Reinsurance Company of
Canada and past Chairman of the Investment Dealers Association of&nbsp;Canada and a&#160;past Governor of the Toronto Stock Exchange. Mr. Fell is also a&#160;past Chairman of the University Health Network, the United Way Campaign for Metropolitan
Toronto, the Princess Margaret Hospital Capital Campaign and is a&#160;past Governor of the Duke of Edinburgh&#146;s Award Program in&nbsp;Canada, St. Andrew&#146;s College and the Ontario Division of the Canadian Arthritis Society. Mr. Fell was
appointed an Officer of the Order of&nbsp;Canada in 2001 and received an Honorary Doctor of Laws Degree from McMaster University in 2001 and from the University of Toronto in&nbsp;2006.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(1)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">You will find a&#160;summary of the differences between our governance practices and the New York Stock Exchange governance rules in the governance section of BCE&#160;Inc.&#146;s website at www.bce.ca</FONT></P>
		</td>
	</tr>
</table>

<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">36</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp; <b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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






<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Schedule 1 &#150; Audit committee information</font></b></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="100%" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
	<tr>
		<td width="20%" valign="top">
		<P align="left">
<FONT face="Arial" size="2">Carole Taylor <br>
(since August&nbsp;4,&nbsp;2010)</FONT></P>
		<p>&nbsp;</td>
		<td width="80%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Ms. Taylor has been a&#160;director on the BCE&#160;Board since August&nbsp;4,&nbsp;2010. From December&nbsp;2008 to January&nbsp;2010, Ms. Taylor served as Chair of the Federal Finance Minister&#146;s Economic Advisory Council. Ms. Taylor was also
Senior Advisor for Borden Ladner Gervais LLP (law firm) until September&nbsp;2010. She served as Minister of Finance for British Columbia from June&nbsp;2005 to June&nbsp;2008. In May&nbsp;2005, Ms. Taylor was elected to the Legislative Assembly of British Columbia to
represent the riding of Vancouver-Langara. From July&nbsp;2001 to March&nbsp;2005, she served as Chair of CBC/Radio-Canada. Ms. Taylor is a director of The Toronto Dominion Bank. She is the incoming chancellor of Simon Fraser University.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
	<tr>
		<td width="20%" valign="top">
<P align="left">
<FONT face="Arial" size="2">V.L. Young, O.C. <br>
(member until his retirement <br>
from the Board on May&nbsp;6,&nbsp;2010)</FONT></P></td>
		<td width="80%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Mr. Young was a&#160;director on the BCE&#160;Inc. Board from May&nbsp;1995 until May&nbsp;2010 when he retired from the Board. Mr. Young was Chairman and Chief Executive Officer of Fishery Products International&#160;Inc. (vertically
integrated seafood company) from 1984 to 2001. He is also a&#160;director of RBC Dexia Investor Services Trust (institutional investor services company) and McCain Foods Limited (food distribution, retail and production company). In 1996, he was appointed an Officer of the Order of&nbsp;Canada and was awarded an honorary doctorate from Memorial University in Newfoundland and Labrador. In&nbsp;2007 he was named a&#160;Fellow of the Institute of Corporate
Directors.</FONT></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="2">
<HR noshade size=1 color="#000000">
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">The New York Stock Exchange governance rules followed by BCE&#160;Inc. require that if an audit committee member serves simultaneously on the audit committee of more than three public companies, the board of directors must
determine and disclose that this simultaneous service does not impair the ability of the member to effectively serve on the audit committee. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">In addition to serving on BCE&#160;Inc.&#146;s Audit Committee, Mr. B&eacute;rard served on the audit committees of the following public companies: Bombardier&#160;Inc., Groupe BMTC&#160;Inc. and TransForce&#160;Inc. The board has
carefully reviewed the audit committee service of Mr. B&eacute;rard and has concluded that these other activities do not currently impair his ability to effectively serve on BCE&#160;Inc.&#146;s Audit Committee. This conclusion is based on the
following:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">he is retired and is not involved in professional activities other than sitting on various public corporations&#146; boards of directors and audit committees;
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">he has extensive accounting and financial knowledge and experience, which serves the best interests of BCE&#160;Inc.; and
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font face="Arial" size="2">he makes valuable contributions to BCE&#160;Inc.&#146;s Audit Committee.</font></P>
	</li>
</ul>
<P align="left">
<B><FONT face="Arial">Pre-Approval Policies and Procedures</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#160;Inc.&#146;s Auditors Independence Policy is a&#160;comprehensive policy governing all aspects of BCE&#146;s relationship with the external auditors, including:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">establishing a&#160;process for determining whether various audit and other services provided by the external auditors affect their&#160;independence;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">identifying the services that the external auditors may and may
not provide to BCE&#160;Inc. and its subsidiaries; </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">pre-approving all services to be provided by the external auditors of BCE&#160;Inc. and its subsidiaries; and
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">establishing a&#160;process outlining procedures when hiring current or
former personnel of the external auditors in a&#160;financial oversight role to ensure auditors&#146; independence is maintained.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">In particular, the policy specifies that: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the external auditors cannot be hired to provide any services falling within the prohibited services category, such as bookkeeping, financial information system design and implementation and legal services;
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">for all
audit or non-audit services falling within the permitted services category (such as prospectus work, due diligence and non-statutory audits), a&#160;request for approval must be submitted to the audit committee prior to engaging the
external&#160;auditors; </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">specific permitted services however are pre-approved annually and quarterly by the audit committee and consequently only require approval by the Chief Financial Officer prior to engaging the external auditors; and
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">at each regularly scheduled audit committee meeting, a&#160;consolidated summary of all fees paid to the external auditors by service type is presented. This summary includes a&#160;breakout of fees incurred within the pre-approved
amounts.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">The Auditors Independence Policy is available in the governance section of BCE&#160;Inc.&#146;s website at www.bce.ca.</FONT></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; </FONT><b><font face="Arial" size="1">37</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Schedule 1&nbsp;&#150;&nbsp;Audit committee information</font></b></P>

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

<P align="left">
<B><FONT face="Arial">External Auditors&#146; Fees</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The table below shows the fees that BCE&#160;Inc.&#146;s external auditors, Deloitte &amp; Touche LLP, billed to BCE&#160;Inc. and its subsidiaries for various services in each of the past two fiscal years. </FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" rowspan="2" bgcolor="#C0C0C0">
<p style="margin-top: 6px">
<B><FONT size=1 face="Arial">2010<br>
(IN &#36; MILLIONS)</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="20%" rowspan="2">
<p style="margin-top: 6px">
<FONT size=1 face="Arial">2009<br>
(IN &#36; MILLIONS) </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="66%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD colspan=2 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Audit fees</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">9.1</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="20%">
<FONT size=2 face="Arial">9.2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Audit-related fees</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">1.4</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="20%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Tax fees</FONT><SUP><FONT size=2 face="Arial">(3)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.7</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="20%">
<FONT size=2 face="Arial">0.7 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">All other fees</FONT><SUP><FONT size=2 face="Arial">(4)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">0.3</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="20%">
<FONT size=2 face="Arial">1.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="66%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD colspan=2 width="20%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="66%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><FONT size=2 face="Arial">11.5</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<B><SUP><FONT size=2 face="Arial">(5)</FONT></SUP></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="20%">
<FONT size=2 face="Arial">13.9 </FONT>
	</TD>
	<TD align=left width=2%>
<SUP><FONT size=2 face="Arial">(5)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
</TR>
<tr>
	<TD width="66%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD colspan=2>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(1)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">These fees include professional services provided by the external auditors for statutory audits of the annual financial statements, the audit of the effectiveness of internal control over financial reporting, the review of
interim financial statements, the review of financial accounting and reporting matters, the review of securities offering documents, other regulatory audits and filings and translation services.</FONT></P>
		</td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(2)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">These fees relate to non-statutory audits and due
diligence procedures.</FONT></P></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(3)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">These fees include professional services for tax compliance, tax advice and assistance with tax audits and appeals.</FONT></P></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(4)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">These fees include any other fees for permitted services not included in any of the above-stated categories. In&nbsp;2010 and&nbsp;2009, the fees are solely for services related to compliance with the Payment Card Industry Data Security
Standard.</FONT></P></td>
	</tr>
	<tr>
		<td valign="top" width="2%">
<FONT face="Arial" size="1">(5)</FONT></td>
		<td valign="top" width="98%">
<P align="left">
<FONT face="Arial" size="1">The amounts of &#36;11.5&nbsp;million for&nbsp;2010 and &#36;13.9&nbsp;million for&nbsp;2009 reflect fees billed in those fiscal years without taking into account the year to which those services relate. Total fees for services provided for each
fiscal year amounted to &#36;10.5&nbsp;million in&nbsp;2010 and &#36;12.8&nbsp;million in&nbsp;2009.</FONT></P></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">38</font></b><FONT face="Arial" size="1">&nbsp; |&nbsp; <b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
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<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">SCHEDULE 1A &#150; AUDIT COMMITTEE CHARTER</FONT></P>
		</td>
	</tr>
</table>






<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top"><B><FONT face="Arial">I.</FONT></B></td>
		<td width="99%" valign="top" colspan="3">
		<P align="left">
<B><FONT face="Arial">PURPOSE<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top" colspan="4">
<P align="left">
<FONT face="Arial" size="2">The purpose of the Audit Committee is to assist the Board of Directors in its oversight of:
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><FONT face="Arial" size="2">A.</FONT></td>
		<td width="3%" valign="top" colspan="3">
		<P align="left">
<FONT face="Arial" size="2">the integrity of the Corporation&#146;s financial statements and related information;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><FONT face="Arial" size="2">B.</FONT></td>
		<td width="3%" valign="top" colspan="3">
		<P align="left">
<FONT face="Arial" size="2">the Corporation&#146;s compliance with
applicable legal and regulatory requirements; <br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><FONT face="Arial" size="2">C.</FONT></td>
		<td width="3%" valign="top" colspan="3">
		<P align="left">
<FONT face="Arial" size="2">the independence, qualifications and appointment of the shareholders&#146; auditor;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top"><FONT face="Arial" size="2">D.</FONT></td>
		<td width="3%" valign="top" colspan="3">
		<P align="left">
<FONT face="Arial" size="2">the performance of the Corporation&#146;s shareholders&#146; auditor and internal audit; and<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">E.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">management responsibility for assessing and reporting on the effectiveness of internal controls and reporting on risk management.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="94%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">II.</FONT></B></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<B><FONT face="Arial">DUTIES AND RESPONSIBILITIES<br>
&nbsp;</FONT></B></P>
		</td>
	</tr>
	<tr>
		<td width="3%" valign="top" colspan="4">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall perform the functions customarily performed by audit committees and any other functions assigned by the Board of Directors. In particular, the Audit Committee shall have the following duties and
responsibilities:<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">A.</FONT></B></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<B><FONT face="Arial">Financial Reporting and Control<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">1.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">On a&nbsp;periodic basis, review and discuss with
management and the shareholders&#146; auditor the following:<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2"> a.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2"> major issues regarding accounting principles and financial statement presentation, including any significant changes in the Corporation&#146;s selection or application of accounting principles, and issues as to the adequacy of
the Corporation&#146;s internal controls and any special audit steps adopted in light of material control deficiencies;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">b.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">analyses prepared by management and/or the shareholders&#146; auditor setting forth significant financial reporting issues and judgements made in connection with the preparation of the financial statements, including the
effects of alternative generally accepted accounting principles (GAAP) methods on the financial statements when such alternatives have been selected in the current reporting period;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">c.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">the effect of regulatory and accounting developments, as well as off-balance sheet structures, on the financial statements of the Corporation;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">d.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">the type and presentation of information to be included in earnings press releases (including any use of pro-forma or adjusted non-GAAP, information).<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">2.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Meet to review and discuss with management and the shareholders&#146; auditor, report and, where appropriate, provide recommendations to the Board of Directors on the following prior to its public disclosure:<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">a.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">the annual and interim consolidated financial statements, the Corporation&#146;s disclosure under &#147;Management Discussion and Analysis&#148;, Annual Information Form, earnings press releases, financial information and
earnings guidance provided to analysts and rating agencies and the integrity of the financial reporting of the Corporation;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">&#150;</FONT></td>
		<td width="94%" valign="top">
<P align="left">
<FONT face="Arial" size="2">In addition to the role of the Audit Committee to make recommendations to the Board of Directors, where the members of the Audit Committee consider that it is appropriate and in the best interest of the Corporation, the
interim consolidated financial statements, the interim Corporation&#146;s disclosure under &#147;Management Discussion and Analysis&#148; for interim period and interim earnings press releases and earnings guidance, may also be approved on behalf of
the Board of Directors by the Audit Committee, provided that such approval is subsequently reported to the Board of Directors at its next meeting;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" 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"> any audit problems or difficulties raised by the shareholders&#146; auditor and management&#146;s response thereto, including any restrictions on the scope of the activities of the shareholders&#146; auditor or access to
requested information and any significant disagreements with management.</FONT></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; </FONT><b><font face="Arial" size="1">39</font></b></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Schedule 1A&nbsp;&#150;&nbsp;Audit committee charter</font></b></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"><FONT face="Arial" size="2">3.</FONT></td>
		<td width="3%" valign="top" colspan="2">
		<P align="left">
<FONT face="Arial" size="2">Review and discuss reports from the shareholders&#146; auditor on:<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">a.</FONT></td>
		<td width="96%" valign="top">
<P align="left">
<FONT face="Arial" size="2">all critical accounting policies and practices used by the Corporation;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">b.</FONT></td>
		<td width="96%" valign="top">
<P align="left">
<FONT face="Arial" size="2">all material alternative treatments of financial information within GAAP that have been discussed with management, including the ramifications of the use of such alternative treatments and disclosures and the treatment
preferred by the shareholders&#146; auditor; and<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">c.</FONT></td>
		<td width="96%" valign="top">
<P align="left">
<FONT face="Arial" size="2">other material written communications between the shareholders&#146; auditor and management, and discuss such report with the shareholders&#146; auditor.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">B.</FONT></B></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<B><FONT face="Arial">Oversight of the Shareholders&#146; Auditors<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">1.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Be directly responsible for the appointment, compensation, retention and oversight of the work of the shareholders&#146; auditor and any other auditor preparing or issuing an audit report or performing other audit services or
attest services for the Corporation or any consolidated subsidiary of the Corporation, where required and review, report and where appropriate, provide recommendations to the Board of Directors on the appointment, terms and review of engagement,
removal, independence and proposed fees of the shareholders&#146; auditor.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">2.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Approve in advance all audit, review or attest engagement fees and terms for all audit, review or attest services to be provided by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary and any other
auditor preparing or issuing an audit report or performing other audit services or attest services for the Corporation or any consolidated subsidiary of the Corporation, where required.
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">3.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Pre-approve all engagements for permitted non-audit services provided by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary and to this effect may establish policies and procedures for the
engagement of the shareholders&#146; auditor to provide to the Corporation and any consolidated subsidiary permitted non-audit services, which shall include approval in advance by the Audit Committee of all audit/review and permitted non-audit
services to be provided by the shareholders&#146; auditor to the Corporation and any consolidated subsidiary.
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">4.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Delegate, if deemed appropriate, authority to one or more members of the Audit Committee to grant pre-approvals of audit, review and permitted non-audit services, provided that any such approvals shall be presented to the Audit
Committee at its next scheduled meeting.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">5.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Establish policies for the hiring of partners, employees and former partners and employees of the shareholders&#146; auditor.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">6.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">At least annually, consider, assess, and report to the Board of Directors on:<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">a.</FONT></td>
		<td width="96%" valign="top">
<P align="left">
<FONT face="Arial" size="2">the independence of the shareholders&#146; auditor, including whether the shareholders&#146; auditor&#146;s performance of permitted non-audit services is compatible with the shareholders&#146; auditor&#146;s
independence;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">b.</FONT></td>
		<td width="96%" valign="top">
<P align="left">
<FONT face="Arial" size="2">obtaining from the shareholders&#146; auditor a&#160;written statement (i) delineating all relationships between the shareholders&#146; auditor and the Corporation; (ii) assuring that lead audit partner rotation is carried out,
as required by law; and (iii)&#160;delineating any other relationships that may adversely affect the independence of the shareholders&#146; auditor; and<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">c.</FONT></td>
		<td width="96%" valign="top">
<P align="left">
<FONT face="Arial" size="2">the evaluation of the lead audit partner, taking into account the opinions of management and internal audit.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">7.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">At least annually, obtain and review a&#160;report by the shareholders&#146; auditor describing:
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top"><FONT face="Arial" size="2">a.</FONT></td>
		<td width="96%" valign="top"><FONT face="Arial" size="2">the
		shareholders&#146; auditor&#146;s internal quality-control procedures;<br>
&nbsp;</FONT></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">b.</FONT></td>
		<td width="96%" valign="top">
<P align="left">
<FONT face="Arial" size="2">any material issues raised by the most recent internal quality-control review, or peer review of the shareholders&#146; auditor firm, or by any inquiry or investigation by governmental or professional authorities, within the
preceding five years, respecting one or more independent audits carried out by the shareholders&#146; auditor firm, and any steps taken to deal with any such issues.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">8.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Resolve any disagreement between management and the
shareholders&#146; auditor regarding financial reporting.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">9.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Review audit plan with the shareholders&#146; auditor.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">10.</FONT></td>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Meet periodically with the shareholders&#146; auditor in the absence of management and internal audit.</FONT></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>40</b>&nbsp; |&nbsp; <b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Schedule 1A&nbsp;&#150;&nbsp;Audit committee charter</font></b></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"><B><FONT face="Arial">C.</FONT></B></td>
		<td width="3%" valign="top" colspan="3">
		<P align="left">
<B><FONT face="Arial">Oversight of Internal Audit<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">1.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Review and discuss with the head of internal audit,
report and, where appropriate, provide recommendations to the Board of Directors
on the following: <br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">a.</FONT></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">the appointment and mandate of internal audit, including the responsibilities, budget and staffing of internal audit;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" 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">discuss with the head of internal audit the scope and performance of internal audit, including a&#160;review of the annual internal audit plan, and whether there are any restrictions or limitations on internal audit;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">c.</FONT></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">obtain periodic reports from the head of internal audit regarding internal audit findings, including the Corporation&#146;s internal controls, and the Corporation&#146;s progress in remedying any audit findings.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">2.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Meet periodically with the head of internal audit in the absence of management and the shareholders&#146; auditor.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">D.</FONT></B></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<B><FONT face="Arial">Oversight of the Corporation&#146;s Internal Control System<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">1.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Review and discuss with management, the shareholders&#146; auditor and internal audit, monitor, report and, when appropriate, provide recommendations to the Board of Directors on the following:
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">a.</FONT></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">the Corporation&#146;s systems of internal controls;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" 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">compliance with the policies and practices of the Corporation relating to business ethics;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top"><FONT face="Arial" size="2">c.</FONT></td>
		<td width="96%" valign="top" colspan="2">
		<P align="left">
<FONT face="Arial" size="2">compliance by Directors, Officers and other management personnel with the
Corporation&#146;s Disclosure Policy; and <br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">d.</FONT></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">the relationship of the Audit Committee with other committees of the Board of Directors, management and the Corporation&#146;s consolidated subsidiaries&#146; audit committees.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">2.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Review and discuss with the Chief Executive Officer and Chief Financial Officer of the Corporation the process for the certifications to be provided in the Corporation&#146;s public disclosure documents.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">3.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Review, monitor, report and where appropriate, provide recommendations to the Board of Directors on the Corporation&#146;s disclosure controls and procedures.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">4.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Establish procedures, for the receipt, retention, and treatment of complaints received by the Corporation regarding accounting, internal accounting controls or auditing matters, including procedures for confidential, anonymous
submission by&#160;employees regarding questionable accounting or auditing matters.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">5.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Meet periodically with management in the absence of the shareholders&#146; auditor and internal audit.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">E.</FONT></B></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<B><FONT face="Arial">Oversight of the Corporation&#146;s Risk Management<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">1.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Review, monitor, report and, where appropriate, provide recommendations to the Board of Directors on the following:
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top"><FONT face="Arial" size="2">a.</FONT></td>
		<td width="96%" valign="top" colspan="2">
		<P align="left">
<FONT face="Arial" size="2">the Corporation&#146;s processes for identifying, assessing and managing risks;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" 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">the Corporation&#146;s major financial risk exposures and the steps the Corporation has taken to monitor and control such&#160;exposures;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">c.</FONT></td>
		<td width="96%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">the Corporation&#146;s major security risks and security trends that may impact the Corporation&#146;s operations and business;
<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top"><FONT face="Arial" size="2">d.</FONT></td>
		<td width="96%" valign="top" colspan="2">
		<P align="left">
<FONT face="Arial" size="2">the Corporation&#146;s business continuity plans, including work stoppage and disaster recovery
plans; and <br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top"><FONT face="Arial" size="2">e.</FONT></td>
		<td width="96%" valign="top" colspan="2">
		<P align="left">
<FONT face="Arial" size="2">the Corporation&#146;s environmental risks, and environment trends that may impact the Corporation&#146;s operations and business.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">2.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">Review, monitor, report and, where appropriate, provide recommendations to the Board of Directors on the Corporation&#146;s compliance with internal policies and the Corporation&#146;s progress in remedying any material
deficiencies related to:<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">  i.</FONT></td>
		<td width="94%" valign="top">
<P align="left">
<FONT face="Arial" size="2">  security policies, including the safeguarding of corporate assets and information systems;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">  ii.</FONT></td>
		<td width="94%" valign="top">
<P align="left">
<FONT face="Arial" size="2">  environmental policy and environmental management systems.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">3.</FONT></td>
		<td width="3%" valign="top" colspan="3">
<P align="left">
<FONT face="Arial" size="2">When appropriate, ensure that the Corporation&#146;s
subsidiaries establish an environmental policy and environmental management
systems, and review and report thereon to the Board of Directors.</FONT></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>41</b></FONT></P>

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<P align="left">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">Schedule 1A&nbsp;&#150;&nbsp;Audit committee charter</font></b></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="3%" valign="top"><B><FONT face="Arial">F.</FONT></B></td>
		<td width="98%" valign="top">
		<P align="left">
<B><FONT face="Arial">Compliance with Legal Requirements<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">1.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Review and discuss with management, the shareholders&#146; auditor and internal audit, monitor, report and, when appropriate, provide recommendations to the Board of Directors on the adequacy of the Corporation&#146;s process
for complying with laws and regulations.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">2.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Receive, on a&#160;periodic basis, reports from the Corporation&#146;s Chief Legal Officer, with respect to the Corporation&#146;s pending or threatened material litigation.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">III.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">EVALUATION OF THE AUDIT COMMITTEE AND REPORT TO BOARD OF DIRECTORS<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">A.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall evaluate and review with the Corporate Governance Committee of the Board of Directors, on an annual basis, the performance of the Audit Committee.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">B.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall review and discuss with the Corporate Governance Committee of the Board of Directors, on an annual basis, the adequacy of the Audit Committee charter.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">C.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall report to the Board of Directors periodically on the Audit Committee&#146;s activities.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">IV.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">OUTSIDE ADVISORS<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall have the authority to engage outside counsel and other outside advisors as it deems appropriate to assist the Audit Committee in the performance of its functions. The Corporation shall provide appropriate
funding for such advisors as determined by the Audit Committee.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">V.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">MEMBERSHIP<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall consist of such number of directors, in no event to be less than three, as the Board of Directors may from time to time by resolution determine. The members of the Audit Committee shall meet the
independence, experience and other membership requirements under applicable laws, rules and regulations as determined by the Board of Directors.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">VI.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">AUDIT COMMITTEE CHAIR<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">The Chair of the Audit Committee shall be appointed by the Board of Directors. The Chair of the Audit Committee leads the Audit Committee in all aspects of its work and is responsible to effectively manage the affairs of the Audit
Committee and ensure that it is properly organized and functions efficiently. More specifically, the Chair of the Audit Committee shall:<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">A.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Provide leadership to enable the Audit Committee to act effectively in carrying out its duties and responsibilities as described elsewhere in this charter and as otherwise may be appropriate;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">B.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">In consultation with the Board Chair and the Chief Executive Officer, ensure that there is an effective relationship between management and the members of the Audit Committee;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">C.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Chair meetings of the Audit Committee;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">D.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">In consultation with the Chief Executive Officer, the Corporate Secretary&#146;s Office and the Board Chair, determine the frequency, dates and locations of meetings of the Audit Committee;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">E.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">In consultation with the Chief Executive Officer, the Chief Financial Officer, the Corporate Secretary&#146;s Office and, as required, other Officers, review the annual work plan and the meeting agendas to ensure all required
business is brought before the Audit Committee to enable it to efficiently carry out its duties and responsibilities;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">F.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Ensure, in consultation with the Board Chair, that all items requiring the Audit Committee&#146;s approval are appropriately tabled;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">G.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Ensure the proper flow of information to the Audit Committee and review, with the Chief Executive Officer, the Chief Financial Officer, the Corporate Secretary&#146;s Office and, as required, other Officers, the adequacy and
timing of materials in support of management&#146;s proposals;<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">H.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Report to the Board of Directors on the matters reviewed by, and on any decisions or recommendations of, the Audit Committee at the next meeting of the Board of Directors following any meeting of the Audit Committee;
and<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<FONT face="Arial" size="2">I.</FONT></td>
		<td width="98%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Carry out any special assignments or any functions as requested by the Board of Directors.</FONT></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>42</b>&nbsp; |&nbsp; <b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Schedule 1A&nbsp;&#150;&nbsp;Audit committee charter</font></b></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">
<B><FONT face="Arial">VII.</FONT></B></td>
		<td width="98%" valign="top">

<P align="left">
<B><FONT face="Arial">TERM<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">The members of the Audit Committee shall be appointed or changed by resolution of the Board of Directors to hold office from the time of their appointment until the next annual general meeting of the shareholders or until their
successors are so appointed.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">VIII.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">PROCEDURES FOR MEETINGS<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="101%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall fix its own procedure at meetings and for the calling of meetings. The Audit Committee shall meet separately in executive session in the absence of management, internal audit and the shareholders&#146;
auditor, at each regularly scheduled meeting.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">IX.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">QUORUM AND VOTING<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="101%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Unless otherwise determined from time to time by resolution of the Board of Directors, two members of the Audit Committee shall constitute a&#160;quorum for the transaction of business at a&#160;meeting. For any meeting(s) at
which the Audit Committee Chair is absent, the Chair of the meeting shall be the person present who shall be decided upon by all members present. At a&#160;meeting, any question shall be decided by a&#160;majority of the votes cast by members of the
Audit Committee, except where only two members are present, in which case any question shall be decided unanimously.<br>
&nbsp;</FONT></P></td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">X.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">SECRETARY<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="101%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Unless otherwise determined by resolution of the Board of Directors, the Corporate Secretary of the Corporation or his/her delegate shall be the Secretary of the Audit Committee.<br>
&nbsp;</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">XI.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">VACANCIES<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="101%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">Vacancies at any time occurring shall be filled by resolution of the Board of Directors.<br>
&nbsp;</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="3%" valign="top">&nbsp;</td>
		<td width="98%" valign="top">&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<B><FONT face="Arial">XII.</FONT></B></td>
		<td width="98%" valign="top">
<P align="left">
<B><FONT face="Arial">RECORDS<br>
&nbsp;</FONT></B></P></td>
	</tr>
	<tr>
		<td width="101%" valign="top" colspan="2">
<P align="left">
<FONT face="Arial" size="2">The Audit Committee shall keep such records as it may deem necessary of its proceedings and shall report regularly its activities and recommendations to the Board of Directors as appropriate.</FONT></P>

		</td>
	</tr>
</table>
<p>&nbsp;</p>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>4</b></FONT><b><font face="Arial" size="1">3</font></b></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td style="border-top-style: solid; border-top-width: 1px; border-bottom-style: solid; border-bottom-width: 1px"
  bordercolor="#000000">

<P align="left" style="margin-top: 8px; margin-bottom: 8px">
<FONT face="Arial" size="4">SCHEDULE 2 &#150; GLOSSARY</FONT></P>
		</td>
	</tr>
</table>






<P align="left" style="margin-bottom: 6px">
&nbsp;</P>
<P align="left" style="margin-bottom: 6px">
<FONT face="Arial" size="2">Certain capitalized words and terms used throughout this Annual Information Form are defined below:</FONT></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">2008/2009 NCIB</font></B><font size="2" face="Arial"> means BCE&#160;Inc.&#146;s normal course issuer bid for the 12-month period starting on December&nbsp;23,&nbsp;2008 and ending on December&nbsp;22,&nbsp;2009 which BCE&#160;Inc. completed in May&nbsp;2009;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">2010 NCIB </font></B><font size="2" face="Arial">means BCE&#160;Inc.&#146;s normal course issuer bid for the 12-month period starting on December&nbsp;29,&nbsp;2009 and ending on December&nbsp;28,&nbsp;2010 which BCE&#160;Inc. completed in December&nbsp;2010;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Adjusted EPS </font></B>
<font size="2" face="Arial">means EPS before restructuring and other and net (gains) losses on investments;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Arrangement </font></B><font size="2"><FONT face="Arial">means the plan of arrangement of BCE&#160;Inc. under section 192 of the </FONT><I><FONT face="Arial">Canada Business Corporations Act </FONT></I>
</font><font size="2" face="Arial">giving effect to the
proposed Privatization; </font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Audit Committee </font></B>
<font size="2" face="Arial">means BCE&#160;Inc.&#146;s audit committee; </font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">AWS </font></B><font size="2" face="Arial">means advanced wireless services;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">BCE&#160;</font></B><font size="2" face="Arial">means BCE&#160;Inc., its direct and indirect subsidiaries and joint ventures;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">BCE&#160;2010 Annual Report </font></B>
<font size="2" face="Arial">means the BCE&#160;Inc.&nbsp;2010 annual report;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">BCE&#160;2010 First Quarter MD&amp;A </font></B>
<font size="2" face="Arial">means BCE&#160;Inc.&#146;s&nbsp;2010 First Quarter MD&amp;A dated May&nbsp;5,&nbsp;2010;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">BCE&#160;2010 MD&amp;A</font></B><FONT face="Arial" size="2"> means BCE&#160;Inc.&#146;s&nbsp;2010 management&#146;s discussion and analysis on pages
22 to
87 and on page 131 of the BCE&#160;2010
Annual Report;</FONT></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">BCE&#160;2010 Third Quarter MD&amp;A</font></B><font size="2" face="Arial"> means BCE&#160;Inc.&#146;s&nbsp;2010 Third Quarter MD&amp;A dated November&nbsp;3,&nbsp;2010;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Bell&#160;</font></B><font size="2" face="Arial">means our Bell&#160;Wireline and Bell&#160;Wireless segments on an aggregate basis;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Bell&#160;Aliant </font></B>
<font size="2" face="Arial">means, until December&nbsp;31,&nbsp;2010, Bell&#160;Aliant Regional Communications Income Fund and its subsidiaries and, from January&nbsp;1,&nbsp;2011, its successor, Bell&#160;Aliant&#160;Inc. and
its subsidiaries;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Bell&#160;Aliant Amalco </font></B>
<font size="2" face="Arial">means Bell&#160;Aliant Regional Communications&#160;Inc.;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Bell&#160;Distribution </font></B>
<FONT face="Arial" size="2">means Bell&#160;Distribution&#160;Inc. which, on January&nbsp;1,&nbsp;2009, amalgamated with Bell&#160;Mobility; </FONT>
</P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Bell&#160;Mobility </FONT></B><FONT face="Arial">means Bell&#160;Mobility&#160;Inc.; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Bell&#160;TV </FONT></B><FONT face="Arial">means Bell&#160;ExpressVu Limited Partnership; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">CDMA </FONT></B><FONT face="Arial">means code
division multiple access; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">CEP </FONT></B><FONT face="Arial">means the Communications, Energy and Paperworkers Union of&nbsp;Canada; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">CIBC Mellon </FONT></B><FONT face="Arial">means CIBC
Mellon Trust Company; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">CRTC </FONT></B><FONT face="Arial">means the Canadian Radio-television and Telecommunications Commission; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">CTV </FONT></B><FONT face="Arial">means
CTVglobemedia&#160;Inc.; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">DBRS </FONT></B><FONT face="Arial">means DBRS Limited; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Dealer Agreement </FONT></B>
</font><font size="2" face="Arial">means Bell&#160;Distribution&#146;s 2004 BDI Independent Dealer
Agreement; </font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Definitive Agreement </font></B>
<font size="2" face="Arial">means the definitive agreement dated as of June&nbsp;29,&nbsp;2007 between the Purchaser and BCE&#160;Inc., as amended on July&nbsp;12,&nbsp;2007 and by the Final Amending Agreement;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">DTH </font></B><font size="2" face="Arial">means direct-to-home;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">EPS </font></B><font size="2" face="Arial">means earnings per share;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">EVDO </font></B><font size="2" face="Arial">means evolution-data optimized;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Expertech </font></B><font size="2" face="Arial">means Expertech Network Installation&#160;Inc.;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Fibe TV </font></B><font size="2" face="Arial">means Bell&#160;Canada&#146;s IPTV service;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Final Amending Agreement </font></B>
<font size="2" face="Arial">means the agreement dated July&nbsp;4,&nbsp;2008, between BCE&#160;Inc. and the Purchaser, further amending the definitive agreement dated as of June&nbsp;29,&nbsp;2007 between the Purchaser
and BCE&#160;Inc., as amended on July&nbsp;12,&nbsp;2007; </font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">FTTB </font></B><FONT face="Arial" size="2">means fibre-to-the-building; </FONT>
</P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">FTTH </FONT></B><FONT face="Arial">means fibre-to-the-home; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">FTTN </FONT></B>
</font><font size="2" face="Arial">means
fibre-to-the-node; </font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">GAAP </font></B><font size="2" face="Arial">means generally accepted accounting principles;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Guarantors </font></B>
<FONT face="Arial" size="2">means Teachers&#146; and affiliates of Providence Equity Partners&#160;Inc. and Madison Dearborn Partners, LLC; </FONT>
</P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">HD </FONT></B><FONT face="Arial">means high
definition; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">HSPA+ network </FONT></B><FONT face="Arial">means our new wireless high-speed packet access plus network launched in November&nbsp;2009; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">ICT </FONT></B>
</font><font size="2" face="Arial">means
information and communications technology; </font></P>

<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>44</b>&nbsp; |&nbsp; <b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF</FONT></P>

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<P align="left">
&nbsp;</P>
<P align="right" style="margin-bottom: 0">
<b><font face="Arial" size="1">Schedule 2&nbsp;&#150;&nbsp;Glossary</font></b></P>

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

<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Initial Action </font></B><font size="2"><FONT face="Arial">means the statement of claim filed on August&nbsp;9, 2004 under </FONT><I><FONT face="Arial">The Class Actions Act</FONT></I></font><font size="2" face="Arial"> (Saskatchewan) in the Court of
Queen&#146;s Bench, Judicial Centre of Regina, Saskatchewan against wireless communications service providers, including Bell&#160;Mobility and Aliant Telecom&#160;Inc., on behalf of certain alleged customers;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">IP </font></B><font size="2" face="Arial">means Internet protocol;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">IPTV </font></B><font size="2" face="Arial">means Internet protocol television;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">IPVPN </font></B><FONT face="Arial" size="2">means Internet protocol virtual private network; </FONT>
</P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">IT </FONT></B><FONT face="Arial">means information technology; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">KPMG </FONT></B><FONT face="Arial">means KPMG LLP; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">LTE </FONT></B><FONT face="Arial">means long-term evolution; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Mbps </FONT></B><FONT face="Arial">means megabits per second; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">MDUs
</FONT></B><FONT face="Arial">means multiple-dwelling units; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">MHz </FONT></B><FONT face="Arial">means megahertz; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Moody&#146;s </FONT></B>
</font><font size="2" face="Arial">means Moody&#146;s Investors
Service,&#160;Inc.; </font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">MTN Debentures </font></B>
<font size="2" face="Arial">means the unsecured medium-term debentures issued by Bell&#160;Canada from time to time under the Shelf Prospectus and the Prospectus Supplement;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Nortel Networks </font></B>
<font size="2" face="Arial">means, collectively, Nortel Networks Corp. and Nortel Networks Ltd.;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Plan of Arrangement </font></B><font size="2"><FONT face="Arial">means the plan of arrangement under Section 192 of the </FONT><I><FONT face="Arial">Canada Business Corporations Act</FONT></I></font><font size="2" face="Arial"> pursuant to which
Bell&#160;Aliant Regional Communications Income Fund converted to a&#160;corporate structure;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Privatization </font></B>
<font size="2" face="Arial">means the proposed acquisition, pursuant to the terms of the Definitive Agreement, of all of the outstanding common and preferred equity of BCE&#160;Inc. by the Purchaser;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Prospectus Supplement </font></B>
<font size="2" face="Arial">means the prospectus supplement dated September&nbsp;4,&nbsp;2009, filed by Bell&#160;Canada with the Canadian securities regulatory authorities, providing for the issuance over
a&#160;25-month period of up to &#36;3&nbsp;billion of unsecured MTN&#160;Debentures;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Purchaser </font></B><font size="2" face="Arial">means BCE&#160;Acquisition&#160;Inc. (formerly known as 6796508&nbsp;Canada&#160;Inc.), a&#160;corporation owned by an investor group led by Teachers&#146; Private Capital, the private
investment arm of Teachers&#146;, and affiliates of Providence Equity Partners&#160;Inc., Madison Dearborn Partners, LLC and Merrill Lynch Global Private Equity;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">SAF </font></B><font size="2" face="Arial">means system access fees;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Second Action </font></B><font size="2"><FONT face="Arial">means the statement of claim filed on July&nbsp;27,&nbsp;2009 under </FONT><I><FONT face="Arial">The Class Actions Act </FONT></I>
</font><font size="2" face="Arial">(Saskatchewan) in the Court of Queen&#146;s
Bench, Judicial Centre of Regina, Saskatchewan against wireless service providers, including Bell&#160;Mobility and members of the Bell&#160;Aliant group, on behalf of certain alleged customers;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Shelf Prospectus </font></B>
<font size="2" face="Arial">means the shelf prospectus dated September&nbsp;3,&nbsp;2009, filed by Bell&#160;Canada with the Canadian securities regulatory authorities, providing for the issuance over a&#160;25-month
period of up to &#36;3&nbsp;billion of unsecured debt securities;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">SkyTerra </font></B><font size="2" face="Arial">means SkyTerra Communications&#160;Inc.;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">S&amp;P </font></B><FONT face="Arial" size="2">means Standard &amp; Poor&#146;s Financial Services LLC, a&#160;subsidiary of The McGraw-Hill Companies,&#160;Inc.; </FONT>
</P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Teachers&#146;</FONT></B><FONT face="Arial">
means the Ontario Teachers&#146; Pension Plan Board; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">The Source </FONT></B><FONT face="Arial">means The Source (Bell) Electronics&#160;Inc., Bell&#160;Canada&#146;s wholly-owned subsidiary; </FONT>
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Torstar </FONT></B>
</font><font size="2" face="Arial">means Torstar Corporation;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Transaction Agreement </font></B>
<font size="2" face="Arial">means the agreement between BCE&#160;Inc., CTV, Woodbridge, Teachers&#146; and Torstar dated September&nbsp;10,&nbsp;2010 with respect to the proposed acquisition by BCE&#160;Inc. of
the remaining 85% interest in CTV that it does not already own;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">USB </font></B><font size="2" face="Arial">means universal serial bus;</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Virgin </font></B><font size="2" face="Arial">means Virgin Mobile&nbsp;Canada;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">WDIF </font></B><font size="2" face="Arial">means Wireless Distribution Income Fund;
</font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<B><font size="2" face="Arial">Woodbridge </font></B>
<FONT face="Arial" size="2">means, collectively, Woodbridge Investments, Woodbridge Limited and Woodbridge Holdco; </FONT></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Woodbridge Holdco </FONT></B><FONT face="Arial">means 1565117 Ontario
Limited; </FONT></font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Woodbridge Investments </FONT></B><FONT face="Arial">means Woodbridge Investments&#160;Inc.; </FONT></font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">Woodbridge Limited </FONT></B><FONT face="Arial">means The Woodbridge Company Limited;
and </FONT></font></P>
<P align="left"
style="text-indent: -12px; margin-left: 12px; margin-top:6px; margin-bottom:6px">
<font size="2"><B><FONT face="Arial">xwave </FONT></B></font>
<font size="2" face="Arial">means xwave, a&#160;division of Bell&#160;Aliant Regional Communications, Limited Partnership.</font></P>

<P align="right" style="margin-bottom: 0">
<FONT face="Arial" size="1"><b>
BCE&nbsp;INC.</b>&nbsp;&nbsp;2011 AIF&nbsp; |&nbsp; <b>4</b></FONT><b><font face="Arial" size="1">5</font></b></P>

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<FONT face="Arial" size="4">www.bce.ca</FONT></P>

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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>shareholder_an10.htm
<DESCRIPTION>ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF BCE INC. FOR THE YEAR ENDED DECEMBER 31, 2010 AND THE RELATED MANAGEMENT???S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS
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<A name="page_1"><font size="2" face="Arial"></font></A>

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

<P align="left">
<FONT face="Arial" size="5" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>
<P align="left">
<font size="2" face="Arial">In this management&#146;s discussion and analysis of financial condition and results of operations (MD&amp;A),
</font><font size="2"><I><FONT face="Arial">we</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">us</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">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. Bell&nbsp;Canada is, unless otherwise indicated, referred
to herein as </FONT><I><FONT face="Arial">Bell</FONT></I><FONT face="Arial">, and comprises our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments. </FONT><I><FONT face="Arial">Bell&nbsp;Aliant</FONT></I></font><font size="2" face="Arial"> means, until December&nbsp;31,&nbsp;2010, Bell&nbsp;Aliant Regional Communications Income Fund and its subsidiaries, and from January&nbsp;1,&nbsp;2011, its successor, Bell&nbsp;Aliant&nbsp;Inc. and its subsidiaries.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts in this MD&amp;A are in&nbsp;millions of Canadian dollars, except where noted. Please refer to the glossary on page 131 for a list of defined terms.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to BCE&nbsp;Inc.&#146;s audited consolidated financial statements for the year ended December&nbsp;31,&nbsp;2010 when reading this MD&amp;A. In preparing this MD&amp;A, we have taken into account
information available to us up to March&nbsp;10,&nbsp;2011, the date of this MD&amp;A, unless otherwise stated.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will find BCE&nbsp;Inc.&#146;s audited consolidated financial statements for the year ended December&nbsp;31,&nbsp;2010, 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><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">This MD&amp;A comments on our operations, performance and financial condition for the years ended December&nbsp;31,&nbsp;2010,&nbsp;2009
and&nbsp;2008.</FONT></P>
<P align="left">
<FONT face="Arial" color="#0065A4">ABOUT FORWARD-LOOKING STATEMENTS</FONT></P>
<P align="left">
<font size="2" face="Arial">BCE&#146;s&nbsp;2010 annual report including this MD&amp;A and, in particular, but without limitation, the sections of this MD&amp;A entitled
</font><font size="2"><I><FONT face="Arial">Strategic Imperatives</FONT></I><FONT face="Arial">,
</FONT><I><FONT face="Arial">Business Outlook and Assumptions</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Financial and Capital Management &#150; Credit Ratings and Liquidity</FONT></I><FONT face="Arial"> contain forward-looking
statements. These forward-looking statements include, but are not limited to, BCE&nbsp;Inc.&#146;s&nbsp;2011 expected common share dividend and dividend policy, Bell&nbsp;Canada&#146;s financial policy targets, the business outlook for BCE&#146;s segments,
BCE&#146;s business objectives and strategies, the sources of liquidity we expect to use to meet our&nbsp;2011 cash requirements, Bell&nbsp;Canada&#146;s&nbsp;2011 expected pension plan funding, our fibre-optic deployment plans, and the proposed acquisition by BCE&nbsp;Inc. of the remaining 85% interest in CTVglobemedia&nbsp;Inc. (CTV) that it does not already own and certain strategic benefits and operational, competitive and cost efficiencies expected to result from the transaction. 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</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">anticipate</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">assumption</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">believe</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">could</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">expect</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">goal</FONT></I><FONT face="Arial">,
</FONT><I><FONT face="Arial">guidance</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">intend</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">may</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">objective</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">outlook</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">plan</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">project</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">seek</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">should</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">strategy</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">strive</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">target </FONT></I><FONT face="Arial">and </FONT><I><FONT face="Arial">will</FONT></I></font><font size="2" 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 United States Private Securities Litigation Reform Act of 1995. Unless otherwise indicated by us, forward-looking statements in BCE&#146;s&nbsp;2010 annual report,
including in this MD&amp;A, describe our expectations at March&nbsp;10,&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 BCE&#146;s&nbsp;2010 annual report, including in this MD&amp;A, for the purpose
of giving information about management&#146;s current strategic priorities, expectations and plans, and allowing investors and others to get a better understanding of our business outlook and operating environment. Readers are cautioned, however,
that such information may not be appropriate for other purposes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements made in BCE&#146;s&nbsp;2010 annual report, including in this MD&amp;A, are based on a number of assumptions that we believed were reasonable on March&nbsp;10,&nbsp;2011. Refer in
particular to the section of this MD&amp;A entitled </font><I>
<font size="2" face="Arial">Business Outlook and Assumptions</font></I><font size="2"><FONT face="Arial"> for a description of certain key economic, market and operational assumptions we have used in making forward-looking statements contained in this annual report and,
in particular, but without limitation, contained in this MD&amp;A in the sections entitled </FONT><I><FONT face="Arial">Strategic Imperatives, Business Outlook and Assumptions </FONT></I><FONT face="Arial">and</FONT><I><FONT face="Arial"> Financial
and Capital Management &#150; Credit Ratings and Liquidity</FONT></I></font><font size="2" face="Arial">. If our assumptions turn out to be inaccurate, our actual results could be materially different from what we expect.</font></P>

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<b><font face="Arial" size="1">22</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important risk factors that could cause actual results or events to differ materially from those expressed in or implied by the above-mentioned forward-looking statements and other forward-looking
statements included in BCE&#146;s&nbsp;2010 annual report include, but are not limited to: the intensity of competitive activity, including the increase in wireless competitive activity resulting from Industry&nbsp;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, average revenue per
unit (ARPU) and financial results; variability in subscriber acquisition and retention costs based on subscriber acquisitions, retention volumes, smartphone sales and subsidy levels; 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; the increased adoption by customers of TV alternative services; general economic and financial market conditions,
the level of consumer confidence and spending, and the demand for, and prices of, our products and services; our ability to implement our strategies and plans in order to produce the expected benefits; our ability to continue to implement our cost
reduction initiatives and contain capital intensity while seeking to improve customer service; our ability to respond to technological changes and rapidly offer new products and services; increased contributions to employee benefit plans; events
affecting the functionality of, and our ability to protect, maintain and replace, our networks, information technology (IT) systems and software; the complexity and costs of our IT environment; 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; the quality of our network and customer equipment and the extent to which they may be subject to manufacturing defects;
labour disruptions; the potential adverse effects on our Internet and wireless networks of the significant increase in broadband demand and in the volume of wireless data-driven traffic; 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; our ability to discontinue certain
traditional services as necessary to improve capital and operating efficiencies; 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; launch and in-orbit
risks of satellites used by Bell&nbsp;ExpressVu Limited Partnership (Bell&nbsp;TV); competition from unregulated U.S. direct-to-home (DTH) satellite television services sold illegally in&nbsp;Canada and the theft
of our satellite television services; BCE&nbsp;Inc.&#146;s dependence on the ability of its subsidiaries, joint ventures and other companies in which it has an interest to pay dividends and make other distributions; there can be no certainty that
dividends will be declared by BCE&nbsp;Inc.&#146;s board of directors or that BCE&nbsp;Inc.&#146;s dividend policy will be maintained; stock market volatility; our ability to maintain customer service and our networks operational in the event of the
occurrence of environmental disasters or epidemics, pandemics and other health risks; health concerns about radio frequency emissions from wireless devices; the expected timing and completion of the proposed acquisition by BCE&nbsp;Inc. of the remaining
85% interest in CTV that it does not already own is subject to closing conditions, termination rights and other risks and uncertainties including, without limitation, any required remaining regulatory approvals; and employee retention and
performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These and other risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by our forward-looking statements are discussed throughout
this MD&amp;A and, in particular, under </font><I><font size="2" face="Arial">Our Competitive Environment</font></I><font size="2"><FONT face="Arial">, </FONT><I><FONT face="Arial">Our Regulatory Environment</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Risks that Could Affect Our Business and
Results</FONT></I></font><font size="2" face="Arial">. We caution readers that the risks described above and in other 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 condition or results of operations. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any
non-recurring or other special items or of any dispositions, monetizations, mergers, acquisitions, other business combinations or other transactions that may be announced or that may occur after March&nbsp;10,&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 align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 23</b></font></P>

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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">ABOUT OUR BUSINESS</FONT></P>
<P align="left">
<font size="2" face="Arial">BCE&nbsp;is&nbsp;Canada&#146;s largest communications company. We are a comprehensive provider of wireline voice and wireless communications services, Internet access, data services and video services to residential, business and wholesale
customers. In&nbsp;2010, we reported the results of our operations in three segments: Bell&nbsp;Wireline, Bell&nbsp;Wireless and Bell&nbsp;Aliant. Bell, which encompasses our core operations, is the largest local exchange carrier in Ontario and Qu&eacute;bec, and is
comprised of our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments. We also own a 44.1% interest in, and, through our right to appoint a majority of the directors, control, Bell&nbsp;Aliant, the incumbent carrier in&nbsp;Canada&#146;s Atlantic provinces and in rural
and regional areas of Ontario and Qu&eacute;bec. For the year ended December&nbsp;31,&nbsp;2010, we generated consolidated operating revenues of &#36;18,069 </font>
<font size="2"><FONT face="Arial">million, consolidated operating income of
&#36;3,672&nbsp;million and consolidated EBITDA</FONT><B><SUP><FONT face="Arial">(1)</FONT></SUP></B></font><font size="2" face="Arial"> of &#36;7,188&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance. We discuss our consolidated operating results in this MD&amp;A,
as well as the operating results of each segment. See Note 2 to the consolidated financial statements for additional information about our segments. We also discuss our results by product line to provide further insight into our
operations.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">RETURNING VALUE TO SHAREHOLDERS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2010, BCE&nbsp;Inc. continued to further its track record as a dividend growth company with the announcement of two increases in the annual dividend payable on BCE&nbsp;Inc.&#146;s common shares. The two increases during the course of
2010 were as follows: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">on August&nbsp;5,&nbsp;2010, we announced a 5.2% increase from &#36;1.74 to &#36;1.83 per common share, starting with the quarterly dividend payable on October&nbsp;15,&nbsp;2010
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">on December&nbsp;10,&nbsp;2010, we announced a 7.7% increase
from &#36;1.83 to &#36;1.97 per common share, starting with the quarterly dividend payable on April&nbsp;15,&nbsp;2011 to shareholders of record at the close of business on March&nbsp;15,&nbsp;2011.
	</FONT></P></li>
</ul>
<P align="left">
<font size="2" face="Arial">With these dividend increases, which were consistent with BCE&nbsp;Inc.&#146;s common share dividend policy of a target payout ratio of 65% to 75% of Adjusted net earnings per share (Adjusted EPS)</font><font size="2"><B><SUP><FONT face="Arial">(2)</FONT></SUP></B></font><font size="2" face="Arial">, BCE&nbsp;Inc.&#146;s annual common share dividend has increased 35% since the fourth quarter of&nbsp;2008. The company&#146;s dividend policy was adopted by the board of directors of BCE&nbsp;Inc. with the
objective of allowing sufficient financial flexibility to continue investing in BCE&#146;s business while growing returns to shareholders. Under this dividend policy, increases in the common share dividend are directly linked to growth in BCE&nbsp;Inc.&#146;s Adjusted
EPS. BCE&nbsp;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&nbsp;Inc.&#146;s board of directors.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&nbsp;17,&nbsp;2009, BCE&nbsp;Inc. announced a normal course issuer bid (NCIB) program for&nbsp;2010 (2010 NCIB) under which BCE&nbsp;Inc. could purchase for cancellation up to 20&nbsp;million common shares, subject to
a maximum aggregate purchase price of &#36;500&nbsp;million, over the twelve-month period starting December&nbsp;29,&nbsp;2009 and ending on December&nbsp;28,&nbsp;2010. On December&nbsp;6,&nbsp;2010, BCE&nbsp;Inc. completed its&nbsp;2010 NCIB program having repurchased and cancelled
approximately 16.2&nbsp;million common shares, at an average price of around &#36;30.80 per share, for a total cost of &#36;500&nbsp;million, 6.67&nbsp;million of which were purchased by way of private agreement with arm&#146;s-length third-party sellers.
</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;WIRELINE SEGMENT</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our Bell&nbsp;Wireline segment provides local telephone, long distance, data (including Internet access and information and communications technology (ICT) solutions) and other communications services to residential and business
customers primarily in the urban areas of Ontario and Qu&eacute;bec. We also offer competitive local exchange carrier (CLEC) services to business customers in Alberta and British Columbia.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We sell local telephone and long distance services under the Bell&nbsp;Home Phone brand and Internet access under the Bell&nbsp;Internet brand. We also provide DTH satellite television services on a nationwide
basis under the Bell&nbsp;TV brand, as well as Internet protocol television (IPTV) service in select areas of Toronto and Montr&eacute;al as of September&nbsp;2010 that is being commercially marketed as Bell&nbsp;Fibe TV, allowing us to provide a comprehensive
quadruple-play bundle of communications services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Also included in this segment are the results of our wholesale business, which provides local telephone, long distance, data and other services to resellers and other carriers, and the wireline
operations of Northwestel&nbsp;Inc. (Northwestel), which provides telecommunications services in&nbsp;Canada&#146;s northern territories.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Bell&nbsp;Wireline segment also includes wireline-related product sales from our wholly-owned subsidiary, national consumer electronics retailer The Source (Bell) Electronics&nbsp;Inc. (The Source), the
assets of which we acquired on July&nbsp;1,&nbsp;2009.</FONT></P>
<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 size="1" face="Arial">EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) is a non-GAAP financial measure. See
</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 Canadian GAAP financial measure.
</font></I></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(2)</font></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><font size="1" face="Arial">The terms 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 Canadian GAAP financial measures.</font></I></P>
		</td>
	</tr>
</table>
<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">24</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;WIRELESS SEGMENT</FONT></I></P>
<P align="left">
<font size="2" face="Arial">Our Bell&nbsp;Wireless segment provides wireless digital voice and Internet/data communications products and services to residential and business customers across&nbsp;Canada. Our wireless services, offered over technologically advanced
national wireless networks, are available to virtually all of the Canadian population. At December&nbsp;31,&nbsp;2010, we had more than 7.2&nbsp;million wireless subscribers, 77% of which were on monthly rate plans (postpaid). Bell&nbsp;Wireless includes the results of
operations of Bell&nbsp;Mobility&nbsp;Inc. (Bell&nbsp;Mobility), Virgin Mobile&nbsp;Canada (Virgin), wireless product sales from The Source and the wireless operations of Northwestel. On July&nbsp;1,&nbsp;2009, we completed the acquisition of the remaining 50% of the equity of Virgin not already owned by Bell, which included a long-term brand licensing agreement with the Virgin Group.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;ALIANT SEGMENT</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our Bell&nbsp;Aliant segment provides local telephone, long distance, Internet, data, video, wireless, IT services and products, and other ICT services to residential and business customers in&nbsp;Canada&#146;s Atlantic provinces, as well
as in rural and regional areas of Ontario and Qu&eacute;bec. Formed on July&nbsp;7,&nbsp;2006, Bell&nbsp;Aliant is one of the largest regional telecommunications service providers in North America. At December&nbsp;31,&nbsp;2010, BCE&nbsp;owned approximately 44.1% of Bell&nbsp;Aliant, with the remaining 55.9% publicly held. BCE&nbsp;has the right to elect a majority of the board of directors of Bell&nbsp;Aliant and, therefore, controls Bell&nbsp;Aliant. On
January&nbsp;1,&nbsp;2011, Bell&nbsp;Aliant converted to a corporate structure from an income fund. BCE&#146;s ownership position did not change as a result of this conversion.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">ACQUISITION OF CTV</FONT></I></P>
<P align="left">
<font size="2" face="Arial">BCE&nbsp;announced on September&nbsp;10,&nbsp;2010 that it has agreed to acquire the remaining 85% interest in CTV that it does not already own. BCE&nbsp;intends to acquire this remaining 85% interest for approximately &#36;1.3&nbsp;billion in equity
value from The Woodbridge Company Limited (Woodbridge Limited), Ontario Teachers&#146; Pension Plan Board and Torstar Corporation. Including the value of BCE&#146;s present 15% ownership stake, the transaction has an equity value of approximately
&#36;1.5&nbsp;billion. Together with &#36;1.7&nbsp;billion in proportionate debt, the total transaction value is approximately &#36;3.2&nbsp;billion. The available sources of funding for the acquisition include a
new, fully committed unsecured credit facility of &#36;2&nbsp;billion entered into on October&nbsp;28,&nbsp;2010 by Bell&nbsp;Canada with a syndicate of financial institutions, approximately &#36;750&nbsp;million in new BCE&nbsp;Inc. common shares that will be issued to Woodbridge Limited, or an affiliate thereof, and surplus cash on hand. For the twelve-month period ended August&nbsp;31,&nbsp;2010, CTV had revenues of
approximately &#36;1,800&nbsp;million and EBITDA of &#36;380&nbsp;million.</font><font size="2"><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In a separate transaction, completed on December&nbsp;31,&nbsp;2010, Woodbridge Limited, through a wholly-owned subsidiary, acquired
ownership of </font><I><FONT face="Arial">The Globe and Mail</FONT></I></font><font size="2" face="Arial">, in which BCE&nbsp;retains a 15% equity position.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CTV holds specialty television, digital media, conventional television and radio broadcasting assets. With video streaming rapidly growing in popularity among Canadians, who are increasingly moving to
mobile, online and digital television platforms for video content, we intend to acquire CTV&#146;s range of video content with the objective of enhancing the execution of our strategic imperatives by seeking to leverage our broadband network
investments, to accelerate video growth across all four screens &#150; mobile smartphones and tablets, online and television &#150; and to achieve a competitive cost structure. With 100% ownership of CTV, BCE&nbsp;will seek to maximize strategic and
operating synergies with CTV, including the efficiency of BCE&#146;s content and advertising spend. Effective at the time of the closing of the transaction, which is expected to occur in the second quarter of&nbsp;2011, BCE&nbsp;will consolidate CTV&#146;s
financial results.</font><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">The proposed acquisition of CTV by BCE&nbsp;Inc. is subject to regulatory approval from both the Competition Bureau and the Canadian Radio-television and Telecommunications Commission (CRTC). The
Competition Bureau indicated on February&nbsp;1,&nbsp;2011 that the Commissioner of Competition did not intend, at that time, to challenge the proposed acquisition. On March&nbsp;7,
2011, the CRTC approved BCE&nbsp;Inc.&#146;s acquisition of CTV. In addition, the listing on the Toronto and New York stock exchanges of the new BCE&nbsp;Inc. common shares to be issued to Woodbridge
Limited, or an affiliate thereof, is subject to approval by such stock exchanges.</FONT></P>

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<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 25</b></font></P>

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






<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;PRODUCTS AND SERVICES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows selected data on Bell&#146;s operations from&nbsp;2008 to&nbsp;2010.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">WIRELINE</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local network access services (NAS) net losses </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(385,317</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(447,424 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(436,172 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local NAS </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6,475,705</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,861,022 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,308,446 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">DATA</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">High-speed Internet net activations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">40,335</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37,618 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50,814 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">High-speed Internet subscribers</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,097,326</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,056,991 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,054,533 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">VIDEO</FONT></B><font size="2" face="Arial"> </font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Video net activations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">71,221</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">113,315 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29,741 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Video subscribers</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,020,058</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,948,877 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,851,771 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average revenue per subscriber (&#36;/month) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">73.49</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">69.59 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">65.37 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Churn (%) (average per month) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&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 width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">WIRELESS</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Gross activations</FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,999,482</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,794,237 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,651,494 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net activations</FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><FONT size=2 face="Arial"> </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">408,746</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">372,607 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">350,044 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<I><FONT size=2 face="Arial">Postpaid</FONT></I><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><I><FONT size=2 face="Arial">500,139</FONT></I></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">330,815</FONT></I><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">331,043</FONT></I><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<I><FONT size=2 face="Arial">Prepaid</FONT></I><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><I><FONT size=2 face="Arial">(91,393</FONT></I></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><I><FONT size=2 face="Arial">)</FONT></I></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">41,792</FONT></I><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<I><FONT size=2 face="Arial">19,001</FONT></I><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Subscribers<sup>(1)(2)</sup> </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,242,048</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,833,302 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,497,521 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average revenue per unit (&#36;/month)</FONT><SUP><FONT size=2 face="Arial">(3)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">52.03</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">51.70 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">54.29 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Churn (%) (average per month)</FONT><SUP><FONT size=2 face="Arial">(3)</FONT></SUP><FONT size=2 face="Arial"> </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.9</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of acquisition (COA) (&#36;/subscriber)</FONT><SUP><FONT size=2 face="Arial">(3)</FONT></SUP><FONT size=2 face="Arial"> </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">397</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">395 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Proforma</FONT></B><SUP><FONT size=2 face="Arial">(4)</FONT></SUP><B><FONT size=2 face="Arial">:</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average revenue per unit (&#36;/month)</FONT><SUP><FONT size=2 face="Arial">(4)</FONT></SUP><FONT size=2 face="Arial"> </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">52.03</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50.88 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52.70 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Churn (%) (average per month)</FONT><SUP><FONT size=2 face="Arial">(4)</FONT></SUP></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.9</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of acquisition (COA) (&#36;/subscriber)</FONT><SUP><FONT size=2 face="Arial">(4)</FONT></SUP></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">397</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">336 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">373 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">Following a company-wide review of subscriber metrics, our wireless, Internet and Video customer bases were reduced by 36,826, 35,160 and 16,209, respectively, at the end of&nbsp;2009.</FONT></I></P></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><FONT face="Arial" size="1">(2)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><FONT face="Arial" size="1">Total wireless gross activations, net activations and end of period subscribers include 100% of Virgin&#146;s subscribers. </FONT></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><FONT face="Arial" size="1">(3)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><FONT face="Arial" size="1">Beginning in the third quarter of&nbsp;2009, wireless average revenue per unit, churn and COA reflect 100% of Virgin&#146;s results due to our acquisition on July&nbsp;1,&nbsp;2009 of the remaining 50% not already owned. All prior periods
reflect the original 50% ownership.</FONT></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><FONT face="Arial" size="1">(4)</FONT></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><FONT face="Arial" size="1">Wireless average revenue per unit, churn and COA in the prior years have been restated to include 100% of Virgin&#146;s results, rather than 50%.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;is our primary operational focus and the largest component of our business.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Traditional legacy telecommunications services (legacy services), as referred to in this MD&amp;A, are those services, such as long distance and local telephone services, voice private lines and
dedicated digital private line services, that we offer over our traditional circuit-switched voice and data networks. Growth services, as referred to in this MD&amp;A, are made up of our wireless, video, high-speed Internet and other services,
including ICT solutions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Bell&nbsp;Wireline segment generates revenues from the following five major lines of business: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">local and access services </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">long distance services </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">data services </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">video services </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">equipment and other.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">LOCAL AND ACCESS SERVICES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;operates an extensive local access network that provides local telephone services to residential and business customers primarily in the urban areas of Ontario and Qu&eacute;bec. We also provide local telephone services to
residential and business customers in Alberta and British Columbia and in&nbsp;Canada&#146;s northern territories through Northwestel. The 6.5&nbsp;million NAS lines we provide to our customers are a key factor in establishing customer relationships and are
the foundation for the other products and services we offer. Local telephone service is the main source of local and access revenues. Other sources of local and access revenues include: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">call management services such as call display, call
waiting and voicemail </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">services provided to competitors accessing our local network
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">connections to and from our local telephone service customers for competing long distance service providers.</FONT></P>
	</li>
</ul>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">2</font></b><font face="Arial" size="1"><b>6&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<FONT face="Arial" size="2">We offer a variety of Bell&nbsp;Home Phone packages that include unlimited local phone calling with a number of different call management services depending on the package chosen by the customer. When a Bell&nbsp;Home Phone package is
combined with our other products to form a service bundle, a customer is eligible to receive a monthly discount. To qualify, a customer must subscribe to at least two of the following products: Bell&nbsp;Home Phone, Long Distance, Bell&nbsp;Internet, Bell&nbsp;TV
and Bell&nbsp;Mobility. Customers subscribing to one of our bundle-eligible plans receive a single bill for all of their Bell&nbsp;services.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We faced a continued high level of competitive intensity from cable companies in&nbsp;2010 as a result of them offering voice services over their networks, which continued to place downward pressure on our
local telephony market share, especially in the residential market. Cable telephony in particular is being driven by its inclusion in discounted bundles and is offered by cable operators in most major and mid-sized communities, as well as in many
smaller communities. In addition, increased customer adoption of wireless telephony as their primary means of voice communication is resulting in a reduced number of primary NAS lines and contributing to a higher rate of wireless
substitution.</FONT><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">The CRTC regulates rates for services in our incumbent territories that are subject to regulation. At December&nbsp;31,&nbsp;2010,
over 90% of Bell&nbsp;Canada&#146;s residential telephone access lines and over 80% of Bell&nbsp;Canada&#146;s business telephone access lines in Ontario and Qu&eacute;bec were deregulated, providing us with the operating flexibility to bundle our services,
pursue customer winbacks and offer pricing that is competitive with cable telephony and Voice over Internet Protocol (VoIP) providers.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">LONG DISTANCE SERVICES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We provide domestic and international long distance voice services to residential and business customers. These services include a wide variety of subscription plans ranging from monthly unlimited provincial or North American
calling plans catering to heavy callers to pay-per-minute plans for more casual callers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also provide wholesale access service to other carriers and resellers, and receive settlement payments from other carriers for completing their customers&#146; long distance calls in our
territory.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer large usage long distance packages for a set monthly price to Bell&nbsp;Home Phone customers, allowing for affordable long distance calling across North America.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also offer an unlimited world long distance plan to Bell&nbsp;Bundle customers that allows for unlimited long distance calls to more than 70 countries, including within&nbsp;Canada and the United States, for
one set monthly price.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We experience significant competition in the provision of long distance service to residential and business customers from VoIP service providers and cable companies and others, dial-around providers
and prepaid card providers, as well as from traditional competitors such as inter-exchange carriers and resellers. We also experience competition from telecommunications providers such as Skype Technologies (a division of eBay) that provide long
distance service at low prices using personal computers and broadband connections.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DATA SERVICES</FONT></P>
<P align="left">
<font size="2" face="Arial">We provide high-speed Internet access service under the Bell&nbsp;Internet brand for residential and business customers. At December&nbsp;31,&nbsp;2010, we provided high-speed Internet access to approximately 2.1&nbsp;million customers, whether
through digital subscriber line (DSL) technology, fibre-optic or wireless broadband service. Our high-speed Internet access footprint in Ontario and Qu&eacute;bec reached approximately 93% of our homes and business lines passed at
December&nbsp;31,&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently offer three DSL packages, marketed as Essential, Essential Plus and Performance, which provide download speeds of up to 500 kilobits per second, 2 megabits per second (Mbps) and 6 Mbps,
respectively. We launched a full suite of Bell&nbsp;Fibe Internet products on February&nbsp;4,&nbsp;2010 in the Montr&eacute;al and Greater Toronto areas, providing users with higher download speeds of up to 25 Mbps. Fibe Internet is enabled by advanced very
high-speed digital subscriber line 2 (VDSL2) technology enhancements to Bell&#146;s fibre-to-the-node (FTTN) network.</font><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">We also offer wireless Internet through our Bell&nbsp;Wireless segment, which provides high-speed Internet access to personal desktop computers or laptops at speeds of up to 21 Mbps, using a mobile Internet universal serial bus (USB) stick. In November&nbsp;2010, Bell&nbsp;became the first wireless company in North America to deploy leading-edge Dual cell technology, which doubles the speed of
high-speed packet access plus (HSPA+) mobile data service from up to 21 Mbps to as high as 42 Mbps when using capable USB modem devices. Bell&nbsp;has launched 42 Mbps service initially in Toronto and intends to expand service to more Canadian cities and
towns through&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We run&nbsp;Canada&#146;s largest general interest portal, Sympatico.ca. The portal receives about 18&nbsp;million unique visitors per month and reaches over 70% of online Canadians. </FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">27</font></b></P>

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






<P align="left">
<font size="2"><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also sell a full range of data services to business customers. In addition to Internet access, some of the services we offer include:
</font></font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>
	<FONT face="Arial">Internet protocol
(IP)-based Services</FONT></I></font><font size="2" face="Arial"> &#150; Bell&nbsp;manages the largest IP multi-protocol label switching footprint of any Canadian provider, enabling us to offer customers a virtual private network (VPN) service for IP traffic and to
optimize bandwidth for real-time voice and video. Our IP-based services include IP virtual private networks, Ethernet, business Internet and VoIP.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>
	<FONT face="Arial">ICT Solutions</FONT></I></font><font size="2" face="Arial"> &#150; Bell&nbsp;provides ICT solutions that include professional, managed and infrastructure services.</font></P>
	</li>
</ul>
<P align="left" style="text-indent: -12px; margin-left: 52px; margin-top: -18px; margin-bottom: 0">
<font size="2" face="Arial">&#150; </font><font size="2"><I><FONT face="Arial">Professional Services</FONT></I><FONT face="Arial"> &#150; We offer customers consulting, IT integration and resource services </FONT></font></P>
<P align="left" style="text-indent: -12px; margin-left: 52px; margin-top: 0; margin-bottom: 0">
<font size="2"><FONT face="Arial"> &#150; </FONT><I><FONT face="Arial">Managed
Services</FONT></I><FONT face="Arial"> &#150; Services offered include network management, security, hosting, cloud computing, wireless and voice connectivity </FONT></font></P>
<P align="left" style="text-indent: -12px; margin-left: 52px; margin-top: 0; margin-bottom: 0">
<font size="2"><FONT face="Arial"> &#150; </FONT><I><FONT face="Arial">Infrastructure Services</FONT></I></font><font size="2" face="Arial">
&#150; We deliver a wide range of best-in-class technologies from leading industry partners. We assist customers through equipment selection, procurement, provisioning, deployment and maintenance.</font></P>
<P align="left">
<FONT face="Arial" size="2">We also continue to offer legacy data services, such as integrated services digital network, frame relay and ATM services to existing customers. The market for these services is declining over time as customers migrate to newer
technologies.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">VIDEO SERVICES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We are&nbsp;Canada&#146;s largest digital television provider, nationally broadcasting more than 500 all-digital video and audio channels and a wide range of domestic and international programming. We currently distribute our video
services to more than 2&nbsp;million customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary video operations are marketed nationally under the Bell&nbsp;TV brand and carried out through our wholly-owned Bell&nbsp;TV subsidiary, which has been offering DTH satellite service since 1997. Our
DTH operations currently use three satellites. Telesat&nbsp;Canada (Telesat), our former subsidiary, operates or directs the operation of these satellites. We have leveraged this satellite capacity to offer a menu of programming options, such as a wide
range of over-the-air and specialty programming, more than 100 high-definition (HD) channels with TV shows, movies, sports and other entertainment options and a broad selection of pay-per-view service offers.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also offer hardware, including personal video recorders (PVRs), Bell&nbsp;TV Online subscription video-on-demand, pick-and-pay programming, and the most HD channels in&nbsp;Canada.</FONT><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">On September&nbsp;13,&nbsp;2010, we officially launched Bell&nbsp;Fibe TV, our new IPTV service, in several Toronto and Montr&eacute;al neighbourhoods. Delivered over our advanced high-speed fibre optic network and
powered by Microsoft&#146;s Mediaroom multimedia software, Fibe TV complements our national Bell&nbsp;TV satellite service and expands TV choice and competition in major urban markets where cable has dominated. Bell&nbsp;Fibe TV offers a wide range of
flexible programming options and innovative features, including a whole-home PVR, the ability to record up to four programs simultaneously, a picture-in-picture program guide, advanced search capabilities, and the fastest channel change in the
market. Unlike cable, Fibe TV&#146;s IP-based software technology makes possible many of these features and allows us to leverage Internet content and applications into the television environment,
while providing the ability to instantly deliver future innovations without the need for new receivers or a visit from a technician.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">EQUIPMENT AND OTHER</FONT></P>
<P align="left">
<FONT face="Arial" size="2">This category includes revenues from a number of other sources, including: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">renting, selling and maintaining business terminal equipment
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">video set-top box (STB) sales </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">network installation and maintenance
services for third parties </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">product sales, other than wireless products, at national consumer electronics retailer The Source.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">WIRELESS SERVICES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We offer a broad range of wireless voice and data communications products and services to consumer and business customers across&nbsp;Canada. We also provide an array of value-added services such as call display and voicemail, e-mail,
text, picture and video calling and messaging, music downloads, ringtones and games, video streaming, live TV, as well as roaming services with other wireless service providers. Customers can choose to pay for their services through a postpaid plan
or in advance (prepaid). Our postpaid rate plans, payable on a monthly basis, are available with a one, two or three-year contract that offer handset discounts, but also can be obtained </FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">28</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






<P align="left">
<FONT face="Arial" size="2">without a contract. At December&nbsp;31,&nbsp;2010, we served more than 7.2&nbsp;million wireless customers, of which over 5.5&nbsp;million subscribed to postpaid rate plans.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide wireless communications services under the Bell, Virgin Mobile and Solo Mobile brands. Virgin Mobile is a brand owned and operated by Bell&nbsp;Mobility, geared primarily towards the youth and
young adult markets, emphasizing the Internet and text capabilities of its hardware and service offerings with media-rich content, full-track music, movies, games and messaging services. Solo Mobile is a brand owned and operated by Bell&nbsp;Mobility,
positioned to compete against other flanker brands in&nbsp;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer a wide variety of single-user and shared postpaid rate plans, designed for local and long distance service. Data also can be added to voice service. We provide a wide range of wireless data
services to consumers and business clients, including text and e-mail services, picture and video messaging, Internet browsing, ring tunes, ringtones and screen-savers, social networking, instant messaging, multimedia such as music downloads, video
streaming, TV, full-length movies and other services such as GPS navigation and location-based services. Mobile business services include sales force automation and customer relationship management tools, field service automation, and resource and
asset tracking tools.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our wireless HSPA+ network, launched in November&nbsp;2009, delivers high-speed mobile access of up to 21 Mbps to 96% of the Canadian population. The HSPA+ network supports full global roaming, as well as
a wide range of smartphones, wireless Internet sticks, tablets and other leading-edge mobile devices. The new network also supports international roaming in more than 200 countries, including a preferred roaming agreement with AT&amp;T&nbsp;Inc.
(AT&amp;T), the largest HSPA operator in the United States. The vast majority of the site connectivity for the HSPA+ network was built with high-speed fibre and an all-IP architecture for enhanced reliability. In November&nbsp;2010, Bell&nbsp;became the first
wireless company in North America to deploy leading-edge Dual cell technology, which doubles the speed of HSPA+ mobile data service from up to 21 Mbps to as high as 42 Mbps when using capable USB modem devices. Bell&nbsp;has launched 42 Mbps service
initially in Toronto and intends to expand service to more Canadian cities and towns through&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to our HSPA+ network, we operate a national 3G code division multiple access (CDMA)/evolution, data optimized (EVDO) network covering 99% of Ontario&#146;s and Qu&eacute;bec&#146;s population and approximately 97% of Atlantic&nbsp;Canada&#146;s population at December&nbsp;31,&nbsp;2010. Our CDMA network also covers major cities in the provinces of Alberta and British Columbia. At the end of&nbsp;2010,
Bell&#146;s EVDO network covered 91% of the Canadian population. EVDO delivers high-speed mobile services with data-rich content such as e-mail, video messaging, gaming, video conferencing, telematics and streaming entertainment. Bell&nbsp;currently
plans to continue operating its CDMA network for the foreseeable future.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With our dual high-speed data networks, we are able to offer Canadian consumers the broadest range of choice in wireless smartphones, including devices from Apple, RIM BlackBerry, Samsung, HTC and LG,
as well as other QWERTY-keyboard smartphones, touch screen tablets and other devices designed for data services such as e-mail, messaging, Internet access and social networking.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">EMPLOYEES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">At December&nbsp;31,&nbsp;2010, BCE&nbsp;employed 50,200 people on a full- or part-time basis, compared to 50,900 at the end of&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of Bell&nbsp;employees at the end of&nbsp;2010 was 42,900, which includes 3,400 employees at The Source, compared with 42,800 on December&nbsp;31,&nbsp;2009, which includes 3,500 employees at The Source.
The increase was due mainly to a higher headcount primarily in our Bell&nbsp;Wireless segment, and in our network and field operations units, in order to support our significant wireless subscriber growth and smartphone adoption over the past year,
broadband fibre deployment activities, IPTV rollout, and ongoing service quality initiatives. This was partly offset by a reduced workforce, year over year, in our Bell&nbsp;Residential and Bell&nbsp;Business Markets units, driven by employee departures,
attrition, and other targeted reductions brought about by further operating efficiencies and productivity improvements. Approximately 45% of Bell&nbsp;employees are represented by labour unions. No significant collective bargaining agreements were signed
or expired in&nbsp;2010. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell&nbsp;Aliant, the total number of employees decreased to 7,300 in&nbsp;2010 from 8,100 in the previous year, due mainly to the consolidation of certain contact centres in Atlantic&nbsp;Canada, voluntary
retirement incentives offered to certain unionized staff, and further streamlining of Bell&nbsp;Aliant&#146;s management workforce.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">29</font></b></P>

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<FONT face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>
<P align="left">
&nbsp;</P>






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">STRATEGIC IMPERATIVES</FONT></P>
<P align="left">
<font face="Arial">This section contains forward-looking statements concerning our business objectives and strategies. For a description of assumptions underlying certain of such forward-looking statements, refer to
</font><I><FONT face="Arial">Business</FONT></I><FONT face="Arial"> </FONT><I><FONT face="Arial">Outlook and Assumptions</FONT></I><FONT face="Arial">. For a description of certain risk factors that could cause actual results or events to differ materially from our
expectations expressed in or implied by such forward-looking statements, refer in particular to </FONT><I><FONT face="Arial">Our Competitive Environment</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">Our Regulatory
Environment</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Risks that Could Affect Our Business and Results</FONT></I><font face="Arial">.</font></P>
<P align="left">
<FONT face="Arial" size="2">Our goal is to be recognized by customers as&nbsp;Canada&#146;s leading communications company. Our primary business objective is to maximize subscribers, revenues, operating profit, free cash flow and return on invested capital by
further enhancing our position as a foremost provider of comprehensive communications services to residential and business customers. We seek to take advantage of opportunities to leverage our networks, infrastructure, sales channels, and brand and
marketing resources across our various lines of business to create value for both our customers and other stakeholders.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategy to deliver a better customer experience at every level is enabled by our five strategic imperatives: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Improve Customer Service </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Accelerate Wireless </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Leverage Wireline
Momentum </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Invest in Broadband Networks and Services </FONT>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Achieve a Competitive Cost Structure. </FONT>
	</P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">These strategic imperatives are rooted in efficiently and cost effectively delivering consistent, reliable, high-quality communications services to customers, proactively managing legacy revenue erosion and profitably expanding
our customer base. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to return cash to shareholders now and in the future is directly supported by accelerating our business performance. Our progress in executing our customer-focused strategy in&nbsp;2010
supports the financial flexibility required to continue to create value for shareholders, to maintain a strong balance sheet and to invest significantly in network and service program expansion. We intend to execute our business plan in&nbsp;2011 on the
basis of disciplined market leadership behaviour, while maintaining a balance between profitable growth and market share in each of our lines of business.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table highlights some of the progress we made in&nbsp;2010 in advancing our 5 Strategic Imperatives.</FONT></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="10%" valign="bottom"><B><FONT face="Arial" size="1">STRATEGIC IMPERATIVE</FONT></B></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="43%" valign="bottom">
<P align="left">
<B><FONT face="Arial" size="1">OBJECTIVES</FONT></B></P></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="43%" valign="bottom">
<P align="left">
<B><FONT face="Arial" size="1">2010 ACCOMPLISHMENTS</FONT></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<B><FONT face="Arial" size="2">Improve customer service</FONT></B></P>
		<p>&nbsp;</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Deliver the programs and investments we need to improve our front-line service capabilities, our networks, our products and our distribution channels to win and keep customers.<br>
<br>
Enhance customers&#146; overall experience with Bell&nbsp;by delivering the service basics in terms of call centre efficiency, meeting commitments for the installation and timely repair of services, increasing network quality, and
implementing process improvements to simplify customer transactions and interactions with our front-line employees, all of which will help differentiate us from our competitors and gain long-term customer loyalty.</FONT></P>
		</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Same Day Next Day service completion rates for repairing service issues with Bell&nbsp;Home Phone, Bell&nbsp;TV and Bell&nbsp;Internet were consistently higher than 90%.<br>
<br>
For new residential installations, we delivered within 48 hours more than 95% of the time.<br>
<br>
80% of all new high-speed Internet service customers received a full installation by Bell&nbsp;technicians, up from 64% in&nbsp;2009.
<br>
<br>
Began offering residential customers convenient appointment windows seven days a week for all home service
installations. <br>
<br>
All service vehicles now equipped with GPS and laptops, helping our technicians save time and be properly prepared to fulfill all customers&#146; needs the first time they go to the home. This, in addition to the introduction of
Regional Resolution Teams that enabled better support for field services technicians, helped to drive a 6% gain in productivity.<br>
<br>
Improved call centre routing technology through implementation of &#147;All Call Distributors&#148;.
<br>
<br>
Introduced single point of contact for multi-product customers for billing inquiries.</FONT></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">30</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</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="10%" valign="bottom"><B><FONT face="Arial" size="1">STRATEGIC IMPERATIVE</FONT></B></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="43%" valign="bottom">
<P align="left">
<B><FONT face="Arial" size="1">OBJECTIVES</FONT></B></P></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="43%" valign="bottom">
<P align="left">
<B><FONT face="Arial" size="1">2010 ACCOMPLISHMENTS</FONT></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<B><FONT face="Arial" size="2">Accelerate wireless</FONT></B></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Profitably grow our wireless business by focusing on postpaid subscriber acquisition and retention, maximizing ARPU by targeting high-value subscribers, increasing our share of in-bound global roaming, driving higher wireless data
penetration and usage, as well as leveraging our HSPA+ network, device and mobile content leadership.
<br>
<br>
Key elements of our wireless strategy include: </FONT></P>
		<ul>
			<li>
			<P align="left" style="margin-top: -18px; margin-bottom: 0">
			<FONT face="Arial" size="2">focusing on voice and data services that are attractive to both residential and business
customers </FONT></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">maintaining the most technologically advanced, high-quality and pervasive wireless network possible
			</FONT></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">offering a wide range of high-quality handsets
			</FONT></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">improving customer service while reducing churn
			</FONT></P></li>
			<li>
			<P align="left" style="margin-top: 0; margin-bottom: 0">
			<FONT face="Arial" size="2">expanding sales
distribution channels to increase points of presence and retail traffic.</FONT></P>
			</li>
		</ul>
		</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Added 500,139 net new postpaid subscribers, an increase of 51% over&nbsp;2009, on a record number of annual gross activations.
<br>
<br>
Achieved a 35% and 41% wireless market share of postpaid gross and net activations among the three major
wireless carriers, respectively, compared with 30% and 27% in&nbsp;2009.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Increased our base of smartphone subscribers by 82% in&nbsp;2010. Smartphone users now represent approximately 28% of our postpaid subscriber base.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Wireless data revenue grew 41% year over year, up from 27% in&nbsp;2009.
<br>
<br>
Launched Bell&nbsp;Mobility and Virgin wireless products at The Source, significantly increasing the number of places where customers can buy our wireless products and
services.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Offered the latest devices from leading manufacturers with the addition of 33 new mobile devices to our handset line-up in&nbsp;2010, 21 of which were exclusive to Bell&nbsp;Mobility. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Reinforced our mobile TV leadership by entering into a number of partnerships to serve the increasing demand for anywhere access to live mobile sports and news video content. In addition to exclusive wireless services such as NHL
and live Olympic coverage, we announced agreements to deliver content from the Montreal Canadiens, CTV, TSN, RDS, NFL and BNN to Bell&nbsp;Mobility smartphones. </FONT></P>
		</td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<P align="left">
<B><FONT face="Arial" size="2">Leverage wireline momentum</FONT></B></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Reduce the rate of local residential line losses through winbacks, driving higher multi-product home penetration, and increasing household-move wins and retentions. Our TV and broadband Internet services remain critical components
of our service bundling strategy, which we intend to further leverage in order to drive subscriber acquisition and retention, and to maximize average revenue per household.<br>
<br>
In our business markets, our focus will remain on retaining small business customers and winning important large business customer contracts. This will be supported by the strength of our IP Multi-Protocol Label Switching (MPLS)
network and the breadth of our ICT services, which should help moderate the decline in voice and data revenues.</FONT></P>
		</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Reduced the number of residential line losses by 17% over&nbsp;2009 through better service delivery, winbacks and service bundling. We also reduced the number of business line losses by 4.6% year over year.<br>
<br>
Achieved industry-leading wireline EBITDA growth of 5.9%. <br>
<br>
Introduced Bell&nbsp;Fibe Internet in February&nbsp;2010, an upgraded Internet service that offers faster download and upload speeds.
<br>
<br>
Grew our FTTN Internet subscriber base by 26%
in&nbsp;2010. FTTN subscribers represent approximately one-third of our residential Internet customer base.<br>
<br>
Introduced Bell&nbsp;Fibe TV in select neighbourhoods across Toronto and Montr&eacute;al in September&nbsp;2010. Delivered over our advanced high-speed fibre optic network, Fibe TV complements our national Bell&nbsp;TV satellite service and
expands TV choice and competition in major urban markets where cable has dominated. Bell&nbsp;Fibe TV offers a wide range of flexible programming options and innovative features.
<br>
<br>
Maintained our industry leadership in HD television with more than 100 HD channels.<br>
<br>
Introduced Video on Demand on Bell&nbsp;TV.<br>
<br>
Won most major large business customer contracts in&nbsp;2010. <br>
<br>
Announced the construction of two new data centres that will provide our 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>
<br>
Acquired Hypertec Availability Services&#146; hosting division, the leading top-tier data hosting provider in Quebec. We also purchased xwave, the Bell&nbsp;Aliant division specializing in IT professional services and advanced
technology solutions. These acquisitions will enhance Bell&#146;s ability to provide an expanded portfolio of services to corporate and public sector clients, while putting us at the forefront of managed hosting and cloud computing
services.</FONT></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">31</font></b></P>

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<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="10%" valign="bottom"><B><FONT face="Arial" size="1">STRATEGIC IMPERATIVE</FONT></B></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="43%" valign="bottom">
<P align="left">
<B><FONT face="Arial" size="1">OBJECTIVES</FONT></B></P></td>
		<td width="2%" valign="bottom">&nbsp;</td>
		<td width="43%" valign="bottom">
<P align="left">
<B><FONT face="Arial" size="1">2010 ACCOMPLISHMENTS</FONT></B></P></td>
	</tr>
	<tr>
		<td width="100%" valign="top" colspan="5">

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		</td>
	</tr>
	<tr>
		<td width="10%" valign="top">
<B><FONT face="Arial" size="2">Invest in broadband networks and services</FONT></B></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Continue investing in broadband fibre build-outs and pursue advanced network enhancements to our wireless HSPA+ network to support continued subscriber growth on broadband platforms.<br>
<br>
We aim to roll out thousands of new fibre-to-the-home (FTTH) and FTTN network locations serving&nbsp;millions of households and businesses, enabling new online video, networking and other rich, high-speed IP-based services.
<br>
<br>
We also intend to continue leveraging the HSPA+ national network to attract high-value postpaid subscribers to Bell&nbsp;and maximize ARPU.</FONT></P>
		</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2010, Bell&nbsp;invested approximately &#36;2.5&nbsp;billion of capital to extend our networks and enhance their speed, capacity and reliability.<br>
<br>
Expanded our high-speed fibre optic capabilities through our FTTN rollout to residential neighbourhoods and to MDUs throughout the Qu&eacute;bec&#150;Windsor corridor, including the substantial completion of FTTN coverage of the
Greater Toronto and Montr&eacute;al areas.<br>
<br>
We enhanced our existing FTTN network to begin providing homes in Toronto and Montr&eacute;al with the capability to receive Bell&nbsp;Fibe TV.<br>
<br>
Began the deployment of FTTH in Qu&eacute;bec City that will offer consumers and business customers download speeds of up to 100 Mbps and upload speeds of up to 20 Mbps.<br>
<br>
Began the deployment of FTTH to all new urban and suburban housing developments in Ontario and Qu&eacute;bec. This is in addition to our deployment of fibre-to-the-building (FTTB) to MDUs already underway.<br>
<br>
Extended our industry-leading national HSPA+ wireless network to more than 96% of the Canadian population.
<br>
<br>
Began the first North American commercial deployment of HSPA+ Dual Cell technology, increasing data speeds up to
42 Mbps for compatible devices. <br>
<br>
Initiated long-term evolution (LTE) technology trials.</FONT></P>
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<P align="left">
<B><FONT face="Arial" size="2">Achieve a competitive cost structure</FONT></B></P></td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<FONT face="Arial" size="2">Cost containment is a core element of our financial performance and remains a key factor in our objective to maintain margins as we continue to experience legacy revenue declines and a further shift in product mix towards growth
services. We aim to accomplish this through operating our business in the most cost-effective way possible to extract maximum operational efficiency and productivity gains.</FONT></P>
		</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="43%" valign="top">
<P align="left">
<font size="2" face="Arial">Reduced wireline operating costs (excluding The Source acquisition and Olympics-related expenses) by approximately &#36;290&nbsp;million as a result of our continued focus on lowering
costs and improving productivity.</font></P>
<P align="left">
<FONT face="Arial" size="2">Renegotiated several major vendor contracts and introduced procurement efficiencies that trimmed our external supplier budget.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Residential customer call volumes dropped by 11% year over year.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Continued to adhere to strict policies to minimize discretionary spending across the company with extensive checks and balances in place to ensure only essential travel expenses are approved. As well, we introduced smart meeting
tools to enable employee collaboration without travel.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Cost savings achieved from lower U.S. dollar hedge rates in&nbsp;2010 on our U.S. dollar-denominated purchases of wireless devices, video STBs and cross-border exchange traffic.
<br>
<br>
Subsequent to the end of&nbsp;2010, we streamlined our team
structure by bringing all wireless and residential wireline services under the same executive leadership to improve customer focus and optimize efficiency. Additionally, we consolidated all wireline and wireless network technology, planning,
deployment and operations across Bell&nbsp;under a single Chief Technology Officer, and integrated all TV installation and repair functions into our Field Services unit.</FONT></P></td>
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<b><font face="Arial" size="1">32</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">BUSINESS OUTLOOK AND ASSUMPTIONS</FONT></P>
<P align="left">
<font face="Arial">This section contains forward-looking statements concerning the business outlook of our Bell&nbsp;Wireline, Bell&nbsp;Wireless and Bell&nbsp;Aliant segments. This section also describes certain key economic, market and operational assumptions we
have used in making such forward-looking statements and other forward-looking statements contained in this MD&amp;A. For a description of risk factors that could cause actual results or events to differ materially from our expectations expressed in
or implied by such forward-looking statements, refer in particular to </font>
<I><FONT face="Arial">Our Competitive Environment</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">Our Regulatory Environment</FONT></I><FONT face="Arial"> and
</FONT><I><FONT face="Arial">Risks that Could Affect Our Business</FONT></I><FONT face="Arial"> </FONT><I><FONT face="Arial">and</FONT></I><FONT face="Arial"> </FONT><I><FONT face="Arial">Results</FONT></I><font face="Arial">.</font></P>
<P align="left">
<FONT face="Arial" size="2">Based on the Bank of&nbsp;Canada&#146;s recent estimates, the Canadian economy is expected to grow approximately 2.4% in&nbsp;2011. In addition, we have made certain market assumptions in preparing our business outlook for&nbsp;2011, including
the following: </FONT></P>
<ul>
	<li>
	<P align="left" 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></P></li>
	<li>
	<P align="left" 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></P></li>
	<li>
	<P align="left" 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></P></li>
	<li>
	<P align="left" 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></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Our business outlook is also based on certain operational assumptions and other market assumptions that are discussed below.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;WIRELINE</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In our residential markets, our plan for&nbsp;2011 assumes a further slowdown 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.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Many of our residential market product lines demonstrate a good level of inelasticity to a downturn in the economy. However, with an expected increase in housing starts and residential moves as the
pace of economic recovery improves, we could experience higher customer turnover.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we expect to continue to incur local line losses, primarily as a result of cable telephony competition, we are targeting a relatively stable rate of residential NAS erosion based on the
assumption that targeted retention and service bundle offers, customer winbacks and better service execution will reduce residential NAS line losses year over year. However, aggressive marketing actions from the new wireless entrants, which may
include offering low-priced wireless home phone replacement plans, could also result in higher residential customer NAS line losses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell&nbsp;TV, we intend to drive subscriber acquisition and higher ARPU based on the assumption that we will leverage our market leadership position in HD programming, seek greater penetration within
the MDU market and capitalize on our extensive retail distribution network, which includes The Source, while proceeding with a progressive rollout of Fibe TV service in Toronto and Montr&eacute;al. With Fibe TV expected to contribute to stronger
overall TV subscriber growth, along with continued ARPU strength driven by product enhancements, higher value premium package programming and pricing discipline, video revenue growth is expected to remain relatively strong in&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our focus at Bell&nbsp;Internet will centre on leveraging our broadband fibre network to drive further growth in Fibe Internet subscribers, higher ARPU and lower churn, while pursuing pricing methods which
allow us to cover the capital costs of upgrading the network and expanding capacity to meet growing demand. The proliferation of devices such as tablets and e-readers that consume vast quantities of bandwidth require ongoing investment to ensure
that we continue to offer our customers the most competitive packages for the best value. We also intend to achieve service improvements by further enhancing the speed and reliability of our Internet network, while continuing to offer installation
and service capabilities that differentiate us from our competitors. Substantial ongoing investments in our fibre optic networks to further expand our wireline broadband footprint are expected to strengthen our competitive position versus the cable
companies and allow for introduction of leading edge IP products into the home not available through cable technologies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our business markets for&nbsp;2011, we will seek to minimize the decline in revenues from legacy voice and data services mainly through ongoing service innovation and product value enhancements,
targeted marketing initiatives to slow NAS erosion, leveraging the strength of our core connectivity services portfolio, introducing new IP-based services, as well as focusing on key ICT portfolios such as hosting and cloud services. We also expect
to offset the unfavourable impact on margins from ongoing legacy erosion, continued customer migration to IP-based systems and sustained competitive pricing pressures with rigorous cost management.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As the economy strengthens and employment rates improve, we expect that the performance of our Business Markets unit, including business NAS line losses, will improve
</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">33</font></b></P>

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<FONT face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>
<P align="left">
&nbsp;</P>






<P align="left">
<FONT face="Arial" size="2">gradually, based on an assumption of increased customer spending, new business formation and higher demand for connectivity and ICT services. However, even with a better-performing economy, more conservative strategies by business
customers may result in lower capital spending requirements, deferral of ICT projects and NAS erosion. Through our Business Markets unit, we will continue to deliver network-centric ICT solutions to large business and public sector clients that
increase the value of connectivity services. We expect to experience continued competitive intensity in all business markets as cable operators continue to transition from consumer-only plays and other telecom competitors seek to grow their business
in these markets. In addition, we expect to experience continued competition from other system integrators, outsourcers and professional service firms for our ICT services. We also intend to introduce service offerings that help drive innovative
solutions and value for our small and mid-sized customers, while focusing on growing overall profitability through customer retention, increasing ARPU levels and optimizing operations to further reduce costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also intend to maintain a strong focus on controlling overall wireline costs in order to help offset costs associated with scaling Bell&#146;s Fibe TV service and to support our objective of
keeping EBITDA margins stable. This assumes that we will be able to achieve expense savings from renegotiated contracts with our vendors and outsource suppliers, lower corporate support costs, further streamlining our labour force, field service
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></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;WIRELESS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We expect that our Wireless unit will continue to be a key contributor to Bell&#146;s revenue and EBITDA results in&nbsp;2011. The financial performance of Bell&nbsp;Wireless is based on its continued ability to focus on profitable growth
and execute its market strategies. Bell&nbsp;Wireless&#146; expected performance in&nbsp;2011 is based on the assumption that it will benefit from the flow-through of significant investments made in&nbsp;2010 in customer acquisition and retention along with
continued acceleration in smartphone activations and data usage that is expected to lead to increased data ARPU growth, which should help to counter declining voice ARPU and the negative impact of new wireless entrant competition.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect new wireless entrant competition to intensify in&nbsp;2011 as additional service providers come to market and the existing providers continue to open new markets and improve their distribution
reach. As a result, we expect pressures on pricing and customer churn, highlighting the critical importance of continuing to improve customer satisfaction and proactively focusing on customer retention. This is expected to be mitigated by increased
smartphone device penetration and incremental growth in data usage and roaming.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed that our expected wireless revenue growth will be driven by ARPU from new services, careful price management and continued disciplined expansion of our subscriber base. We will seek to
achieve our ARPU objectives through data revenue growth, supported by our HSPA+ network, higher demand for data services and increasing usage from wireless services such as text and picture messaging, web browsing, music and video downloads and
community portals such as Facebook and YouTube. We also have assumed that we will benefit from ongoing technological improvements by manufacturers in our handset and device lineup and from faster data speeds that are allowing our clients to optimize
the use of our services. Another emerging key growth opportunity is enabled by the new category of tablet devices, which has the potential to generate incremental revenues per subscriber and contribute to increasing wireless penetration levels in
Canada. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We intend to continue introducing new products and services to the market in a timely manner, balancing innovation with profitability. The development of wireless data transmission technologies has
led to the development of more sophisticated wireless devices with increasingly advanced capabilities, including access to e-mail and other corporate IT platforms, news, sports, financial information and services, photos, music and streaming video
clips, TV and other functions. We believe that the introduction of such new applications will drive the growth for data services. As a result, we aim to introduce additional high-speed enabled data devices, applications and other services to our
wireless customers in order to deliver increasing value to them. However, the proliferation of these relatively more expensive and sophisticated devices, as well as heightened competitive activity, is expected to exert pressure on EBITDA due mainly
to increased handset subsidization resulting in higher subscriber acquisition and customer retention costs. Despite these increased costs, we should benefit from higher wireless margins in&nbsp;2011 given that we do not expect to spend incrementally as
much on subscriber acquisition, year over year, in order to maintain a reasonable market share of postpaid gross and net additions even with increasing new wireless entrant competition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our&nbsp;2011 financial outlook for Bell&nbsp;Wireless also assumes 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></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;ALIANT</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Aliant remains focused on its five strategic objectives initially implemented in&nbsp;2009. Firstly, it intends to improve the customer experience through improvements to service fundamentals supported by operational improvements
to its processes, tools and training. Secondly, it intends to mitigate customer churn through increasing the penetration of service bundles and increasing its retention efforts. Bell&nbsp;</FONT></P>

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<b><font face="Arial" size="1">34</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
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<P align="left">
<font size="2" face="Arial">Aliant also intends to make enhancements to its bundle offers in&nbsp;2011 as these have proven to be effective churn-reduction tools in the past. Thirdly, Bell&nbsp;Aliant plans to focus on growing its broadband business by increasing its
investment in FTTH technology in&nbsp;2011 with the objective of bringing FibreOP services to more than 600,000 homes and businesses by the end of&nbsp;2012. This investment will provide customers in the FTTH footprint with access to TV and exceptionally fast
Internet services. As well, Bell&nbsp;Aliant will continue to selectively invest in DSL expansion and, with government and partners, in rural broadband development such as the state-of-the-art backbone fibre optic network to many communities in northern
Ontario, enabling speeds up to 50 times faster than current systems. These partnerships allow it to expand its telecommunications infrastructure to areas where it might not normally be economically
feasible to do so. Bell&nbsp;Aliant&#146;s fourth strategic objective is to become more profitable and more competitive through resetting its cost structure. As a result of previous organizational restructurings, Bell&nbsp;Aliant is well-positioned to operate
more efficiently in the future. Bell&nbsp;Aliant plans to focus on increasing productivity by concentrating on continued cost containment, procurement improvements and gains in process and operational efficiency. Finally, in&nbsp;2011, Bell&nbsp;Aliant will
maintain its performance-based culture by providing clear direction on its strategy and more closely aligning personal performance with corporate objectives. Building on current learning programs, it will continue to focus on the development of its
employees, by refining tools that will simplify the talent management process for our leaders of people and investing in new learning opportunities for its leaders and front-line managers.</font></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">2010 OPERATING HIGHLIGHTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our operating performance in&nbsp;2010 was driven by solid execution across all our businesses, with accelerated wireless subscriber acquisitions, strong wireline financial performance and continued progress in cost reductions and
efficiency. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless had a record number of new gross customer activations in&nbsp;2010, driven by strong market execution that leveraged our best-in-class HSPA+ network, leading line-up of smartphone devices,
enhanced data services like Bell&nbsp;Mobile TV and our extensive distribution network. Based on this performance, we achieved a 35% and 41% wireless market share of postpaid gross and net activations among the three major wireless carriers,
respectively, representing significant year-over-year improvements of 4.4 and 13.8 percentage points.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireline generated strong operating income growth, substantial improvement in NAS line losses, and solid TV and Internet net activations, supported by the launches of Bell&nbsp;Fibe TV and Fibe
Internet on our expanding broadband fibre network.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our financial results for&nbsp;2010 were highlighted by strong net earnings growth of 32.7% and substantial operating cash flow generation, reflecting increased wireless revenue growth, wireline EBITDA
growth of 5.9% and margin improvement.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;had revenue growth of 2.7% in&nbsp;2010, due mainly to higher wireless revenue growth driven by a larger customer base and increased data usage, as well as the inclusion of results from The Source and
Virgin acquisitions, which occurred on July&nbsp;1,&nbsp;2009. Higher TV and Internet revenues, in addition to increased sales of IP broadband connectivity services and ICT solutions to business customers, also contributed to the year-over-year improvement in
Bell&#146;s operating revenues. However, overall revenue growth was moderated by the slow pace of economic growth as evidenced by continued sluggish employment rates, relatively few new business starts, and cautious business spending.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income at Bell&nbsp;was 22.2% higher in&nbsp;2010, due mainly to reduced restructuring and other charges, higher EBITDA, and lower depreciation and amortization expense. Bell&#146;s EBITDA grew 2.4%
in&nbsp;2010, reflecting higher operating revenues and rigorous expense management, despite increased costs associated with acquiring a larger number of new wireless subscribers year over year and greater spending on wireless retention and handset
upgrades. Cost savings were realized from vendor contract renegotiations with key IT and outsource suppliers and previously implemented labour force reductions, as well as other productivity improvements in both our field operations and call
centres. Our work to drive down costs enabled us to maintain Bell&#146;s EBITDA margin effectively unchanged year over year at 38%, even with considerable incremental costs incurred to grow and retain our customers as well as sustained competitive
pressures. Bell&#146;s EBITDA improvement in&nbsp;2010 also reflected lower year-over-year net benefit plans (or pension) expense, decreased capital taxes and hedging of our U.S. dollar-denominated expenses at more favourable rates compared with
2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We grew total net customer activations in&nbsp;2010 for wireless, TV, broadband Internet and NAS in aggregate by 78%, reflecting effective marketing and our attractive product and service offerings even as
we faced intense competition in all our markets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total wireless net activations in&nbsp;2010 increased 9.7% to 408,746, driven by strong postpaid subscriber growth that resulted in an 11.4% year-over-year increase in gross activations. Higher-value
postpaid net activations increased 51.2% to a record 500,139 subscribers. However, we lost 91,393 net prepaid customers in&nbsp;2010 on 9.6% fewer prepaid gross activations and higher customer churn year over year. The decline in prepaid activations
reflected aggressive acquisition offers from the new wireless entrants aimed at lower value customers and our targeted focus on postpaid subscriber acquisition.</FONT></P>

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<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">35</font></b></P>

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<P align="left">
<font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 71,221 net TV subscribers in&nbsp;2010, representing a 37.1% decrease compared with&nbsp;2009. Despite the successful commercial launch of Bell&nbsp;Fibe TV in September&nbsp;2010 in select areas of Toronto and
Montr&eacute;al and increased wholesale activations, total TV net activations decreased year over year due mainly to higher retail churn resulting from aggressive pricing and promotions by our cable TV competitors. Lower gross activations in our
direct channels also contributed to fewer TV net activations, where we had seen very strong sales in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We experienced a rebound in broadband Internet subscriber growth in&nbsp;2010 driven by our Fibe high-speed Internet service, which contributed to net activations of 40,335 compared with 37,618 in&nbsp;2009.
Our Internet subscriber results in&nbsp;2010 also reflected fewer residential and business customer deactivations year over year, despite ongoing aggressive acquisition offers from our competitors and wireless substitution.</font><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">In our traditional local telephone business, we reduced the total number of NAS line losses in&nbsp;2010 by 13.9%, mainly as a result of growth in the number of multiple-product bundle households,
increased customer winbacks and fewer business access line deactivations, as well as higher wholesale net additions owing to a resale agreement entered into with a third-party reseller of residential services. Consistent with the improvement in
residential and business line losses, the annual rate of NAS erosion slowed in&nbsp;2010 to 5.6% from 6.1% in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures at Bell&nbsp;increased 3.1% in&nbsp;2010 to &#36;2,463&nbsp;million, corresponding to a capital intensity ratio of 16.0% of operating revenues, compared with 15.9% in&nbsp;2009. Higher year-over-year
capital spending was due mainly to increased investment for the deployment of broadband fibre to residential homes and businesses in Ontario and Qu&eacute;bec, and to ongoing enhancements of Bell&#146;s core wireline broadband network in support of
our IPTV service. These investments in core infrastructure serve to strengthen our competitive position in the market and contribute to the improvement in overall customer service. Capital expenditures at Bell&nbsp;Wireless were lower in&nbsp;2010, due to
higher spending in&nbsp;2009 on the construction of the HSPA+ wireless network, which was launched in November&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For BCE, operating revenues grew 1.9% in&nbsp;2010, while operating income and EBITDA increased 15.1% and 1.4%, respectively, mainly as a result of improved year-over-year performance at Bell&nbsp;as described
above.</FONT><font size="2"><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s cash flows from operating activities were &#36;4,724&nbsp;million in&nbsp;2010, down from &#36;4,884&nbsp;million in&nbsp;2009. Free cash
flow</font><B><SUP><FONT face="Arial">(3)</FONT></SUP></B></font><font size="2" face="Arial"> available to BCE&nbsp;Inc.&#146;s common shareholders decreased 5.6% to &#36;1,374&nbsp;million in&nbsp;2010 from &#36;1,456&nbsp;million in&nbsp;2009. The year-over-year decrease was due
primarily to higher pension plan funding, which included a &#36;750&nbsp;million voluntary contribution and increased capital spending
offset partly by higher EBITDA, reduced investment in working capital, lower interest paid on long-term debt and decreased restructuring payments.</font><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">Net earnings applicable to common shares for&nbsp;2010 were &#36;2,165&nbsp;million, or &#36;2.85 per share, compared with &#36;1,631&nbsp;million, or &#36;2.11
per share, in&nbsp;2009. Higher EBITDA, lower depreciation and amortization expense, decreased restructuring and other charges, reduced interest expense, and the positive impact of fewer common shares outstanding due to share repurchases under BCE&nbsp;Inc.&#146;s&nbsp;2010 NCIB program were partly offset by higher income tax expense in&nbsp;2010. Similarly, Adjusted EPS, which is calculated before restructuring and other costs and net gains or losses on investments, increased to &#36;2.84 per common share
in&nbsp;2010 from &#36;2.50 per common share in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also continued to maintain a sharp focus on our capital market objectives in&nbsp;2010. We delivered on our objective to increase shareholder returns through two increases in the common share dividend,
delivering a 35% increase overall since the fourth quarter of&nbsp;2008, and the completion of a &#36;500&nbsp;million share buyback program in December&nbsp;at an average price per share of approximately &#36;30.80. We repaid approximately &#36;400&nbsp;million of
long-term debt in&nbsp;2010 from cash on hand and accessed the capital markets, raising &#36;1&nbsp;billion in proceeds from the issuance of Bell&nbsp;Canada five-year notes on attractive terms while maintaining strong investment grade credit ratings. Moreover,
with the &#36;750&nbsp;million voluntary cash pension contribution made in December&nbsp;2010 in respect of Bell&nbsp;Canada&#146;s defined benefit plan, we are systematically addressing Bell&nbsp;Canada&#146;s pension solvency deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, we substantially advanced Bell&#146;s strategic agenda through our significant and ongoing wireless and wireline broadband investments, which drove customer additions on our growth
services platforms, and acquisitions that support our strategic execution going forward &#150; including the proposed acquisition of CTV,&nbsp;Canada&#146;s #1 media company, as well as the acquisition of the hosting division of Hypertec and the
acquisition of xwave to support the growth in data hosting and cloud computing at our Bell&nbsp;Business Markets unit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Some of our segments&#146; revenues vary slightly by season. Wireline segment revenues tend to be higher in the fourth quarter because of higher product and consumer electronic equipment sales. Our
operating income can also vary by season. Wireless segment operating income tends to be lower in the fourth quarter due to higher subscriber acquisition costs associated with a higher number of new subscriber activations during the holiday season.
Additionally, the third quarter has become more significant in terms of wireless subscriber additions in recent years as a result of back-to-school offers, while subscriber additions have typically been lowest in the first quarter.</FONT></P>
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	<tr>
		<td width="2%" valign="top">
<I><FONT face="Arial" size="1">(3)</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 flow</FONT><I><font size="1" face="Arial"> in this MD&amp;A for more details, including a reconciliation
to the most comparable Canadian GAAP financial measure.</font></I></P>

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

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">36</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">SELECTED ANNUAL AND QUARTERLY INFORMATION</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">ANNUAL FINANCIAL INFORMATION</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following tables show selected consolidated financial data of BCE, prepared in accordance with Canadian generally accepted accounting principles (GAAP), for each year from&nbsp;2006 to&nbsp;2010. We discuss the factors that caused our
results to vary over the past three years throughout this MD&amp;A.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">OPERATIONS</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">18,069</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,735 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,707 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,516 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4,949</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,525 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,389 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,058 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,945 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(5,932</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,121 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,268 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,658 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,780 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,188</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,089 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,004 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,991 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,791 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,542</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,595 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,537 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,547 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,503 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(750</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(776 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(727 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(634 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(612 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(224</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(527 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(331 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(354 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,672</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,191 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,322 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income (expense) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">124</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,406 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(186 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(670</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(723 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(859 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(940 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,126</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,450 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,825 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,026 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,196 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(550</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(368 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(735 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(78 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(299</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(333 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(332 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,749 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,959 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,896 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">98 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">111 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,738 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,057 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(112</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,165</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,631 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">819 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,926 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,937 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings per common share </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Continuing operations &#150; basic </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.76 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Continuing operations &#150; diluted </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.75 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings &#150; basic </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.11 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.88 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings &#150; diluted </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.11 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.01 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.87 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Included in net earnings </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net gains (losses) on investments </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">133</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(358 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,125 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">419 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(62 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">123 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(127</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(339 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(572 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(206 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(222 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost incurred to form Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(42 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted net earnings</FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,159</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,929 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,811 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,884 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,676 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted EPS</FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><FONT size=2 face="Arial"> </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.84</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.50 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.34 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.95 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Ratios </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA margin (%) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39.8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">38.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating margin (%) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">20.3</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width=40%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Return on equity (%) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15.1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">30.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(1)</font></I></td>
		<td width="98%" valign="top">
<P align="left">
<I><font size="1" face="Arial">EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) is a non-GAAP financial measure. See
</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 Canadian GAAP financial measure.</font></I></P>
		</td>
	</tr>
	<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">The terms 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 Canadian GAAP financial measures.</font></I></P>
		</td>
	</tr>
</table>
<p>&nbsp;</p>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">37</font></b></P>

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






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






<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2006 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">BALANCE SHEET</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39,276</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">38,050 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39,663 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">38,230 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37,415 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">774</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">687 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,052 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,646 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">557 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debt due within one year (including bank advances and notes payable) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,329</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">600 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,201 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">721 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,004 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,581</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,299 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,099 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,766 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,007 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shareholders&#146; equity </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">14,437</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,204 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,541 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,462 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,697 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Ratios </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total debt to total assets (times) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.30</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.29 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.31 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.30 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.35 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt to total shareholders&#146; equity (times) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.67</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.64 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.70 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.65 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.97 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,724</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,884 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,730 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,353 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in investing activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,976</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,217 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,948 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(58 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,683 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,959</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,854 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,140 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Business acquisitions </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(62</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(338 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(65 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Business dispositions </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</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">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,123 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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 width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Formation of Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(255 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(98</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(89 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in financing activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,662</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,044 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,559 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,914 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,639 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(500</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</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">(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(227 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,241 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">153 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net (issuance) repayment of debt instruments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">663</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,385 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(451 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,766 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(432 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Financing activities of subsidiaries with third parties </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(333 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(292 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,318</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,201 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(587 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,147 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(108</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(84 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(370</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(369 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(404 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(293 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash provided by discontinued operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">319 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,105 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free cash flow</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font size="2" face="Arial">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,374</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,456 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,689 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,960 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,810 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">SHARE INFORMATION</FONT></B><font size="2" face="Arial">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average number of common shares (millions) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">759.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">772.9 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">804.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">861.4 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares outstanding at end of year (millions) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">752.3</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">767.2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">803.1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">807.6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Market capitalization </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">26,586</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22,249 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20,182 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">31,930 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25,359 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared per common share (dollars) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.78</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.58 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.73 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.46 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.32 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Book value per share (dollars) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">19.19</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18.51 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18.11 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14.48 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total dividends declared on common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,352</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,218 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(588 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,172 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,132 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total dividends declared on preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(112</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Market price per common share (dollars) </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">High (end of day) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">36.09</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29.00 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40.23 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41.74 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Low (end of day) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">27.43</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23.35 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">21.23 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25.56 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Close </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">35.34</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29.00 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.65 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">31.40 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Ratios </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital intensity (%) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">16.4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Price to earnings ratio (times) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12.40</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.74 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24.64 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Price to book ratio (times) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.84</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.57 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.39 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.21 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.17 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Price to cash flow ratio (times) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15.17</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11.03 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6.92 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12.31 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other data </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Number of employees (thousands) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">50</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">51 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</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">&nbsp;
	</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">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width=40%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(1)</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 flow</FONT><I><font size="1" face="Arial"> in this MD&amp;A for more details, including a reconciliation
to the most comparable Canadian GAAP financial measure.</font></I></P>

		</td>
	</tr>
</table>
&nbsp;<p>&nbsp;</p>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">38</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">QUARTERLY FINANCIAL INFORMATION</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows selected consolidated financial data by quarter for&nbsp;2010 and&nbsp;2009. This quarterly information is unaudited but has been prepared on the same basis as the annual consolidated financial statements. We
discuss the factors that caused our results to vary over the past eight quarters throughout this MD&amp;A.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="32%" bgcolor="#C0C0C0" colspan="8">
<p align="center"><font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B></font></TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="32%" colspan="8">
<p align="center"><font size="1" face="Arial">2009</font></TD>
</TR>
<tr>
	<TD width="34%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=6%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q4</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q3</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q2</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q1</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=1 face="Arial">Q4 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">Q3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">Q2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">Q1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="34%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,683</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,516</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,438</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,432</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">4,650 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,457 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,297 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">4,331 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,744</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,832</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,828</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,784</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">1,737 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,801 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,791 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1,760 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(655</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(647</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(630</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(610</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</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>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(625 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(201</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(181</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(185</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(183</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</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>
	<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>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(52</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(135</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(29</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<FONT size=2 face="Arial" color="#0065A4">) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(108 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width="34%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">836</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">869</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,005</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">962</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">751 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">782 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">824 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">834 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">468</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">555</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">617</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">637</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">377 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">584 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">376 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">412 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(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">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD width="34%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">468</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">555</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">617</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">637</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">376 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">584 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">372 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">406 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">439</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">528</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">590</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">608</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">558 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">346 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">377 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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 size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations &#150; basic </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.58</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.70</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.78</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.79</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.46 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.72 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.45 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.49 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations &#150; diluted </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.58</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.70</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.78</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.79</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.46 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.72 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.45 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.49 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.58</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.70</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.78</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.79</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.46 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.72 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.45 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.48 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.58</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.70</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.78</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.79</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.46 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.72 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.45 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.48 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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 size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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 size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=6% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=6%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">125</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">36 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(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>
	<TD align=right width="6%">
<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 width="34%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(18</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(93</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(17</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="6%">
<FONT size=2 face="Arial">(70 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">457</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">621</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">581</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">500</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">387 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">649 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">447 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">446 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted EPS </FONT>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.60</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.82</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.77</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.65</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">0.51 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.84 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.58 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">0.57 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="34%">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">754.1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">756.7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">759.7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">765.7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=6%>
<FONT size=2 face="Arial">767.2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">767.2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">769.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">788.3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="34%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=6%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="6%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">FOURTH QUARTER HIGHLIGHTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s operating revenue was &#36;4,683&nbsp;million in the fourth quarter of&nbsp;2010, or 0.7% higher compared to the same period last year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&nbsp;increased 0.9% in the fourth quarter of&nbsp;2010 due mainly to strong wireless and TV revenue growth.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s operating income in the fourth quarter of&nbsp;2010 was &#36;836&nbsp;million compared to &#36;751&nbsp;million in the fourth quarter of&nbsp;2009. BCE&#146;s EBITDA was &#36;1,744&nbsp;million in the fourth
quarter of&nbsp;2010, or 0.4% higher compared to the same period last year. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating income in the fourth quarter of&nbsp;2010 was &#36;691&nbsp;million compared to &#36;572&nbsp;million for the same period last year due to higher EBITDA, lower depreciation and amortization
expense and lower restructuring and other. Bell&#146;s EBITDA grew 1.1% to &#36;1,411&nbsp;million in the fourth quarter of&nbsp;2010 from &#36;1,395&nbsp;million for the same period last year as higher revenues and continued cost containment more than offset the
impact of increased wireless subscriber acquisition costs and greater spending on wireless retention and handset upgrades. Improved EBITDA also can be attributed to lower net benefit plans cost and hedging our U.S. dollar-denominated expenses at
more favourable rates compared to Q4&nbsp;2009. </FONT><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">Depreciation of &#36;655&nbsp;million was lower compared to &#36;704&nbsp;million for the same period last year as a result of increased depreciation in the
fourth quarter of&nbsp;2009 due to asset write-downs and depreciation adjustments recorded in the period.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Restructuring and other of &#36;52&nbsp;million in the fourth quarter of&nbsp;2010 decreased by &#36;30&nbsp;million from &#36;82&nbsp;million for the same period in&nbsp;2009 due to lower workforce reduction initiatives at
both Bell&nbsp;and Bell&nbsp;Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities were &#36;568&nbsp;million compared to &#36;948&nbsp;million in the same period last year due to a voluntary pension plan contribution of &#36;750&nbsp;million made in December&nbsp;2010 that was &#36;250&nbsp;million larger than the voluntary pension plan contribution made in December&nbsp;2009 and a reduction in working capital due to the required payment under our restricted share unit compensation plan. Free cash flow decreased to
negative &#36;549&nbsp;million in the fourth quarter of&nbsp;2010 from &#36;15&nbsp;million in the same period last year due to lower cash flows from operating activities and higher capital expenditures.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">39</font></b></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">FINANCIAL RESULTS ANALYSIS</FONT></P>
<P align="left">
<FONT face="Arial">This section provides detailed information and analysis about our performance in&nbsp;2010 compared with&nbsp;2009 and&nbsp;2009 compared with&nbsp;2008. It focuses on our consolidated operating results and provides financial information for each of
our operating segments.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">CONSOLIDATED ANALYSIS</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VS.&nbsp;2009</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VS.&nbsp;2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">18,069</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,735 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.9</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4,949</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,525 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,389 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(9.4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(5,932</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,121 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,268 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3.1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,188</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,089 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,004 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,542</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,595 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,537 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(750</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(776 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(727 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3.4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(224</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(527 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">57.5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,672</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,191 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15.1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income (expense) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">124</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">n.m.</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">92.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(670</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(723 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7.3</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,126</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,450 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,825 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">27.6</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">34.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(550</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(368 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(49.5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">21.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(299</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(333 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10.2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,749 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">30.2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">69.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">n.m.</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">87.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,738 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">31.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">84.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(112</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4.7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,165</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,631 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">819 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">32.7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">99.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">&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>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left 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="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings per share (EPS) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.11 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">35.1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
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<P align="left" style="margin-top: 0">
<I><FONT face="Arial" size="1">n.m.: not meaningful</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">OPERATING REVENUES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Total operating revenues for BCE&nbsp;were &#36;18,069&nbsp;million in&nbsp;2010, up 1.9% from &#36;17,735&nbsp;million in&nbsp;2009. 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 in&nbsp;2010. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating revenues increased 2.7% in&nbsp;2010 to &#36;15,425&nbsp;million from &#36;15,020&nbsp;million in&nbsp;2009, due to higher revenues at both our Bell&nbsp;Wireless and Bell&nbsp;Wireline segments. Operating
revenues for Bell&nbsp;in&nbsp;2010 were comprised of service revenues of &#36;13,819&nbsp;million and product revenues of &#36;1,606&nbsp;million, representing improvements of 1.5% and 13.9%, respectively, over&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireline&#146;s revenues increased modestly in&nbsp;2010. The 0.3% year-over-year improvement was due primarily to a full year of product revenues from The Source reflected in our&nbsp;2010 results versus
only six months in&nbsp;2009. Growth in revenues from our video and Internet services, as well as increased IP broadband connectivity, ICT and equipment sales to business customers also contributed to the year-over-year improvement in&nbsp;2010. Overall, Bell&nbsp;Wireline revenue growth in&nbsp;2010 was moderated by the ongoing decline in local access and long distance revenues reflecting a reduction in our residential NAS customer base, decreased connectivity revenues stemming from business customer losses, technology substitution to wireless and IP-based services, as well as competitive pricing
pressures particularly in our business and wholesale markets. In addition, we experienced continued soft demand in&nbsp;2010 for new access line installations from our business customers due to competitive factors and the slow speed of economic
recovery.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless segment revenues grew 8.2% in&nbsp;2010, due to increased service revenues from a larger subscriber base, increased data usage that generated higher ARPU year over year, and the incremental
revenue contribution from the acquisition of Virgin. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&nbsp;Aliant were 3.2% lower in&nbsp;2010 compared to&nbsp;2009, due to the continued decline in its local voice and long distance revenues attributable to competitive losses and substitution for
other services. The year-over-year decrease was offset partly by revenue growth in Internet and IP-based broadband connectivity services, and increased wireless revenues. Higher IT product sales also moderated the decline in operating revenues in
2010. </FONT><font size="2"><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See </font><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 align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>40&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Total operating revenues at BCE&nbsp;were &#36;17,735&nbsp;million in&nbsp;2009, up from &#36;17,661&nbsp;million in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;revenues increased 1.0% in&nbsp;2009 to &#36;15,020&nbsp;million from &#36;14,871&nbsp;million in&nbsp;2008, due to higher revenues generated by both our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments. Total Bell&nbsp;revenues
in&nbsp;2009 were comprised of service revenues totalling &#36;13,611&nbsp;million, representing a 0.6% decline when compared to&nbsp;2008, and product revenues of &#36;1,409&nbsp;million representing a 19.8% increase year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireline&#146;s revenues in&nbsp;2009 were essentially unchanged, increasing by 0.2% year over year. Higher product revenues resulting from the acquisition of The Source in the third quarter of&nbsp;2009,
as well as growth in revenues from our video, Internet and IP broadband connectivity services, were largely offset by lower residential local voice and long distance revenues reflecting a decline in the NAS customer base, higher business NAS access
line losses and reduced equipment sales to business customers given the weak economy in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless segment revenue growth of 1.8% in&nbsp;2009 was driven primarily by a larger subscriber base, increased data usage, and the revenue contribution from the acquisition of Virgin. Although Bell&nbsp;Wireless contributed positively to Bell&#146;s overall revenue growth in&nbsp;2009, wireless service revenue increased only modestly as a result of weaker voice ARPU in&nbsp;2009 compared to&nbsp;2008. The year-over-year decline in voice ARPU was due to a softer
economy, which reduced overall wireless usage and discretionary customer spending, as well as to competitive pricing pressures stemming from increased industry penetration of flanker brands.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&nbsp;Aliant were 3.7% lower in&nbsp;2009 compared to&nbsp;2008 due to the continued erosion of its local wireline and long distance businesses, and lower telecom product sales. The wind-down of the
operations of Atlantic Mobility Products (AMP) in the third quarter of&nbsp;2008 following Bell&nbsp;Canada&#146;s notification that it would terminate its contract with AMP as its exclusive distributor in Atlantic&nbsp;Canada also adversely impacted Bell&nbsp;Aliant&#146;s revenues in&nbsp;2009. </FONT><font size="2"><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See </font><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 align="left">
<FONT face="Arial" size="2" color="#0065A4">OPERATING EXPENSES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Operating expenses for BCE&nbsp;were &#36;10,881&nbsp;million in&nbsp;2010 compared to &#36;10,646&nbsp;million in&nbsp;2009. The year-over-year increase was the result of higher cost of revenue, offset partly by lower selling, general and administrative
expenses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue was &#36;4,949&nbsp;million in&nbsp;2010, up from &#36;4,525&nbsp;million in&nbsp;2009, representing a year-over-year increase of 9.4%. Higher cost of revenue in&nbsp;2010 was the result of: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">greater
year-over-year wireless subscriber acquisition and handset upgrade volumes
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">significant growth in wireless data usage, related content and services offered due to accelerated customer adoption of smartphones and other similar mobile
devices </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">increased wireless network expenses related to the new HSPA+ network facilities and to growth in roaming
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher cost of service at Bell&nbsp;TV driven by a larger subscriber base and increased programming costs
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the
inclusion of operating expenses from the acquisitions of The Source and Virgin.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Additionally, costs incurred by Bell&nbsp;in the first quarter of&nbsp;2010 due to our role as the sole telecommunications provider of the Vancouver Winter Olympics had an unfavourable impact on cost of revenue in&nbsp;2010.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These factors were offset partly by the positive impact of decreased payments to other carriers due to reduced rates for wireline traffic settled on those carriers&#146; networks as well as other
efficiency-related productivity improvements. Lower U.S. dollar hedge rates in&nbsp;2010 on our U.S. dollar-denominated purchases of wireless devices, video STBs and cross-border exchange traffic also moderated the increase in cost of revenue in
2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses include salaries, wages and benefits, net benefit plans cost, bad debt expense, taxes other than income, marketing, advertising and sales commission costs,
customer billing, call centre and IT costs, professional service fees and rent. Selling, general and administrative expenses decreased 3.1% to &#36;5,932&nbsp;million in&nbsp;2010 from &#36;6,121&nbsp;million in&nbsp;2009. The year-over-year decrease can be attributed
to: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">lower labour costs due to a reduced workforce and decreased use of outsourced labour resulting from productivity and efficiency improvements in both our field service operations and residential call centres
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">cost savings realized
through renegotiated service contracts with certain IT vendors and outsource suppliers
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">decreased capital taxes and real estate costs
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">lower net benefit plans cost, which included the positive impact of a pension valuation allowance
reversal.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">These factors were partly offset by a number of cost increases in&nbsp;2010, including higher wireless subscriber acquisition costs and retention spending, increased customer service costs to support a growing base of wireless
subscribers using more sophisticated devices and mobile services, and increased selling and advertising expenses. Higher costs in the first half of&nbsp;2010 from the inclusion of operating expenses as a result of the acquisitions of The Source and
Virgin in the third quarter of&nbsp;2009 and from our sponsorship of the Vancouver Winter Olympics in the first quarter of&nbsp;2010 also moderated the year-over-year improvement in selling, general and administrative expenses in&nbsp;2010.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Operating expenses for BCE&nbsp;were virtually unchanged in&nbsp;2009, decreasing 0.1% to &#36;10,646&nbsp;million from &#36;10,657&nbsp;million in&nbsp;2008. The year-over-year improvement was due to lower selling, general and administrative expenses,
offset partly by higher cost of revenue.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 41</b></font></P>

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






<P align="left">
<font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cost of revenue was &#36;4,525&nbsp;million in&nbsp;2009, up 3.1% when compared to &#36;4,389&nbsp;million in&nbsp;2008. The increase in cost of revenue can be attributed mainly to higher product costs, consistent with
growth in total product revenues, due to the acquisitions of The Source and Virgin. Higher costs associated with increased wireless data usage and more mobile data content, higher cost of service at Bell&nbsp;TV from a larger subscriber base and
increased programming costs, as well as higher U.S. dollar hedge rates in&nbsp;2009 on our U.S. dollar-denominated purchases of wireless devices, video STBs and cross-border exchange traffic, also contributed to higher cost of revenue in
2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling, general and administrative expenses decreased 2.3% to &#36;6,121&nbsp;million in&nbsp;2009 from &#36;6,268&nbsp;million in&nbsp;2008. The year-over-year improvement was mainly the result of: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">lower labour
costs due to a reduced workforce (excluding the impact of The Source and Virgin acquisitions), decreased use of consultants and contractors, and a cutback in outsourced labour resulting mainly from reduced call centre volumes and IT project-related
activity </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">lower wireless subscriber acquisition costs and retention spending
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">decreased wireless sales promotion and advertising expenses
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">reduced discretionary spending in areas such as travel and entertainment.</font></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">These factors were partly offset by higher operating expenses from the consolidation of The Source and Virgin in our results beginning in Q3&nbsp;2009 and higher net benefit plans cost. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">OPERATING INCOME</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s operating income was &#36;3,672&nbsp;million in&nbsp;2010, up 15.1% from &#36;3,191&nbsp;million in&nbsp;2009, due to higher operating income at Bell.</FONT><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">Bell&#146;s operating income increased 22.2% in&nbsp;2010 to &#36;2,972&nbsp;million from &#36;2,432&nbsp;million in&nbsp;2009, mainly as a result of lower
restructuring and other charges in&nbsp;2010. In&nbsp;2009, restructuring and other charges reflected charges for voluntary and involuntary workforce reduction initiatives (including a retirement incentive for unionized employees), the consolidation of
employees to campus environments, as well as a Supreme Court of&nbsp;Canada ruling relating to the disposition of Bell&nbsp;Canada&#146;s deferral account balance with the CRTC. Higher operating revenues and lower net benefit plans cost also contributed to
the year-over-year improvement in operating income at Bell&nbsp;in&nbsp;2010, which were partly offset by the factors described above that contributed to higher operating expenses year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Aliant&#146;s operating income was &#36;700&nbsp;million in&nbsp;2010 compared to &#36;759&nbsp;million in&nbsp;2009. The year-over-year decrease can be attributed to an impairment charge related to certain customer relationships created on the privatization of the Bell&nbsp;Nordiq Income Fund (Bell&nbsp;Nordiq) in&nbsp;2008 as well as lower operating revenues, offset partly by decreased operating expenses driven largely by the positive
impact of cost containment initiatives such as workforce reductions and tight control over general and administration expenses.</FONT><font size="2"><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See </font><I><FONT face="Arial">Segmented Analysis</FONT></I></font><font size="2" face="Arial"> for a discussion of operating income on a segmented basis.</font></P>
<P align="left">
<i><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></i></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s operating income was &#36;3,191&nbsp;million in&nbsp;2009, compared to &#36;2,869&nbsp;million in&nbsp;2008. The year-over-year increase was due primarily to higher restructuring and other charges in&nbsp;2008 totalling &#36;871&nbsp;million, which
included amounts recorded for involuntary workforce reduction initiatives, the relocation of employees and closing of real estate facilities that are no longer needed as a result of a reduced workforce, the CRTC&#146;s decision in the first quarter
of&nbsp;2008 to approve the use of a portion of the deferral account funds for the uneconomic expansion of broadband service, and costs associated with the proposed privatization of BCE&nbsp;Inc. This compared to restructuring and other items of &#36;527
million in&nbsp;2009, reflecting amounts for voluntary and involuntary workforce reduction initiatives, including a retirement incentive for unionized employees, the consolidation of employees to campus environments, and a charge recorded as a result of
a Supreme Court of&nbsp;Canada ruling relating to the use of Bell&#146;s remaining deferral account balance with the CRTC.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating income before restructuring and other for BCE&nbsp;in&nbsp;2009 was &#36;3,718&nbsp;million, down 0.6% as compared to &#36;3,740&nbsp;million in&nbsp;2008. The year-over-year decrease was attributable mainly to
lower operating income before restructuring and other items at Bell.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell, operating income in&nbsp;2009 totalled &#36;2,432&nbsp;million, up from &#36;2,143&nbsp;million in&nbsp;2008, due to lower restructuring and other costs year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating income before restructuring and other was &#36;2,915&nbsp;million in&nbsp;2009, down 1.3% from &#36;2,953&nbsp;million in&nbsp;2008. The year-over-year decrease was the result of higher net benefit
plans cost and increased depreciation and amortization expense, offset partly by lower operating expenses and higher operating revenues as previously described.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher operating income at Bell&nbsp;Aliant also positively contributed to overall operating income at BCE&nbsp;in&nbsp;2009. Bell&nbsp;Aliant&#146;s operating income amounted to &#36;759&nbsp;million, up 4.5% from &#36;726
million in&nbsp;2008. The year-over-year increase was due mainly to lower operating expenses driven largely by the positive impact of cost containment initiatives such as workforce reductions and tight control over discretionary expenses, offset partly
by lower operating revenues.</FONT><font size="2"><font face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See </font><I><FONT face="Arial">Segmented Analysis</FONT></I></font><font size="2" face="Arial"> for a discussion of operating income on a segmented basis.</font></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>42&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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



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



<A name="page_21"></A>

</font>

<P align="left">
<FONT face="Arial" size="2" color="#0065A4">EBITDA</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">EBITDA at BCE&nbsp;increased 1.4% in&nbsp;2010 to &#36;7,188&nbsp;million from &#36;7,089&nbsp;million in&nbsp;2009, due to higher EBITDA at Bell&nbsp;offset partly by lower EBITDA at Bell&nbsp;Aliant. BCE&#146;s EBITDA margin remained essentially unchanged in&nbsp;2010
at 39.8% compared to 40.0% in the previous year, reflecting continuing rigorous management of operating expenses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA was &#36;5,857&nbsp;million in&nbsp;2010, up 2.4% from &#36;5,719&#160;million in&nbsp;2009. This corresponded to an EBITDA margin of 38.0%
versus 38.1% in&nbsp;2009. The increase in Bell&#146;s EBITDA was driven by improved performance at our Bell&nbsp;Wireline segment, offset partly by lower EBITDA at Bell&nbsp;Wireless.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA performance in&nbsp;2010 was moderated by expenses incurred in the first quarter of&nbsp;2010 for our role as exclusive telecommunications provider and sponsor of the Vancouver Winter
Olympics, which was offset partly by a reversal of a pension valuation allowance that contributed to lower pension expense in&nbsp;2010 compared to the previous year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at our Bell&nbsp;Wireline segment increased 5.9% in&nbsp;2010, mainly as a result of cost savings achieved from vendor contract renegotiations with key IT and other outsource suppliers, decreased
payments to other carriers due to lower rates for traffic terminated on their networks, a decline in net benefit plans cost reflecting the positive impact of a pension valuation allowance reversal and lower capital taxes, as well as other
operational efficiency gains resulting from productivity and service improvements in both our field operations and call centres. The continuing decline in our higher-margin legacy voice and data revenues and higher year-over-year Olympics-related
expenses moderated the improvement in Bell&nbsp;Wireline&#146;s EBITDA in&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless&#146; EBITDA decreased 5.0% in&nbsp;2010, primarily as a result of the cost of acquiring a larger number of new subscribers year over year, increased cost of product sales driven mainly by
higher volumes, and greater spending on customer retention and handset upgrades. Significantly higher wireless revenue growth as compared with the previous year moderated the decline in Bell&nbsp;Wireless&#146; EBITDA in&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Aliant&#146;s EBITDA decreased 2.8% in&nbsp;2010, reflecting lower year-over-year operating revenues, offset partly by the favourable impact of labour-related cost reductions and other cost
containment initiatives.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Lower net benefit plans cost had a positive impact on Bell&#146;s EBITDA in&nbsp;2010. Net benefit plans cost at Bell&nbsp;totalled &#36;129&nbsp;million in&nbsp;2010, down from &#36;263&nbsp;million in&nbsp;2009. The
year-over-year improvement was attributable to higher returns on plan assets in&nbsp;2009 and a &#36;500&nbsp;million voluntary pension contribution made to Bell&#146;s defined benefit plan in December&nbsp;2009, offset partly by the impact of a lower discount
rate on obligations under the plans. Bell&#146;s net benefit plans cost in&nbsp;2010 also reflected the positive impact
of a reversal of a valuation allowance in the first quarter of the year. Net benefit plans cost at Bell&nbsp;Aliant was essentially unchanged, year over year, at &#36;97&nbsp;million in&nbsp;2010 compared to &#36;92&nbsp;million in the previous year.
Accordingly, net benefit plans cost for BCE&nbsp;was &#36;226&nbsp;million in&nbsp;2010, compared to &#36;355&nbsp;million in&nbsp;2009.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">EBITDA at BCE&nbsp;increased 1.2% in&nbsp;2009 to &#36;7,089&nbsp;million from &#36;7,004&nbsp;million in&nbsp;2008, corresponding to an EBITDA margin of 40.0% in&nbsp;2009 compared to 39.7% in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA was &#36;5,719&nbsp;million in&nbsp;2009, up 1.4% from &#36;5,638&nbsp;million in&nbsp;2008. This represented an EBITDA margin of 38.1%, or a 0.2 percentage point improvement over&nbsp;2008. The
year-over-year increase was driven by higher EBITDA at both our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments, despite higher net benefit plans cost and the acquisition of a greater number of new wireless and TV subscribers compared to&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireless&#146; EBITDA increased 2.4% in&nbsp;2009, mainly as a result of reduced network expenses, decreased roaming costs, lower subscriber acquisition costs, and reduced marketing and advertising
expenses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at our Bell&nbsp;Wireline segment increased 1.0% in&nbsp;2009, due primarily to a decline in overall labour costs attributable to a reduced workforce and strict management of selling, general and
administrative costs. The ongoing decrease in higher-margin legacy voice and data revenues, increased net benefit plans cost, foreign exchange losses on our U.S. dollar-denominated purchases stemming from higher U.S. dollar hedge rates in&nbsp;2009, and
expenses related to our sponsorship of the Vancouver Winter Olympics partly offset the year-over-year EBITDA improvement in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Aliant&#146;s EBITDA in&nbsp;2009 was consistent with&nbsp;2008, increasing by 0.3%. Reduced operating expenses were offset largely by lower operating revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Higher net benefit plans cost had an adverse impact on Bell&#146;s EBITDA in&nbsp;2009. Net benefit plans cost at Bell&nbsp;totalled &#36;263&nbsp;million in&nbsp;2009, representing an increase of 58%, compared to
&#36;166&nbsp;million in&nbsp;2008. The year-over-year increase was due to a lower expected return on plan assets, prior period gains that were fully amortized in&nbsp;2008 and higher amortization of actuarial losses, offset partly by a higher discount rate. Net
benefit plans cost at Bell&nbsp;Aliant increased year over year to &#36;92&nbsp;million in&nbsp;2009 from &#36;84&#160;million in&nbsp;2008. Accordingly, net benefit plans cost for BCE&nbsp;increased to &#36;355&nbsp;million in
2009 from &#36;250&nbsp;million in the previous year.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DEPRECIATION AND AMORTIZATION OF INTANGIBLE ASSETS</FONT></P>
<P align="left">
<I><font size="2" face="Arial">The amount of our depreciation and amortization of intangible assets in any year is affected by:
</font></I></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>
	<FONT face="Arial">how much we invested in new capital assets in previous
	years </FONT></I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>
	<FONT face="Arial">how many assets we retired during the year </FONT></I>
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><I>
	<font size="2" face="Arial">changes in accounting rules and estimates.</font></I></P>
	</li>
</ul>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 43</b></font></P>

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






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






<P align="left">
<I><FONT face="Arial" size="2">DEPRECIATION</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Depreciation of &#36;2,542&nbsp;million in&nbsp;2010 represented a decrease of &#36;53&nbsp;million, or 2.0%, compared to &#36;2,595&nbsp;million in&nbsp;2009. The decrease was due to minor changes to depreciation rates used under the group method and
asset write-downs and depreciation adjustments in&nbsp;2009, partly offset by investment in new assets that have shorter useful lives than our legacy network assets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of &#36;2,595&nbsp;million in&nbsp;2009 represented an increase of &#36;58&nbsp;million, or 2.3%, compared to &#36;2,537&nbsp;million in&nbsp;2008. The increase was due to a higher asset base and asset
write-downs and depreciation adjustments, partly offset by charges in&nbsp;2008 of &#36;12&nbsp;million as a result of an impairment of certain fixed assets and &#36;7&nbsp;million at Bell&nbsp;Aliant on the finalization of the purchase price allocation related to its
privatization of Bell&nbsp;Nordiq.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">AMORTIZATION OF INTANGIBLE ASSETS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Amortization of intangible assets in&nbsp;2010 of &#36;750&nbsp;million decreased &#36;26&nbsp;million, or 3.4%, compared to &#36;776&nbsp;million in&nbsp;2009. The decrease was the result of an intangible asset becoming fully amortized at the end of
2009, partly offset by an increase in our asset base and the early retirement of a billing system in the fourth quarter of&nbsp;2010.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of intangible assets in&nbsp;2009 of &#36;776&nbsp;million increased &#36;49&nbsp;million, or 6.7%, compared to &#36;727&nbsp;million in&nbsp;2008. The increase was the result of our continued investment in
finite-life intangible assets. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">RESTRUCTURING AND OTHER</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">This category includes various income and expenses that are not directly related to the operating revenues generated during the year.</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">2010</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We recorded restructuring and other charges of &#36;224&nbsp;million in&nbsp;2010. These included: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">charges related to voluntary and involuntary employee termination charges of &#36;15&nbsp;million at Bell&nbsp;and &#36;29&nbsp;million at Bell&nbsp;Aliant
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">charges of &#36;21&nbsp;million mainly at Bell&nbsp;for relocating employees and closing real estate facilities that are no longer needed because of workforce reduction initiatives
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">other charges of &#36;159&nbsp;million that include charges of
&#36;120&#160;million as a result of the CRTC&#146;s decision to include interest and other amounts in our deferral account balance and &#36;30&nbsp;million for the impairment of certain customer
relationships created on the privatization of Bell&nbsp;Nordiq in&nbsp;2008.</FONT></P>
	</li>
</ul>
<P align="left">
<I><FONT face="Arial" size="2">2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We recorded restructuring and other charges of &#36;527&nbsp;million in&nbsp;2009. These included: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">charges related to voluntary and involuntary employee termination charges of &#36;219&nbsp;million at Bell&nbsp;and &#36;41&nbsp;million at Bell&nbsp;Aliant
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">charges of &#36;80&nbsp;million at Bell&nbsp;for relocating employees and closing real estate facilities that are no longer needed because of workforce reduction initiatives
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">other charges of &#36;187&nbsp;million of which &#36;152&nbsp;million
related to the Supreme Court of&nbsp;Canada decision rendered in September&nbsp;2009 to uphold the CRTC&#146;s decision that the funds remaining in our deferral account could be used for broadband expansion or returned to our customers.
	</FONT></P></li>
</ul>
<P align="left">
<I><FONT face="Arial" size="2">2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We recorded restructuring and other charges of &#36;871&nbsp;million in&nbsp;2008. These included: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">charges related to involuntary employee termination charges of &#36;274&nbsp;million at Bell&nbsp;and &#36;54&nbsp;million at Bell&nbsp;Aliant
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">charges of &#36;88&nbsp;million mainly at Bell&nbsp;for real estate costs of which &#36;32&nbsp;million related to relocating employees and closing real estate facilities that are no longer needed because of workforce reduction initiatives and &#36;49&nbsp;million
related to the relocation to campus environments </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">charges of &#36;455&nbsp;million related to a charge of &#36;236&#160;million for the CRTC&#146;s decision to approve the use of the deferral
account funds for the uneconomic expansion of our broadband network, &#36;187&nbsp;million for employee retention costs, and other financial advisory, professional and consulting costs associated with the proposed privatization transaction and costs
related to Bell&#146;s rebranding.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">OTHER INCOME (EXPENSE) </FONT></P>
<P align="left">
<I><font size="2" face="Arial">Other income (expense) includes income and expense that we receive and incur from activities that are not part of our main business operations, such as:
</font></I></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>
	<FONT face="Arial">net
gains or losses on investments, including gains or losses when we dispose of, write down or reduce our ownership in investments
	</FONT></I></font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>
	<FONT face="Arial">foreign currency gains and losses </FONT></I></font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"><I>
	<FONT face="Arial">interest income on cash and cash equivalents </FONT></I>
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><I>
	<font size="2" face="Arial">other miscellaneous income or expense.
</font></I></P></li>
</ul>
<P align="left">
<I><FONT face="Arial" size="2">2010</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Other income of &#36;124&nbsp;million in&nbsp;2010 included a gain on the sale of our investment in SkyTerra Communications&nbsp;Inc., partly offset by an &#36;11&nbsp;million premium paid for the partial redemption of &#36;345&nbsp;million of Bell&nbsp;Aliant&#146;s &#36;750&nbsp;million 4.72% medium-term notes. </FONT></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>44&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<I><FONT face="Arial" size="2">2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Other expense of &#36;18&nbsp;million in&nbsp;2009 included premiums paid on the early redemption of debt of &#36;45&nbsp;million, partly offset by gains on investments.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Other expense of &#36;253&nbsp;million in&nbsp;2008 included losses on investments of &#36;308&nbsp;million from the write-down of most of our available-for-sale investments, partly offset by interest income on investments.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INTEREST EXPENSE</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Interest expense of &#36;670&nbsp;million in&nbsp;2010 represented a decrease of &#36;53&nbsp;million, or 7.3%, compared to &#36;723&nbsp;million for the same period last year as a result of lower average interest rates on refinanced debt and lower
average debt levels.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Interest expense of &#36;723&nbsp;million in&nbsp;2009 represented a decrease of &#36;68&nbsp;million, or 8.6%, compared to &#36;791&nbsp;million for the same period last year as a result of interest capitalized on spectrum licences not yet in use
and lower interest rates on debt, partly offset by higher average debt levels.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INCOME TAXES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Income taxes of &#36;550&nbsp;million in&nbsp;2010 represented an increase of &#36;182&nbsp;million, compared to &#36;368&nbsp;million for the same period last year as a result of higher earnings, partly offset by a decrease in statutory tax rates in
2010. The favourable resolution of uncertain tax positions decreased tax expense in both&nbsp;2010 and&nbsp;2009 but the decrease was larger in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, the effective tax rate increased to 17.6% in&nbsp;2010, compared to 15.0% in&nbsp;2009.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Income taxes of &#36;368&nbsp;million represented a decrease of &#36;101&nbsp;million, or 21.5%, compared to &#36;469&nbsp;million for the same period last year as a result of the favourable resolution of uncertain tax positions, partly offset
by higher earnings.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result, the effective tax rate decreased to 15.0% in&nbsp;2009, compared to 25.7% in&nbsp;2008.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">NON-CONTROLLING INTEREST</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Non-controlling interest of &#36;299&nbsp;million in&nbsp;2010 decreased &#36;34&nbsp;million, or 10.2%, compared to &#36;333&nbsp;million for the same period last year from lower earnings due to an impairment charge related to certain customer
relationships created on the privatization of Bell&nbsp;Nordiq in&nbsp;2008 and the premium paid on the partial redemption of Bell&nbsp;Aliant&#146;s 4.72% medium-term notes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-controlling interest of &#36;333&nbsp;million in&nbsp;2009 increased &#36;10&nbsp;million, or 3.1%, compared to &#36;323&nbsp;million in&nbsp;2008 due to higher earnings at Bell&nbsp;Aliant in&nbsp;2009.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DISCONTINUED OPERATIONS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2009, we incurred a net loss from discontinued operations of &#36;11&nbsp;million as compared to &#36;90&nbsp;million in&nbsp;2008. The net loss in&nbsp;2008 was due mainly to losses incurred and asset impairments related to our decisions to cease
operations or to sell certain of our businesses, including our investment in Expertech Network Installation (US)&nbsp;Inc. (Expertech US). A loss of &#36;15&nbsp;million was recorded in&nbsp;2008 in anticipation of the sale of Expertech US. In&nbsp;2009, we ceased the
operations of Expertech US.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">NET EARNINGS AND EPS</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Net earnings applicable to common shares were &#36;2,165&#160;million, or &#36;2.85 per common share, compared to net earnings of &#36;1,631&nbsp;million, or &#36;2.11 per common
share, for the same period last year. This increase was a result of lower net benefit plans cost, lower depreciation and amortization expense, lower interest expense, a lower tax rate and fewer shares outstanding. The increase also was due to a
decrease in restructuring and other as compared to&nbsp;2009, as well as higher gains on investments in&nbsp;2010 as compared to the same period last year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the impact of restructuring and other and net (gains) losses on investments, Adjusted net earnings increased by &#36;230&nbsp;million, from &#36;1,929&nbsp;million to &#36;2,159&#160;million in&nbsp;2010. As a result, Adjusted EPS increased 13.6% in&nbsp;2010 to &#36;2.84 per common share from &#36;2.50 per common share in&nbsp;2009.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Net earnings applicable to common shares for&nbsp;2009 were &#36;1,631&nbsp;million, or &#36;2.11 per common share, compared to net earnings of &#36;819&nbsp;million, or &#36;1.02 per common share, for the same period last year. The increase was
due to higher EBITDA and lower income tax expense from the resolution of uncertain tax positions partly offset by increased depreciation and amortization expense and higher net benefit plans cost. Net earnings were higher in&nbsp;2009 also due to a
decrease in restructuring and other charges compared to&nbsp;2008, as well as gains on investments in&nbsp;2009 compared to losses on investments in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the impact of restructuring and other and net (gains) losses on investments, Adjusted net earnings increased by &#36;118&nbsp;million, from &#36;1,811&nbsp;million to &#36;1,929&nbsp;million in&nbsp;2009. As a
result, Adjusted EPS increased 11.1% in&nbsp;2009 to &#36;2.50 per common share from &#36;2.25 per common share in&nbsp;2008, which also reflects the impact of fewer average outstanding common shares.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 4</b></font><b><font face="Arial" size="1">5</font></b></P>

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






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

<P align="left">
<I><FONT face="Arial" color="#0065A4">SEGMENTED ANALYSIS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our reporting structure reflects how we manage our business and how we classify our operations for planning and measuring performance.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">OPERATING REVENUES </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VS.&nbsp;2009</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VS.&nbsp;2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,695</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,666 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,640 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,934</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,558 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,479 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8.2</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(204</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(204 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.0</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15,425</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15,020 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,871 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,071</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,174 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,297 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3.2</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(427</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(459 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(507 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7.0</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">18,069</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,735 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.9</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">&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>
	<TD align=right width="10%" colspan=3>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">OPERATING INCOME </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VS.&nbsp;2009</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VS.&nbsp;2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireline </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,812</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,148 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">902 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">57.8</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,160</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,284 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,241 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(9.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,972</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,432 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,143 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">22.2</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">700</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">759 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">726 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(7.8</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,672</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,191 </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">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15.1</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">BELL&nbsp;WIRELINE SEGMENT</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">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="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%">
	<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE REVENUE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VS.&nbsp;2009</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VS.&nbsp;2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local and access </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,012</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,159 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,360 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">932</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,078 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,165 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(13.5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Data </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,691</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,696 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,723 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(0.1</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Video </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,749</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,593 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,450 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">9.8</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">991</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">817 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">574 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">21.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">42.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,375</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,343 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,272 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">320</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">323 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">368 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(0.9</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(12.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Bell&nbsp;Wireline revenue </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,695</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,666 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,640 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<b><FONT face="Arial" size="2">2010 Compared to&nbsp;2009</FONT></b></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Wireline&#146;s revenues increased 0.3% in&nbsp;2010 to &#36;10,695&#160;million from &#36;10,666&nbsp;million in&nbsp;2009. Year-over-year revenue increases of &#36;174&nbsp;million in
equipment and other and &#36;156&nbsp;million in video were partly offset by decreases of &#36;147&nbsp;million in local and access, &#36;146&nbsp;million in long distance and &#36;5&nbsp;million in data. </FONT></P>
<P align="left">
<b><I><FONT face="Arial" size="2">Local and Access</FONT></I></b></P>
<P align="left">
<FONT face="Arial" size="2">Local and access revenues were &#36;3,012&nbsp;million in&nbsp;2010, down 4.7% from &#36;3,159&nbsp;million in&nbsp;2009. This decrease was due mainly to ongoing residential and business NAS erosion and reprice pressures, mainly within our large and
mass market business segments as a result of competitive pricing offers in the marketplace. Although local and access revenues were lower in&nbsp;2010 compared to the previous year, the annual rate of decline improved significantly representing our best
performance in over five years, due mainly to fewer NAS net losses year over year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAS net losses were 385,317 in&nbsp;2010, representing a 13.9% improvement over net losses of 447,424 in&nbsp;2009. This result reflected lower year-over-year residential NAS line losses, which improved 17.0%
in&nbsp;2010. Despite continued aggressive pricing and promotional activity by cable TV competitors and CLECs, as well as the effects of wireless substitution, the year-over-year reduction in NAS line losses can be attributed to the benefits of service
bundling, effective marketing of our Home Phone packages, increased customer winbacks, fewer losses to CLECs, and high-quality service delivery during the&nbsp;2010 residential move season in Qu&eacute;bec and back-to-school period.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of continued soft demand for new installations due to a slowly recovering economy, business NAS line losses in&nbsp;2010 also declined year over year, but improved 4.6% over&nbsp;2009. This result
was driven mainly by fewer business line disconnections as compared with the previous year, reflecting economic stabilization and effective customer retention strategies.</FONT></P>
<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>46&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
&nbsp;</P>
<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2010, our combined residential and business NAS customer base totalled 6,475,705 lines (comprised of 3,608,887 residential lines and 2,866,818 business lines), compared with 6,861,022
lines (comprised of 3,886,530 residential lines and 2,974,492 business lines) at the end of&nbsp;2009. As a result of the improvement in NAS line losses year over year, the rate of erosion on our total NAS customer base decreased to 5.6% in&nbsp;2010 from
6.1% in&nbsp;2009. Our annual rate of residential NAS erosion was 7.1% in&nbsp;2010, down from 7.9% in the previous year, while business NAS erosion was relatively unchanged year over year at 3.6% compared with 3.7% in&nbsp;2009.</font></P>
<P align="left">
<b><I><FONT face="Arial" size="2">Long Distance</FONT></I></b></P>
<P align="left">
<FONT face="Arial" size="2">Long distance revenues were &#36;932&nbsp;million in&nbsp;2010, compared with &#36;1,078&nbsp;million in&nbsp;2009. The year-over-year decrease of 13.5% reflected lower billed minute volumes resulting from residential and business NAS line erosion,
toll competition, rate pressures in our business and wholesale markets, as well as technological substitution to wireless and Internet. The continuing shift by residential customers towards unlimited or high-usage packages for a set monthly price
instead of per-minute rates and the increased adoption of lower-priced rate plans by small business customers to optimize overall telecom spending also contributed to lower long distance revenues in&nbsp;2010 compared to the previous year.</FONT></P>
<P align="left">
<b><I><FONT face="Arial" size="2">Data</FONT></I></b></P>
<P align="left">
<FONT face="Arial" size="2">Data revenues totalled &#36;3,691&nbsp;million in&nbsp;2010, down 0.1% from &#36;3,696&nbsp;million in&nbsp;2009. The slight year-over-year decrease was attributable to the ongoing decline in legacy data revenues. This decline resulted from 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. This was almost entirely offset by higher residential Internet service revenue driven primarily by subscriber growth and a higher proportion of customers subscribing to Bell&nbsp;Fibe Internet packages, higher IP broadband connectivity revenues generated by our Business Markets unit, as well as increased sales of ICT service solutions and data-related equipment to large business customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We experienced a rebound in broadband Internet subscriber growth in&nbsp;2010 driven by our Fibe high-speed Internet service that contributed to net activations of 40,335 compared with 37,618 in&nbsp;2009. Our
Internet subscriber results in&nbsp;2010 also reflected fewer residential and business customer deactivations year over year, despite ongoing aggressive acquisition offers from our competitors and wireless substitution. At December&nbsp;31,&nbsp;2010, our total
number of high-speed Internet connections was 2,097,326, representing a 2.0% increase since the end of&nbsp;2009.</FONT></P>
<P align="left">
<b><I><FONT face="Arial" size="2">Video</FONT></I></b></P>
<P align="left">
<FONT face="Arial" size="2">Video revenues increased 9.8% in&nbsp;2010 to &#36;1,749&nbsp;million from &#36;1,593&nbsp;million in the previous year, as a result of higher ARPU and a larger customer base. Video ARPU in&nbsp;2010 was up 5.6%, or &#36;3.90, to &#36;73.49 per month
from &#36;69.59&#160;per month in&nbsp;2009. 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 STBs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 71,221 net video subscribers in&nbsp;2010, compared with net activations of 113,315 in&nbsp;2009. Even with the commercial launch of Bell&nbsp;Fibe TV in September&nbsp;2010 in select areas of Toronto and
Montr&eacute;al, which had a positive impact on subscriber acquisition during the fourth quarter of&nbsp;2010, and increased wholesale activations, total video net activations decreased year over year due mainly to higher retail churn as a result of
aggressive competitive pricing and promotional activity throughout the year by the cable TV operators. Our video churn rate in&nbsp;2010 increased to 1.4% from 1.2% in the previous year. At December&nbsp;31,&nbsp;2010, our video subscriber base totalled 2,020,098,
representing a 3.7% increase since the end of&nbsp;2009. </FONT></P>
<P align="left">
<b><I><FONT face="Arial" size="2">Equipment and Other</FONT></I></b></P>
<P align="left">
<FONT face="Arial" size="2">Equipment and other revenues increased 21.3% in&nbsp;2010 to &#36;991&nbsp;million from &#36;817&nbsp;million in&nbsp;2009, mainly as a result of the acquisition of The Source in the third quarter of&nbsp;2009.</FONT></P>
<P align="left">
<b><FONT face="Arial" size="2">2009 Compared to&nbsp;2008</FONT></b></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Wireline&#146;s revenues totalled &#36;10,666&nbsp;million, up 0.2% from &#36;10,640&nbsp;million in&nbsp;2008. Year-over-year revenue increases of &#36;143&nbsp;million in video and &#36;243&nbsp;million in equipment and other were partly offset by
decreases of &#36;201&nbsp;million, &#36;87&#160;million and &#36;27&nbsp;million in local and access, long distance and data, respectively.</FONT></P>
<P align="left">
<b><I><FONT face="Arial" size="2">Local and Access</FONT></I></b></P>
<P align="left">
<FONT face="Arial" size="2">Local and access revenues declined 6.0% in&nbsp;2009 to &#36;3,159&#160;million from &#36;3,360&nbsp;million in&nbsp;2008. The decrease was due largely to ongoing residential NAS erosion.
Higher year-over-year business line losses and the decline in our payphone business driven by reduced usage also negatively impacted local and access revenues this year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, our combined residential and business NAS customer base totalled 6,861,022 lines (comprised of 3,886,530 residential lines and 2,974,492 business lines), compared to 7,308,446
(comprised of 4,221,071 residential lines and 3,087,375 business lines) at the end of&nbsp;2008. These figures include retroactive adjustments that we made to our NAS customer base as at the beginning of&nbsp;2008 after an extensive company-wide review of
subscriber metrics completed in&nbsp;2009 that resulted in a reduction of 3,000 lines and 111,000 lines, respectively, to our residential and business NAS subscriber counts.
</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 4</b></font><b><font face="Arial" size="1">7</font></b></P>

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






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




<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAS net losses in&nbsp;2009 were 447,424, up from 436,172 in the previous year, representing an annual rate of NAS erosion of 6.1% in&nbsp;2009 compared to 5.6% in&nbsp;2008. The year-over-year increase in line
losses can be attributed to the weaker economy in&nbsp;2009 that brought about a higher number of business customer disconnections and fewer new installations in Ontario and Qu&eacute;bec. As a result, we experienced a higher rate of business NAS erosion
in&nbsp;2009, which increased to 3.7% from 1.7% in&nbsp;2008. However, our residential local business exhibited resiliency to the economy as evidenced by the reduction in residential NAS line losses in&nbsp;2009, which improved 12.6% year over year, despite
ongoing aggressive competition from both cable TV operators and CLECs for local telephone service.
</font></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Long Distance</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Long distance revenues were &#36;1,078&nbsp;million in&nbsp;2009, compared to &#36;1,165&nbsp;million in&nbsp;2008. The 7.5% decrease was driven by lower billed-minute volumes resulting from residential and business NAS line erosion, toll competition
and pricing pressures in our business and wholesale markets, as well as technological substitution to wireless and Internet.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Data</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Data revenues decreased 0.7% in&nbsp;2009 to &#36;3,696&nbsp;million from &#36;3,723&nbsp;million in&nbsp;2008. The modest decline in&nbsp;2009 was attributable to decreased equipment sales to business customers who deferred buying decisions and spent
more cautiously during the economic downturn. Although legacy data revenues decreased year over year, total data service revenues increased 1.1% in&nbsp;2009, mainly as a result of higher Internet services revenue driven by a greater number of high-speed
Internet customer connections, higher residential Internet ARPU, and increased IP broadband connectivity revenue from both our business and wholesale customers. Legacy data revenue erosion continued as a result of business customer migrations to
IP-based systems, competitive losses, continued market pricing pressures, and a lower number of digital network access circuits used by existing customers due to a reduced level of overall business activity and cost rationalization given the
slowdown in the economy.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 37,618 net high-speed Internet subscribers in&nbsp;2009, compared to 50,814 in&nbsp;2008. Despite increased residential sales through our direct channels, driven by competitive product offers and
improvements in service delivery, total net subscriber activations decreased in&nbsp;2009 as a result of higher economy-related business deactivations and a maturing Internet market. At December&#160;31,&nbsp;2009, we had 2,056,991 high-speed Internet subscribers, representing a 0.1% increase over&nbsp;2008. This figure includes an end-of-year subscriber base adjustment following a company-wide review of subscriber metrics, which resulted in
a decrease of 35,160 customers. The subscriber base adjustment did not impact net subscriber activations for&nbsp;2009.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Video</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Video revenues increased 9.9% in&nbsp;2009 to &#36;1,593&nbsp;million from &#36;1,450&nbsp;million in&nbsp;2008 as a result of higher ARPU and a larger customer base. Video ARPU in&nbsp;2009 was up 6.5%, or &#36;4.22, to &#36;69.59 per month from
&#36;65.37 per month in&nbsp;2008. The year-over-year improvement in video ARPU was due to customer upgrades to higher-priced programming packages, driven partly by increased customer adoption of premium STBs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 113,315 net video subscribers in&nbsp;2009, compared to 29,741 in&nbsp;2008. The year-over-year improvement can be attributed to higher activations through our direct channels and increased customer
subscriptions from MDUs. Our video churn rate in&nbsp;2009 remained unchanged year over year at 1.2%. At December&nbsp;31,&nbsp;2009, our video subscriber base totalled 1,948,877, representing a 5.2% increase over&nbsp;2008. This figure includes an end-of-year
subscriber base adjustment following a company-wide review of subscriber metrics, which resulted in a decrease of 16,209 customers. The subscriber base adjustment did not impact net subscriber activations for&nbsp;2009.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Equipment and Other</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Equipment and other revenues increased 42.3% to &#36;817&#160;million in&nbsp;2009 from &#36;574&nbsp;million in&nbsp;2008, mainly as a result of the acquisition of The Source in the third
quarter of&nbsp;2009.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">BELL&nbsp;WIRELINE OPERATING INCOME</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="2">2010 Compared to&nbsp;2009</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Operating income for our Bell&nbsp;Wireline segment was &#36;1,812&#160;million in&nbsp;2010, up 57.8% from &#36;1,148&nbsp;million in&nbsp;2009. The year-over-year increase was due primarily to:
</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher video, Internet and IP broadband connectivity services revenue
	</FONT></P></li>
	<li>
	<P align="left" 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 resulting from productivity and efficiency improvements in both our field
operations and residential services call centres</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">decreased payments to other carriers due to reduced rates for traffic settled on their networks
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">cost savings realized through renegotiated service contracts with certain IT vendors and
other outsource suppliers </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">lower U.S. dollar hedge rates in&nbsp;2010 on our U.S. dollar-denominated purchases
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">decreased capital taxes and real estate costs
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">decreased net benefit plans cost, which included the positive impact of a
pension valuation allowance reversal </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">lower restructuring and other expense.</FONT></P>
	</li>
</ul>
<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>48&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="2">The favourable impact on operating income in&nbsp;2010 from these factors was partly offset by: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">a reduction in higher-margin legacy voice and data revenues due to the erosion of our residential NAS customer base, business
customer losses and competitive pricing pressures </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher cost of service at Bell&nbsp;TV driven by a larger subscriber base and increased programming costs due to the addition of new content and higher rates paid.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">In addition, higher operating expenses and marketing costs incurred in the first quarter of&nbsp;2010 as a result of our sponsorship of the Vancouver Winter Olympics moderated the improvement in Bell&nbsp;Wireline&#146;s operating income in
2010.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">2009 Compared to&nbsp;2008</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Operating income for our Bell&nbsp;Wireline segment was &#36;1,148&#160;million in&nbsp;2009, up from &#36;902&nbsp;million in&nbsp;2008. The year-over-year increase was due primarily to lower
restructuring and other charges in&nbsp;2009, reflecting amounts for voluntary and involuntary workforce reduction initiatives, including a retirement incentive for unionized employees, the relocation of employees to campus environments, and a charge
recorded as a result of a Supreme Court of&nbsp;Canada ruling upholding the CRTC&#146;s decision as to the disposition of Bell&#146;s remaining deferral account balance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Wireline&#146;s operating income before restructuring and other decreased 3.1% to &#36;1,623&nbsp;million in&nbsp;2009 from &#36;1,675&#160;million in
2008, mainly as a result of the following: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">ongoing loss of higher-margin legacy voice and data revenues
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher customer acquisition and TV programming and costs consistent with video subscriber growth and the addition of new channels
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher U.S. dollar hedge rates in&nbsp;2009 on our U.S. dollar-denominated purchases
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">increased wireline marketing and sales expenses
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">costs related to Bell&#146;s sponsorship of the Vancouver Winter Olympics
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher net benefit
plans cost.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">These factors, which had an unfavourable impact on operating income in&nbsp;2009, were partly offset by higher video, Internet and IP broadband connectivity revenues, a decline in overall labour costs due mainly to a reduced workforce,
and decreased use of consultants and contractors, as well as lower overall general and administrative expenses.</FONT></P>
<P align="left">
<FONT size=2 face="Arial" color="#0065A4">BELL&nbsp;WIRELESS SEGMENT</FONT></P>
<P align="left">
<I><FONT size=2 face="Arial">BELL&nbsp;WIRELESS REVENUE</FONT></I><font face="Arial" size="2">
</font>
	</P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
&nbsp;</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%">
	<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS REVENUE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VS.&nbsp;2009</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VS.&nbsp;2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Service </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,481</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,102 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,059 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">9.2</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Product </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">407</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">405 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">375 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=2>
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,888</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,507 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,434 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8.5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">46</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">51 </FONT>
	</TD>
	<TD 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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(9.8</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Bell&nbsp;Wireless revenue </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,934</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,558 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,479 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8.2</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">2010 Compared to&nbsp;2009</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Wireless operating revenues, comprised of network service and product revenues, increased 8.2% to &#36;4,934&#160;million in&nbsp;2010 from &#36;4,558&nbsp;million in&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless service revenue grew 9.2% in&nbsp;2010 to &#36;4,481&#160;million from &#36;4,102&nbsp;million in&nbsp;2009. The year-over-year increase was the result
of subscriber base growth and higher ARPU.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product revenues increased 0.5% in&nbsp;2010 to &#36;407&nbsp;million from &#36;405&nbsp;million in&nbsp;2009, reflecting higher smartphone sales and a higher number of gross subscriber activations and upgrades year over
year. The unfavourable impact of lower average handset pricing and discounted acquisition offers in response to the high level of competitive intensity moderated overall product revenue growth in&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in the third quarter of&nbsp;2009, wireless ARPU, churn and COA reflect 100% of Virgin&#146;s results. These metrics, prior to this time, reflected our previous 50% ownership. Wireless gross
activations, net activations and end-of-period subscribers in prior periods have always included 100% of Virgin&#146;s subscribers.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blended ARPU increased 0.6% in&nbsp;2010 to &#36;52.03 per month from &#36;51.70 per month in&nbsp;2009. The year-over-year improvement reflected both higher postpaid and prepaid ARPU.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU increased 1.0% in&nbsp;2010 to &#36;63.49 per month from &#36;62.87 per month in&nbsp;2009. The increase was due to data ARPU growth, reflecting increased use of text messaging, e-mail, wireless
Internet access and other mobile applications driven by increased penetration of smartphones and other data-capable devices, as well as increased adoption of data plans. Higher long distance revenue, attributable to increased prices on long distance
wireless plans and increased usage, also contributed to higher postpaid ARPU in&nbsp;2010. Lower voice ARPU, resulting mainly from increased customer adoption of richer rate plans with more services and voice minutes included at lower monthly prices
(including the elimination of system access fees on new rate plans launched in November&nbsp;2009 that are only partly compensated for by a &#36;5 monthly increase), and competitive pricing pressures due to
</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 49</b></font></P>

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




<P align="left">
<FONT face="Arial" size="2">increased market penetration by discount/flanker brands and the emergence of new wireless service providers in the marketplace, moderated the year-over-year improvement in postpaid ARPU in&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid ARPU increased to &#36;17.76 per month in&nbsp;2010 from &#36;17.15 per month in&nbsp;2009, mainly as a result of higher average usage per customer.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the same reasons as above, on a pro forma basis, assuming the acquisition of Virgin occurred on January&nbsp;1,&nbsp;2009, postpaid ARPU increased 1.1% to &#36;63.49 per month in&nbsp;2010 from &#36;62.81 per
month in&nbsp;2009. Prepaid ARPU improved 1.3% to &#36;17.76 per month from &#36;17.53 per month in the same respective years.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Driven by significantly higher postpaid gross activations year over year, total gross wireless activations increased 11.4% in&nbsp;2010 to 1,999,482 as compared to 1,794,237 in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid gross activations totalled 1,332,086 in&nbsp;2010, up 26.1% from 1,056,126 in the previous year. Postpaid gross activations represented approximately 67% of total gross activations in&nbsp;2010,
compared to 59% in&nbsp;2009. The year-over-year increase in postpaid gross activations reflected our extensive portfolio of the latest smartphones and other sought-after mobile handsets, the positive consumer response to our promotional offers, expanded
distribution and the launch of the new HSPA+ network in November&nbsp;2009. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid gross activations decreased 9.6% in&nbsp;2010 to 667,396 from 738,111 in&nbsp;2009, primarily due to our emphasis on postpaid acquisition at Bell&nbsp;Mobility and Virgin as well as aggressive acquisition
offers from new wireless entrants for lower value subscribers. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate increased to 1.9% in&nbsp;2010 from 1.7% in&nbsp;2009 as a result of higher postpaid and prepaid churn. Postpaid churn increased to 1.4% in&nbsp;2010 from 1.3%&#160;in the previous year, while prepaid churn increased to 3.5% from 3.2% for the same respective periods. Higher postpaid and prepaid churn in&nbsp;2010 mainly reflected heightened competitive intensity
particularly at the low end of the consumer market. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, our blended churn rate increased to 1.9% in&nbsp;2010 from 1.8% in&nbsp;2009 for similar reasons as above. Postpaid and prepaid churn rates were unchanged.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mainly as a result of higher postpaid gross activations, total wireless net subscriber activations grew 9.7% year over year to 408,746 in&nbsp;2010 from 372,607 in&nbsp;2009. Higher value postpaid net
activations increased 51.2% to 500,139 in&nbsp;2010 from 330,815 in the previous year. However, due to lower prepaid gross activations, we reported prepaid net customer losses of 91,393 in&nbsp;2010, compared to net additions of 41,792 in&nbsp;2009. At December&nbsp;31,&nbsp;2010, we provided service to 7,242,048 wireless subscribers, representing a 6.0% increase since the end of&nbsp;2009.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">2009 Compared to&nbsp;2008</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Wireless operating revenues increased 1.8% to &#36;4,558&#160;million in&nbsp;2009 from &#36;4,479&nbsp;million in&nbsp;2008. Despite subscriber base growth and the July&nbsp;2009 acquisitions
of Virgin and The Source, operating revenues were adversely affected by the economic downturn, which resulted in reduced usage and lower overall spending by both our consumer and business customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless service revenue in&nbsp;2009 grew by 1.1%, or &#36;43&#160;million, to &#36;4,102&nbsp;million from &#36;4,059&nbsp;million in&nbsp;2008. The year-over-year
increase was driven by higher wireless data usage, subscriber base growth and the acquisition of Virgin. Lower voice ARPU moderated the growth in wireless service revenue in&nbsp;2009, reflecting a softer economy and competitive pricing pressures from
increased market penetration of flanker brands.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product revenues increased 8.0% in&nbsp;2009 to &#36;405&nbsp;million from &#36;375&nbsp;million in&nbsp;2008. The year-over-year increase was due to the acquisitions of Virgin and The Source, and increased smartphone
sales.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in the third quarter of&nbsp;2009, wireless ARPU, churn and COA reflect 100% of Virgin&#146;s results. These metrics, prior to this time, reflected our previous 50% ownership. Wireless gross
activations, net activations and end-of-period subscribers in prior periods always have included 100% of Virgin&#146;s subscribers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless ARPU decreased in&nbsp;2009 mainly as a result of lower voice usage attributable to the economic slowdown. The decline in the voice component of ARPU was due largely to decreased usage, reflecting
reduced employment levels and increased customer adoption of richer rate plans with more services and voice minutes included at lower monthly prices, and decreased roaming revenues as a result of reduced customer travel. Competitive pricing
pressures due to the emergence of flanker brands also put downward pressure on voice ARPU. These factors were partly offset by growth in data revenues, reflecting increased usage and features penetration consistent with the sale of a greater number
of smartphones, wireless Internet sticks and other data-capable devices. In addition, due to the inclusion of a higher proportion of Virgin prepaid customers in our ARPU calculation, blended ARPU for&nbsp;2009 was impacted adversely when compared to
2008, while postpaid ARPU remained virtually unaffected.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid ARPU was &#36;62.87 per month in&nbsp;2009, down from &#36;66.09 per month in&nbsp;2008, while prepaid ARPU was essentially unchanged at &#36;17.15 per month in&nbsp;2009 compared to &#36;17.14 per month in
the previous year. Accordingly, blended ARPU declined to &#36;51.70 per month in&nbsp;2009 from &#36;54.29 per month in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, assuming the acquisition of Virgin occurred on January&nbsp;1,&nbsp;2008, postpaid and prepaid ARPU decreased, year over year, in&nbsp;2009. Postpaid ARPU was &#36;62.81 per month in&nbsp;2009,
compared to &#36;66.02 per month </FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">50</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="2">in&nbsp;2008. Prepaid ARPU declined to &#36;17.53 per month in&nbsp;2009 from &#36;17.83 per month in the previous year. Accordingly, blended ARPU declined to &#36;50.88 per month in&nbsp;2009 from &#36;52.70 per month in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding the softer economy and intense competition, our gross wireless activations increased 8.6% in&nbsp;2009 to 1,794,237 compared to 1,651,494 in&nbsp;2008. The year-over-year improvement was driven
by both higher postpaid and prepaid gross activations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid gross activations grew 8.9% in&nbsp;2009 to 1,056,126 from 969,522 last year, reflecting the positive consumer response to the launch of the new HSPA+ network, our expanded handset and smartphone
lineup, growth in wireless Internet stick activations and our promotional offers.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid gross activations increased 8.2% in&nbsp;2009 to 738,111 from 681,972 in&nbsp;2008, reflecting growth at Virgin and relatively higher demand for prepaid products as consumers controlled their spending
during the economic downturn.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate increased to 1.7% in&nbsp;2009 from 1.6% in&nbsp;2008, reflecting higher postpaid and prepaid churn. Postpaid churn increased to 1.3% in&nbsp;2009 from 1.2% in the previous year, due to higher
economy-driven deactivations and aggressive acquisition offers from our competitors. Prepaid churn increased to 3.2% in&nbsp;2009 from 3.1% in&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On a pro forma basis, our blended churn rate increased to 1.8% in&nbsp;2009 from 1.7% in&nbsp;2008, reflecting higher postpaid and prepaid churn. Postpaid churn increased to 1.3% in&nbsp;2009 from 1.2% in&nbsp;2008.
Prepaid churn increased to 3.2% in&nbsp;2009 from 3.1% in&nbsp;2008. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of higher gross subscriber activations, total wireless net activations increased 6.4% in&nbsp;2009 to 372,607 compared to 350,044 in&nbsp;2008. Postpaid net activations, which represented 89% of
total net activations in&nbsp;2009, were essentially stable year over year at 330,815 compared to 331,043 in&nbsp;2008, while prepaid net activations increased to 41,792 from 19,001 in the same respective periods.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2009, we provided service to 6,833,302 wireless subscribers, representing a 5.2% increase over the end of&nbsp;2008. This figure reflected an end-of-year subscriber base adjustment
following a company-wide review of subscriber metrics, which resulted in a decrease of 36,826 customers (34,752 postpaid and 2,074 prepaid). The subscriber base adjustment did not impact net subscriber activations for&nbsp;2009.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">BELL&nbsp;WIRELESS OPERATING INCOME</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="2">2010 Compared to&nbsp;2009</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our Bell&nbsp;Wireless segment reported operating income of &#36;1,160&nbsp;million in&nbsp;2010, down 9.7% from &#36;1,284&nbsp;million in&nbsp;2009. The year-over-year decrease was due to a combination of factors, including: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher subscriber
acquisition costs due mainly to a greater number of gross activations </FONT>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">increased spending on customer retention and handset upgrades</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher payments to other carriers as a result of increased data roaming
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">increased network expenses to maintain and accommodate growing data usage on the HSPA+ network
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher labour and administrative costs
related to a greater number of distribution points and to provide customer support to a growing base of smartphone customers using more sophisticated data services and applications
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">increased advertising.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Higher wireless operating revenues and the favourable impact on product costs from lower U.S. dollar hedge rates in&nbsp;2010 on our U.S. dollar-denominated purchases of wireless devices partly offset the decrease in Bell&nbsp;Wireless&#146; operating income in&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless COA per gross activation increased to &#36;397 in&nbsp;2010 from &#36;350 in the previous year. Despite the favourable impact of a significantly higher number of gross activations, wireless COA
was higher year over year, mainly as a result of increased handset subsidies and sales commissions driven by a higher proportion of postpaid and smartphone customer activations in&nbsp;2010 as compared to the previous year.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless COA per gross activation increased to &#36;397 in&nbsp;2010 from &#36;336 in&nbsp;2009 on a pro forma basis for similar reasons as above.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">2009 Compared to&nbsp;2008</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Our Bell&nbsp;Wireless segment reported operating income of &#36;1,284&nbsp;million in&nbsp;2009, up 3.5% from &#36;1,241&nbsp;million in&nbsp;2008. The year-over-year increase was due to higher operating revenues, lower subscriber acquisition costs, and
decreased customer retention and handset upgrade spending. These factors were partly offset by: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher costs to support a larger number of subscribers and wireless data usage growth</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">increased operating expenses consistent with the
acquisitions of Virgin and The Source </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">increased customer care costs, including increased warranty and repair costs, as a result of supporting more sophisticated devices and services
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">higher cost of product sales driven by a significant
year-over-year increase in smartphone activations. </FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Wireless COA decreased by 11.4% in&nbsp;2009 to &#36;350 per gross activation from &#36;395 per gross activation in&nbsp;2008. On a pro forma basis, wireless COA decreased by 9.9% in&nbsp;2009 to &#36;336 per gross activation from &#36;373 in
2008. The improvement in wireless COA was primarily the result of lower selling and advertising costs, as well as a higher proportion of wireless Internet stick activations year over year.</FONT></P>
<P align="left">
&nbsp;</P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">51</font></b></P>

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

<P align="left">
&nbsp;</P>
<B><FONT size=2 face="Arial" color="#0065A4">BELL&nbsp;ALIANT SEGMENT </FONT></B>
<p><I><FONT size=2 face="Arial">BELL&nbsp;ALIANT REVENUE</FONT></I><font face="Arial" size="2">
</font></p>




<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=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="40%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%">
	<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;ALIANT REVENUE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VS.&nbsp;2009</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VS.&nbsp;2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local and access </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,287</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,348 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,394 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4.5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">371</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">399 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">429 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(7.0</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Data </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">659</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">632 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">598 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Wireless </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">81</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">78 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">72 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3.8</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">408</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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">462 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,806</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,885 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,955 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">265</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">289 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">342 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(8.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(15.5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total Bell&nbsp;Aliant revenue </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,071</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,174 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,297 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3.2</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">2010 Compared to&nbsp;2009</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Aliant revenues decreased 3.2% to &#36;3,071&nbsp;million in&nbsp;2010 from &#36;3,174&nbsp;million in&nbsp;2009. The year-over-year decline resulted from the continued erosion of Bell&nbsp;Aliant&#146;s legacy voice and data businesses. Lower IT
product sales also contributed to the decline in operating revenues at Bell&nbsp;Aliant in&nbsp;2010. Higher revenues from growth in Internet, IP-based broadband connectivity services and wireless partly offset the year-over-year decrease in Bell&nbsp;Aliant&#146;s revenues. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 4.5% in&nbsp;2010 to &#36;1,287&nbsp;million from &#36;1,348&nbsp;million in the previous year. This was due to a 4.8% decline in the NAS customer base since the end of&nbsp;2009,
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 VoIP services. A number of Bell&nbsp;Aliant&#146;s regulated services are
governed by a price cap formula and, as a result of negative inflation in&nbsp;2009, a large reduction in contribution subsidy revenues resulted in&nbsp;2010. This was mitigated in the fourth quarter of&nbsp;2010 by the beneficial effects of a retroactive revenue
adjustment associated with a regulatory decision regarding contribution subsidies. In order to moderate the impact of reduced contribution subsidies and 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 December&nbsp;31,&nbsp;2010, Bell&nbsp;Aliant had 2,775,874 NAS in service,
compared with 2,916,156 NAS at the end of&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues were &#36;371&nbsp;million in&nbsp;2010, down 7.0% as compared to &#36;399&nbsp;million in&nbsp;2009. The decrease was due to lower minutes of use, year over year, resulting from competitive NAS
line losses and technology substitution to wireless calling and IP-based services. The continued shift by residential customers from per-minute rate plans to fixed-price packages also contributed to lower long distance revenues at Bell&nbsp;Aliant in
2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues increased 4.3% in&nbsp;2010 to &#36;659&nbsp;million from &#36;632&nbsp;million in&nbsp;2009. The year-over-year improvement can be attributed largely to higher Internet revenues driven by a 4.3% increase
in the number of high-speed subscribers and higher residential ARPU from growth in value-added services and price increases in&nbsp;2009. At December&nbsp;31,&nbsp;2010, Bell&nbsp;Aliant had 842,460 high-speed Internet subscribers compared with 807,640 subscribers at
the end of&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues grew 3.8% in&nbsp;2010 to &#36;81&nbsp;million from &#36;78&nbsp;million in&nbsp;2009, due mainly to subscriber base growth. At December&nbsp;31,&nbsp;2010, Bell&nbsp;Aliant had 132,362 wireless customers,
representing a 9.4% increase since the end of&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment and other revenues decreased 4.7% in&nbsp;2010 to &#36;408&nbsp;million from &#36;428&nbsp;million in the previous year. The decline was due mainly to lower IT product revenues attributable to customer
sales in&nbsp;2009 that did not recur in&nbsp;2010.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">2009 Compared to&nbsp;2008</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Aliant revenues decreased 3.7% to &#36;3,174&nbsp;million in&nbsp;2009 from &#36;3,297&nbsp;million in&nbsp;2008. The year-over-year decline resulted from the continued erosion of Bell&nbsp;Aliant&#146;s local wireline and long distance businesses
and reduced telecom product sales. These declines were partly offset by higher revenues from growth in Internet and IP-based broadband connectivity services, and an increase in wireless and IT revenue. The wind-down of the operations of AMP in the
third quarter of&nbsp;2008, following Bell&#146;s notification that it would terminate its contract with AMP as its exclusive distributor in Atlantic&nbsp;Canada, also adversely impacted Bell&nbsp;Aliant&#146;s operating revenues in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 3.3% in&nbsp;2009 to &#36;1,348&nbsp;million from &#36;1,394&nbsp;million in&nbsp;2008. This was due to a 5.1% decline in the NAS customer base in&nbsp;2009, reflecting competitive losses
driven by aggressive pricing and increased promotional activity by competitors, as well as expansion in the cable telephony footprint and substitution for other services including wireless and VoIP services. At December&#160;31,&nbsp;2009, Bell&nbsp;Aliant had 2,916,156 NAS in service, compared to 3,071,675 NAS one year earlier.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">52</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues were &#36;399&nbsp;million in&nbsp;2009, down 7.0% compared to &#36;429&nbsp;million in&nbsp;2008. The decrease was due to a decline in conversation minutes resulting from competitive losses and
technology substitution to wireless calling and IP-based services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues increased 5.7% in&nbsp;2009 to &#36;632&nbsp;million from &#36;598&nbsp;million in&nbsp;2008. The year-over-year improvement can be attributed to higher Internet revenues driven by a 7.0% increase in the
number of high-speed subscribers and higher residential ARPU. At December&nbsp;31,&nbsp;2009, Bell&nbsp;Aliant had 807,640 high-speed Internet subscribers compared to 754,927 subscribers at the end of&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues grew 8.3% in&nbsp;2009 to &#36;78&nbsp;million from &#36;72&nbsp;million in&nbsp;2008, mainly due to a larger subscriber base and higher ARPU. At December&nbsp;31,&nbsp;2009, Bell&nbsp;Aliant had 121,019 wireless
customers, representing a 6.2% increase compared to the end of&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment and other revenues decreased 7.4% in&nbsp;2009 to &#36;428&nbsp;million from &#36;462&nbsp;million in&nbsp;2008. The year-over-year decline was due to lower telecom product sales in&nbsp;2009 compared to&nbsp;2008.
Equipment and other revenues in&nbsp;2009 were also adversely impacted by the wind-down of the operations of AMP in the third quarter of&nbsp;2008.</font></P>
<P align="left">
<I><FONT face="Arial" size="2">BELL&nbsp;ALIANT OPERATING INCOME</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="2">2010 Compared to&nbsp;2009</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Operating income at Bell&nbsp;Aliant decreased 7.8% to &#36;700&#160;million in&nbsp;2010 from &#36;759&nbsp;million in&nbsp;2009. The year-over-year decline was due mainly to a &#36;30&nbsp;million impairment charge related to certain customer relationships created on the privatization of Bell&nbsp;Nordiq in&nbsp;2008 as well as lower operating revenues, offset partly by decreased labour
costs from workforce reduction programs, and continued efficiencies achieved as a result of various initiatives that led to decreased use of consultants and IT services contract labour. Various cost containment and other expense reduction measures
that resulted in reduced selling, general and administrative expenses, as well as lower year-over-year restructuring and other charges, also moderated the decrease in Bell&nbsp;Aliant&#146;s operating income in&nbsp;2010.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">2009 Compared to&nbsp;2008</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Operating income at Bell&nbsp;Aliant was higher year over year, increasing by 4.5% to &#36;759&nbsp;million in&nbsp;2009 from &#36;726&nbsp;million in&nbsp;2008. The year-over-year improvement was due mainly to lower labour costs as a result of workforce
reduction programs initiated in the fourth quarter of&nbsp;2008 and the first quarter of&nbsp;2009, and to decreased use of consultants and IT services contract labour. Other cost containment initiatives that resulted in reduced selling, general and
administrative expenses, as well as lower restructuring and other charges also contributed to higher operating income in&nbsp;2009. These favourable factors were partly offset by lower total operating revenues and higher net benefit plans cost year over
year.</FONT></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">FINANCIAL AND CAPITAL MANAGEMENT</FONT></P>
<P align="left">
<FONT face="Arial">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></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">NET DEBT</FONT></I></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">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,329</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">600 </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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,581</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Securitization of accounts receivable </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,268</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,305 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,385</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(774</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(687 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total net debt </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13,789</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,287 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">Includes bank advances and notes payable.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">Net debt decreased &#36;498&nbsp;million to &#36;13,789&nbsp;million in&nbsp;2010 mainly due to the change in our definition of net debt to include 50% of preferred shares to align with rating agencies methodology for the treatment of preferred
shares (2009 included 100% of preferred shares), partly offset by an increase in debt due within one year and long-term debt, which includes obligations of &#36;266&nbsp;million for capital leases. Free cash flow of &#36;1,374&nbsp;million, the issuance of
debt and proceeds on the sale of investments of &#36;139&nbsp;million were used to pay dividends on common shares of &#36;1,318&nbsp;million and repurchase 16.2&nbsp;million common shares for &#36;500&nbsp;million under BCE&nbsp;Inc.&#146;s&nbsp;2010 NCIB.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">OUTSTANDING SHARE DATA</FONT></I></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">
<I><FONT size=1 face="Arial">(in&nbsp;millions)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">752.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">767.2 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Stock options </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8.5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11.3 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">We had 752.3&nbsp;million common shares outstanding at December&nbsp;31,&nbsp;2010, a decrease of 14.9&nbsp;million from December&nbsp;31,&nbsp;2009, due to BCE&nbsp;Inc.&#146;s repurchase of 16.2&#160;million
outstanding common shares for cancellation through the&nbsp;2010 NCIB offset by stock options exercised in the year. At February&#160;28,&nbsp;2011, 752.5&nbsp;million common shares and 9.4&nbsp;million stock options
were outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of stock options outstanding at December&#160;31,&nbsp;2010 was 8.5&nbsp;million, a decrease of 2.8&nbsp;million from December&nbsp;31,&nbsp;2009. The weighted
average exercise price of all stock options outstanding at December&nbsp;31,&nbsp;2010 was &#36;32. Of the total outstanding stock options at December&nbsp;31,&nbsp;2010, 7.7&nbsp;million could be exercised at a weighted average exercise price of &#36;32. In&nbsp;2010: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">1.3&nbsp;million options were exercised </FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">1.5&nbsp;million options expired or were forfeited.</FONT></P>
	</li>
</ul>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">53</font></b></P>

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






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

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




<P align="left">
<I><FONT face="Arial" color="#0065A4">CASH FLOWS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table is a summary of our cash inflows and outflows.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">% CHANGE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VS.&nbsp;2009</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VS.&nbsp;2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,724</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,884 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(17.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant distributions to BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">291</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">291 </FONT>
	</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>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,959</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,854 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.4 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(98</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(89 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(10.1</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">87.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(108</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(0.9</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17.1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(370</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(369 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(0.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</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 width="40%">
<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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(106</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(300 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(303 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">64.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</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>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free cash flow </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,374</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,456 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,689 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(5.6</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant undistributed free cash flow </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(185</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">n.m.</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(30.8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business acquisitions </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(62</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(338 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">81.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Business dispositions </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(27.3</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Going-private costs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">100.0</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">95.7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Increase in investments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">92.5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Decrease in investments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">139</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">113 </FONT>
	</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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">23.0</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net issuance (repayment) of debt instruments </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">663</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,385 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(451 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">n.m.</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,318</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,201 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(587 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(9.7</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">n.m.</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(500</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</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">(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">44.1</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other financing activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(68</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">24.4</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash provided by discontinued operations </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(100.0</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(33.3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net increase (decrease) in cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">86</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,375 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">405 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">n.m.</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">n.m. </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</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">
<FONT face="Arial" size="2" color="#0065A4">CASH FLOWS FROM OPERATING ACTIVITIES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Cash flows from operating activities were &#36;4,724&nbsp;million, a decrease of &#36;160&nbsp;million, or 3.3%, compared to &#36;4,884&#160;million in&nbsp;2009. The decrease was due to:
</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an increase of &#36;250&nbsp;million in pension contributions due to a voluntary pension plan contribution of &#36;750&nbsp;million made in December&nbsp;2010 as compared to the contribution made in December&nbsp;2009
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">a decrease in EBITDA, exclusive of
the reduction in net benefit plans cost of &#36;30&nbsp;million </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">a reduction in working capital due to required payments under our restricted share unit plan.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">The decreases were partly offset by lower payments for: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">interest of &#36;85&nbsp;million due to interest savings from redemption of debt in&nbsp;2009 and early&nbsp;2010
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">restructuring and other of &#36;72&nbsp;million due to fewer
workforce reduction initiatives and lower real estate costs </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">income taxes of &#36;39&nbsp;million due in part to savings from the voluntary &#36;500&nbsp;million pension contribution made in&nbsp;2009.</FONT></P>
	</li>
</ul>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Cash flows from operating activities were &#36;4,884&nbsp;million, a decrease of &#36;1,025&nbsp;million, or 17.3%, compared to &#36;5,909&#160;million in&nbsp;2008. The decrease was due to:
</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an increase of &#36;836&nbsp;million in pension contributions, including a &#36;500&nbsp;million voluntary pension contribution at Bell
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">a decrease of &#36;88&nbsp;million in interest received as a result of lower interest rates on temporary cash
investments and lower average cash balances </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an increase of &#36;56&nbsp;million in income taxes paid
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">a decrease in working capital.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">This was partly offset by higher cash earnings from an increase in EBITDA, exclusive of net benefit plans cost of &#36;190&nbsp;million.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">54</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="2" color="#0065A4">FREE CASH FLOW</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Free cash flow was &#36;1,374&nbsp;million in&nbsp;2010, a decrease of &#36;82&nbsp;million, or 5.6%, compared to &#36;1,456&nbsp;million in&nbsp;2009. Lower cash flows from operating activities of &#36;160&nbsp;million and higher capital expenditures of
&#36;105&nbsp;million were partly offset by a smaller adjustment for Bell&nbsp;Aliant free cash flow of &#36;194&nbsp;million.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Free cash flow was &#36;1,456&nbsp;million in&nbsp;2009, a decrease of &#36;233&nbsp;million, or 13.8%, compared to &#36;1,689&nbsp;million in&nbsp;2008. Lower cash flows from operating activities of &#36;1,025&nbsp;million were partly offset by a reduction in
capital expenditures of &#36;132&nbsp;million and a smaller investment in&nbsp;2009 for AWS spectrum licences. In&nbsp;2009, we invested &#36;40&nbsp;million in spectrum licences compared to &#36;741&nbsp;million in&nbsp;2008.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CAPITAL EXPENDITURES </FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010 COMPARED TO&nbsp;2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Capital expenditures for BCE&nbsp;increased to &#36;2,959&nbsp;million in&nbsp;2010 from &#36;2,854&nbsp;million in&nbsp;2009, reflecting higher spending at Bell. As a percentage of revenues, capital expenditures for BCE&nbsp;were 16.4% in&nbsp;2010, up from 16.1%
in&nbsp;2009.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell, capital expenditures increased 3.1% to &#36;2,463&nbsp;million in&nbsp;2010 from &#36;2,390&nbsp;million in&nbsp;2009. This represented a capital intensity ratio of 16.0% compared to 15.9% in&nbsp;2009. The
year-over-year increase was due mainly to increased investment in our wireline broadband network, reflecting the continued rollout of fibre to residential neighbourhoods, new condominiums and other MDUs, the deployment of FTTH in Qu&eacute;bec City
as well as in new urban and suburban housing developments in Ontario and Qu&eacute;bec, ongoing grooming of our core network to support our IPTV service and enhancements to grow the capacity of our wireline broadband network to accommodate increased
data consumption. Higher spending to support the execution of customer contracts in our Business Markets unit also contributed to higher capital spending at Bell&nbsp;in&nbsp;2010. This was partly offset by lower spending at Bell&nbsp;Wireless in&nbsp;2010, due to higher spending in the previous year for the deployment of the new HSPA+ network, and reduced capital expenditures on the maintenance of our legacy network
infrastructure.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Aliant&#146;s capital expenditures increased 6.9%, year over year, to &#36;496&nbsp;million in&nbsp;2010 from &#36;464&nbsp;million in the previous year, mainly as a result of a purchase of telephone poles in
2010. In general, Bell&nbsp;Aliant&#146;s overall capital investment in&nbsp;2010 was similar to&nbsp;2009, except for this repurchase. Strategic priority in&nbsp;2010 was given to growing broadband, specifically related to FTTH, and to productivity
initiatives.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009 COMPARED TO&nbsp;2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Capital expenditures for BCE&nbsp;were &#36;2,854&nbsp;million in&nbsp;2009, compared to &#36;2,986&nbsp;million in&nbsp;2008. As a percentage of revenues, capital expenditures for BCE&nbsp;were 16.1% in&nbsp;2009 compared to 16.9% in&nbsp;2008.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s capital expenditures decreased 2.8% in&nbsp;2009 to &#36;2,390&nbsp;million from &#36;2,459&nbsp;million in the previous year. This represented a capital intensity ratio of 15.9% in&nbsp;2009 compared to
16.5% in&nbsp;2008. Although total expenditures were lower year over year, we maintained spending on our key priorities within the growth areas of our business with more than 80% of the capital spent in&nbsp;2009 centred on our five strategic imperatives. In
2009, we made new investments in both our wireless and wireline broadband networks, including the deployment of a nation-wide HSPA+ network, the continued rollout of high-speed broadband fibre, and speed and capacity enhancements to our IP backbone
network infrastructure. However, reduced spending to maintain our legacy network infrastructure and to support large business customer contracts, in addition to higher real estate expenditures in&nbsp;2008 to form campus environments in Montr&eacute;al,
Toronto and Calgary, resulted in lower overall capital spending in&nbsp;2009. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital spending at Bell&nbsp;Aliant decreased to &#36;464&#160;million in&nbsp;2009 from &#36;527&nbsp;million in&nbsp;2008, due to a planned reduction in capital
spending for&nbsp;2009 and higher spending in&nbsp;2008 on the expansion of its broadband footprint.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">BUSINESS ACQUISITIONS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We acquired businesses for a total cost of &#36;62&nbsp;million in&nbsp;2010. In&nbsp;2009, we invested &#36;338&nbsp;million for business acquisitions, including Virgin and The Source, and in&nbsp;2008 we invested &#36;56&nbsp;million for various business
acquisitions.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">GOING-PRIVATE COSTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Going-private costs of &#36;163&nbsp;million in&nbsp;2008 included employee retention costs and costs associated with the proposed privatization transaction for financial advisory, professional and consulting fees. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INCREASE/DECREASE IN INVESTMENTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The decrease in investments of &#36;139&nbsp;million in&nbsp;2010 resulted from the sale of our investment in SkyTerra.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The cash provided by investments in&nbsp;2009 related to the sales of available-for-sale investments. The cash used in investments in&nbsp;2009 represents our purchase of a minority interest investment in the
Montr&eacute;al Canadiens Hockey Club and the Bell&nbsp;Centre in Montr&eacute;al.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">55</font></b></P>

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






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

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




<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DEBT INSTRUMENTS</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">We use a combination of short-term and long-term debt to finance our operations. Our short-term debt consists mostly of bank facilities and notes payable under commercial paper programs. We usually pay fixed rates of interest
on our long-term debt and floating rates on our short-term debt.</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">2010</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We issued &#36;663&nbsp;million of debt, net of repayments, in&nbsp;2010. This included Bell&nbsp;Canada&#146;s issuance of medium-term debentures having a principal amount of &#36;1&nbsp;billion, Bell&nbsp;Aliant Regional Communications, Limited
Partnership (Bell&nbsp;Aliant LP)&#146;s issuance of medium-term notes with a principal amount of &#36;350&nbsp;million and borrowings under notes payable and bank advances of approximately &#36;250&nbsp;million at Bell&nbsp;and Bell&nbsp;Aliant. This was partly offset by
redemptions of Bell&nbsp;Canada&#146;s debentures of &#36;394&nbsp;million, Bell&nbsp;Aliant LP&#146;s partial early redemption of medium-term notes having a principal amount of &#36;345&nbsp;million and payments under capital leases.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We repaid &#36;1,385&nbsp;million of debt, net of issuances, in&nbsp;2009. The debt repayments included the redemption of &#36;1,450&#160;million of debentures at Bell&nbsp;Canada and &#36;650
million of notes at BCE&nbsp;Inc., the repayment of &#36;150&nbsp;million of credit facilities at Bell&nbsp;Aliant, payments of bank advances and notes payable of approximately &#36;200&nbsp;million and payments under capital leases. This was partly offset by Bell&nbsp;Canada&#146;s issuance of medium-term debentures having a principal amount of &#36;1&nbsp;billion and the issuance by Bell&nbsp;Aliant LP of medium-term notes with a principal amount of &#36;350&nbsp;million.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We repaid &#36;451&nbsp;million of debt, net of issuances, in&nbsp;2008, which were primarily payments under capital leases.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CASH DIVIDENDS PAID ON COMMON SHARES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. paid an annual dividend of &#36;1.73 per common share. In&nbsp;2010, BCE&nbsp;Inc. announced two increases in the annual dividend payable on BCE&nbsp;Inc.&#146;s common shares, which represents an increase of 13.2% to &#36;1.97 per
common share at the beginning of&nbsp;2011 from &#36;1.74 per common share at the beginning of&nbsp;2010.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. paid an annual dividend of &#36;1.54 per common share. BCE&nbsp;Inc. announced three increases in the annual dividend payable on BCE&nbsp;Inc.&#146;s common shares, which represents an increase of 19.2% from &#36;1.46 per common
share at the beginning of&nbsp;2009 to &#36;1.74 per common share at the beginning of&nbsp;2010.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We paid lower dividends of &#36;0.73 per common share because dividends on our common shares were not paid in the second and third quarters in&nbsp;2008 as a result of the terms associated with the proposed privatization
transaction.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">REPURCHASE OF COMMON SHARES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2010</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. repurchased and cancelled 16.2&nbsp;million common shares for a total cash outlay of &#36;500&nbsp;million under the&nbsp;2010 NCIB program. The program was completed in December&nbsp;2010.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2009</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. repurchased and cancelled 36&nbsp;million common shares for a total cash outlay of &#36;894&nbsp;million under the&nbsp;2008/2009 NCIB program. </FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">2008</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. repurchased 7.5&nbsp;million common shares under the&nbsp;2008/2009 NCIB program for a total cash outlay of &#36;178&#160;million. Of the shares repurchased, 4&nbsp;million were
cancelled in&nbsp;2008 for a total cost of &#36;92&nbsp;million and the remaining 3.5&nbsp;million were cancelled in early&nbsp;2009 for a total cost of &#36;86&nbsp;million.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">CREDIT RATINGS</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">Ratings generally address the ability of a company to repay principal and pay interest or dividends on issued and outstanding securities.</FONT></I><font size="2" face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2" face="Arial">Our ability to raise financing depends on our ability to access the public equity and debt capital markets as well as the bank credit market. Our ability to access such markets and the cost and
amount of funding available depends partly on the quality of our credit ratings at the time capital is raised. Investment grade ratings usually mean that when we borrow money, we qualify for lower interest rates than companies that have ratings
lower than investment grade. A ratings downgrade could result in adverse consequences for our funding capacity or ability to access the capital markets.</font></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&nbsp;10,&nbsp;2010, DBRS Limited (DBRS) and Standard &amp; Poor&#146;s Financial Services LLC, a subsidiary of The McGraw-Hill Companies&nbsp;Inc. (S&amp;P), confirmed the ratings of BCE&nbsp;Inc. and Bell&nbsp;Canada after BCE&nbsp;Inc. announced that it would acquire the remaining 85% interest in CTV that it does not already own. Moody&#146;s Investors Service,&nbsp;Inc. (Moody&#146;s) stated that the ratings were unaffected by the announcement. As of
March&#160;10,&nbsp;2011, the BCE&nbsp;Inc. and Bell&nbsp;Canada ratings remained unchanged at investment grade levels and were assigned stable outlooks from S&amp;P, DBRS and Moody&#146;s.
</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">56</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="2">The table below lists BCE&nbsp;Inc.&#146;s and Bell&nbsp;Canada&#146;s key credit ratings at March&nbsp;10,&nbsp;2011.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;INC.</FONT><SUP><FONT size=1 face="Arial">(1)</FONT></SUP><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
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	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MOODY&#146;S </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB (high) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB+ </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Pfd-3 (high) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">P-2 (low) </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;CANADA</FONT><SUP><FONT size=1 face="Arial">(1)</FONT></SUP><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DBRS </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MOODY&#146;S </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">S&amp;P </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commercial paper </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">R-1 (low) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">P-2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">A-2 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">A (low) </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB+ </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Subordinated long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Baa2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">BBB </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="7" width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<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">These credit ratings are not recommendations to buy, sell or hold any of the securities referred to above, and they may be revised or withdrawn at any time by the assigning rating organization. Each credit rating should be
evaluated independently of any other credit rating.</FONT></I></P></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">Our financial policy is to maintain investment grade credit metrics to allow financial flexibility and access to lower-cost funding. Our financial policy targets for Bell&nbsp;are to maintain a net debt to Adjusted EBITDA ratio of
between 1.5 and 2.0 times and an Adjusted EBITDA to net interest expense ratio greater than 7.5 times. In these target ratios, net debt includes amounts outstanding under our accounts receivable securitization program and 50% of our total
outstanding preferred shares to align with rating agencies methodology for the treatment of preferred shares. Net interest expense includes 50% of dividends on preferred shares and losses on sales due to our accounts receivable securitization
program. Adjusted EBITDA includes cash distributions received from Bell&nbsp;Aliant. The calculation and components of these ratios are intended to reflect the methodologies generally used by the credit rating agencies.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">LIQUIDITY</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">SOURCES OF LIQUIDITY</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our cash balance at the end of&nbsp;2010 was &#36;774&nbsp;million. We expect that this cash and our&nbsp;2011 estimated cash flows from operations will permit us to meet our cash requirements in&nbsp;2011 for capital expenditures, employee benefit
plans funding, dividend payments, the payment of contractual obligations and outstanding debt, ongoing operations and other cash requirements other than for the acquisition of CTV. The available sources of funding for the acquisition of CTV include
the issuance by Bell&nbsp;Canada of $1.0&nbsp;billion of 4.40% Series M-22 medium term
debentures under its shelf prospectus expected to close on or about March&nbsp;16,
2011, a new, fully committed unsecured credit facility of up to &#36;2&nbsp;billion entered into on October&nbsp;28,&nbsp;2010 by Bell&nbsp;Canada, which matures in May&nbsp;2013, with a syndicate of financial institutions, approximately &#36;750&nbsp;million in new BCE&nbsp;Inc. common shares that will be issued to Woodbridge Limited, or an affiliate thereof, and surplus cash on hand.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should our&nbsp;2011 cash requirements, other than for the acquisition of CTV, exceed our cash balance and cash generated from our operations, we expect to cover such shortfall through the committed and
uncommitted financing facilities that are currently in place or through new facilities, to the extent available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our cash flows from operations, cash balance and financing facilities should give us flexibility in carrying out our plans for future growth. If necessary, we may, to the extent possible, supplement
our liquidity sources by issuing additional debt or equity. We might do this to help finance business acquisitions or for contingencies.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The table below is a summary of our total bank credit facilities at December&nbsp;31,&nbsp;2010, excluding the October&nbsp;28,&nbsp;2010 credit facility entered into to assist in financing the acquisition of CTV.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ISSUED AND </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD 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="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">UNDRAWN </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">COMMERCIAL </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="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">LETTERS OF </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PAPER </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NET </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DRAWN </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CREDIT </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OUTSTANDING </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Committed credit facilities </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada</FONT><SUP><FONT size=2 face="Arial">(1)<B> </B> </FONT></SUP><FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Revolving facility (including supporting commercial paper program) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,400</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">265</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,135</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><SUP><FONT size=2 face="Arial">(1)<B> </B> </FONT></SUP><FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Revolving facility (including supporting commercial paper program) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">550</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">24</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">317</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">564</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">40</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">261</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">263</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,519</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">40</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">550</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,720</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-committed credit facilities </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">269</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">42</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">100</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">127</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">282</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">42</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">101</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">139</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed and non-committed credit facilities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,801</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">82</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">651</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,859</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">Bell&nbsp;Canada&#146;s current &#36;1,400&nbsp;million supporting committed revolving bank credit facility expires in May&nbsp;2013 and Bell&nbsp;Aliant&#146;s current &#36;550&nbsp;million supporting committed revolving bank credit facility
expires in July&nbsp;2011.</FONT></I></P></td>
	</tr>
</table>
&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">57</font></b></P>

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






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

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




<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Canada and Bell&nbsp;Aliant may issue notes under their commercial paper programs up to the net available amount of their committed revolving bank credit facilities. The total amount of these
committed revolving bank credit facilities may be drawn at any time. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our expectations relating to our ability to meet our cash requirements in&nbsp;2011, other than for the acquisition of CTV, with our cash flows from operations and our cash balance are based on certain
economic, market and operational assumptions that are described in the section entitled </font>
<I><font size="2" face="Arial">Business Outlook and Assumptions</font></I><font size="2"><FONT face="Arial">. For a description of risk factors that could affect our business and, consequently, our cash flows from operations, refer to </FONT><I><FONT face="Arial">Our
Competitive Environment</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">Our Regulatory Environment</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Risks that Could Affect Our Business and Results</FONT></I><FONT face="Arial">. In addition, our ability to supplement our liquidity sources by issuing additional debt and equity largely depends on prevailing market conditions and the outlook for our business and credit ratings at the time capital is raised. For
a description of risk factors that could affect our ability to issue additional debt or equity refer to the risk entitled </FONT><I><FONT face="Arial">If we are unable to raise the capital we need, we may need to limit our capital expenditures or
our investments in new business, or try to raise capital by disposing of assets </FONT></I><FONT face="Arial">under</FONT><I><FONT face="Arial"> Risks that Could Affect Our Business and Results</FONT></I></font><font size="2" face="Arial">.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CASH REQUIREMENTS</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">CAPITAL EXPENDITURES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2011, our capital spending will be focused on our strategic priorities, demand growth and service quality, reflecting an appropriate level of investment in our networks and services.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">EMPLOYEE BENEFIT PLANS FUNDING</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our employee benefit plans include both defined benefit and defined contribution plans, as well as other post-employment benefits. The funding requirements of our employee benefit plans, resulting from valuations of our plan
assets and liabilities, depend on a number of factors, including actual returns on pension plan assets, long-term interest rates, plan demographics, and applicable regulations and actuarial standards. Our expected funding for&nbsp;2011 is detailed in the
following table and is subject to actuarial valuations being completed in&nbsp;2011. An actuarial valuation was last performed for most of our pension plans as at December&nbsp;31,&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a more detailed description of risks that could cause our actual employee benefit plans funding to differ materially from our current estimates, please refer to the risk entitled
</FONT><font size="2"><I><FONT face="Arial">We may be required to increase contributions to our employee benefit plans in the future depending on various factors </FONT></I><FONT face="Arial">under</FONT><I><FONT face="Arial"> Risks that Could Affect Our Business and
Results</FONT></I></font><font size="2" face="Arial">.</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">BELL&nbsp;</FONT><font size="1"> </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 size=1 face="Arial">2011 EXPECTED FUNDING </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ALIANT </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="7" width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined benefit pension &#150; service cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">215 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">265 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined benefit pension &#150; deficit</FONT><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">45 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">240 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">285 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="7" width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined benefit </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">260 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">290 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">550 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other post-employment benefits </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">110 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Defined contribution </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan="7" width="64%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total net benefit plans </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">400 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">310 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">710 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="7" width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">Includes a &#36;200&nbsp;million voluntary contribution at Bell&nbsp;Aliant.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">We expect to contribute approximately &#36;550&nbsp;million to all of our defined benefit pension plans in&nbsp;2011, including subsidiary and supplemental plans, subject to actuarial valuations being completed. In&nbsp;2011, we also expect to
pay approximately &#36;110&nbsp;million to beneficiaries under other post-employment benefit plans and to contribute approximately &#36;50&nbsp;million to the defined contribution pension plans.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2011, funding of our defined benefit pension plans is expected to be lower than&nbsp;2010 mainly as a result of higher returns on pension plan assets in&nbsp;2010 and the &#36;750&nbsp;million voluntary pension
contribution made in&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Canada closed the membership of its defined benefit plan in January&nbsp;2005 to eliminate its pension obligation volatility in respect of all new employees, who now enroll in the defined contribution
plan. Similarly, in&nbsp;2006 we announced the phase-out over a ten-year period of post-employment benefits for all employees, which will result in Bell&#146;s post-employment benefits funding being gradually phased out after 2016.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">DIVIDEND PAYMENTS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2011, the cash dividends to be paid on BCE&nbsp;Inc.&#146;s common shares are expected to be higher than in&nbsp;2010 as the board of directors of BCE&nbsp;Inc. approved two increases in the annual dividend on BCE&nbsp;Inc.&#146;s common shares in
2010. As a result, BCE&nbsp;Inc.&#146;s common share dividend increased by 13.2% to &#36;1.97 per common share at the end of&nbsp;2010 from &#36;1.74 per common share at the end of&nbsp;2009. These increases are consistent with BCE&nbsp;Inc.&#146;s common share
dividend policy of a target payout ratio between 65% to 75% of Adjusted EPS. BCE&nbsp;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&nbsp;Inc.&#146;s board of directors.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">58</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<I><FONT face="Arial" size="2">CONTRACTUAL OBLIGATIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table is a summary of our contractual obligations at December&nbsp;31,&nbsp;2010 that are due in each of the next five years and thereafter.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="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">THERE - </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">2011 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2012 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2013 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2014 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2015 </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">AFTER </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%" colspan="15">

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






	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">684 </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">520 </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">77 </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">1,561 </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">1,367 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,348 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">9,557 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">318 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">318 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">461 </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">312 </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">250 </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">214 </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">179 </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">1,664 </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">3,080 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">189 </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">148 </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">131 </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">115 </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">97 </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">346 </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">1,026 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commitments for capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">227 </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">190 </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">110 </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">104 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">823 </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">1,536 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase obligations </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,111 </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">692 </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">396 </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">375 </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">334 </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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,674 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest payable on long-term debt, notes payable and bank advances </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">572 </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">522 </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">502 </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">452 </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">397 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,120 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,565 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net interest receipts on derivatives </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(17 </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=right width="8%">
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(88 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" colspan="15">

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






	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,539 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,366 </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">1,449 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,809 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,447 </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">14,058 </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">26,668 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" colspan="15">

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






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






	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Our capital markets strategy, executed over the past years, has resulted in an attractive long-term debt maturity schedule.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital leases include imputed interest of &#36;1,055&nbsp;million.
<br>
&nbsp;&nbsp;&nbsp;&nbsp; Rental expense relating to operating leases was &#36;226&nbsp;million in&nbsp;2010, &#36;236&nbsp;million in&nbsp;2009 and &#36;233&nbsp;million in
2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist of contractual obligations under service and product contracts. Our commitments for capital expenditures include investments to expand and update our networks, and to meet
customer demand.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2010, we had other long-term liabilities that are not included in the previous table, including an accrued employee benefit plans liability, future income tax liabilities, deferred
revenue, gains on assets and various other long-term liabilities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrued employee benefit liability and future income tax liabilities are excluded as we cannot accurately determine the timing and cash requirements as: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">future contributions to the pension
plans depend largely on how well they are funded. This varies based on the results of actuarial valuations that are performed periodically and on the investment performance of the pension fund assets.</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">future payments of income taxes depend on the amount of taxable earnings and on whether there are tax loss carry forwards available to reduce income tax liabilities. </FONT></P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">Deferred revenue and gains on assets are excluded as they
do not represent future cash payments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&nbsp;has agreed to acquire the remaining 85% interest in CTV that it does not already own for approximately &#36;1.3&nbsp;billion in equity value. Including the value of BCE&#146;s present 15% ownership
stake, the transaction has an equity value of approximately &#36;1.5&nbsp;billion. Together with &#36;1.7&nbsp;billion in proportionate debt, the total transaction value is approximately &#36;3.2&nbsp;billion.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">OTHER CASH REQUIREMENTS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our cash requirements may also be affected by liquidity risks related to our contingencies and off-balance sheet arrangements. We may not be able to quantify all of these risks for the reasons described as follows.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">OFF-BALANCE SHEET ARRANGEMENTS</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">GUARANTEES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As a regular part of our business, we enter into agreements that provide for indemnifications and guarantees to counterparties in transactions involving business dispositions, sales of assets, sales of services, purchases and
development of assets, securitization agreements and operating leases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot reasonably estimate the maximum potential amount we could be required to pay counterparties because of the nature of almost all of these indemnifications. As a result, we cannot determine
how they could affect our future liquidity, capital resources or credit risk profile. We have not made any significant payments under these indemnifications in the past. See Note 25 to the consolidated financial statements for more
information.</FONT></P>
<P align="left">
<i><FONT face="Arial" size="2">SECURITIZATION OF ACCOUNTS RECEIVABLE</FONT></i></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Canada and Bell&nbsp;Aliant have sale of receivable agreements in place that provide them with what we believe is an attractive form of financing compared to debt financing.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the agreements, Bell&nbsp;Canada and Bell&nbsp;Aliant sold interests in accounts receivable to securitization trusts for a total of &#36;1,268&nbsp;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accounts receivable that were sold must meet minimum performance targets. These are based on specific delinquency, default and receivable turnover ratio calculations, as well as minimum credit
ratings. If these accounts receivable fail to meet these performance targets, Bell&nbsp;Canada and Bell&nbsp;Aliant would no longer be able to sell their receivables and would need to find an alternate source of financing.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These securitization agreements are an important part of our capital structure and liquidity. If we did not have them, we would have had to issue &#36;1,268&nbsp;million of additional debt and/or equity to
replace the financing they provided at year end. See Note 9 to the consolidated financial statements for more information.</FONT></P>

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<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
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<P align="left" style="margin-top: 0">
<FONT face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>




<P align="left">
<FONT face="Arial" size="2" color="#0065A4">LITIGATION</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We become involved in various legal proceedings as a part of our business. While we cannot predict the final outcome of legal proceedings that were pending at December&#160;31,
2010, based on information currently available and management&#146;s assessment of the merits of such legal proceedings, management believes that the resolution of these legal proceedings will not have a material and negative effect on our
consolidated financial position or results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will find a more detailed description of the material legal proceedings pending at December&nbsp;31,&nbsp;2010 in the BCE&nbsp;2010 AIF.</FONT></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">OUR COMPETITIVE ENVIRONMENT</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We face intense competition across all business segments and key product lines that could adversely affect our market shares, volumes and pricing strategies and, consequently, our financial results. The rapid development of new
technologies, services and products has altered the traditional lines between telecommunications, Internet and broadcasting services and brought new competitors to our markets. Technology substitution and VoIP, in particular, have reduced barriers
to entry in our industry. This has allowed competitors to launch new products and services and gain market share with far less investment in financial, marketing, personnel and technological resources than has historically been required. We expect
this trend to continue in the future, which could adversely affect our growth and our financial performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition affects our pricing strategies and could reduce our revenues and lower our profitability. We are under constant pressure to keep our prices and service offerings competitive. Changes in
our pricing strategies that result in price increases for certain services or products, or changes in pricing strategies by our competitors, could affect our ability to gain new customers and retain existing ones. We need to be able to anticipate
and respond quickly to the constant changes in our businesses and markets. If we fail to do so, our business and market position could be adversely affected.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC regulates the prices we can charge for basic access services in areas where it determines there is not enough competition to protect the interests of users. To date, the CRTC has determined
that competition was sufficient to grant forbearance from price regulation for over 90% of Bell&nbsp;Canada&#146;s residential local telephone service lines and over 80% of Bell&nbsp;Canada&#146;s business local telephone service lines in Ontario and
Qu&eacute;bec. </FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">WIRELINE</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our main competitors in local and access services are: TELUS Corporation (TELUS); Allstream Enterprise Solutions (a division of MTS Allstream&nbsp;Inc.) (Allstream); Primus Telecommunications&nbsp;Canada&nbsp;Inc. (Primus); Rogers Cable Communications&nbsp;Inc. (Rogers Cable), in Ontario, New Brunswick and Newfoundland and Labrador; Vid&eacute;otron Lt&eacute;e (Vid&eacute;otron), in Qu&eacute;bec; Cogeco Cable&nbsp;Inc. (a subsidiary of Cogeco&nbsp;Inc.) (Cogeco Cable), in
Ontario and Qu&eacute;bec; Bragg Communications&nbsp;Inc. operating under the EastLink trade-name (EastLink); Vonage&nbsp;Canada (a division of Vonage Holdings Corp.) (Vonage); and Shaw Communications&nbsp;Inc. (Shaw), in British Columbia, Alberta, Saskatchewan,
Manitoba and Ontario.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our major competitors in long distance services are: Allstream; TELUS; Primus; Vonage; dial-around providers such as Yak and Looney Call, which are divisions of YAK Communications (Canada) Corp. which
is owned by Globalive Communications Corp.; prepaid long distance providers, such as Group of Gold Line and Vonage; Cogeco Cable; Rogers Cable; EastLink; and Shaw.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to face cross-platform competition as customers substitute traditional services with new and non-traditional technologies and the rate at which such technology substitution takes place may
accelerate. For example, our wireline business competes with VoIP, wireless and Internet services, including chat services, instant messaging and e-mail. In particular, Industry&nbsp;Canada&#146;s licensing of AWS spectrum to new wireless entrants, many
of which already started providing services, could cause technology substitution to accelerate.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are facing significant competitive pressure from cable companies as a result of them offering voice services over their networks. Cable telephony is being driven by its inclusion in discounted
bundles and is now offered by cable operators in most major and mid-sized communities and in small communities as well. In addition, certain cable companies have recently launched or intend to launch wireless service, allowing them to offer, like
Bell&nbsp;Canada, telephone, Internet, wireless and television services and, consequently, enhancing their ability to leverage discounted bundles. Accordingly, we expect that competitive pressure from cable companies will intensify, which will increase
downward pressure on our market share, especially in the residential market. This could have an adverse effect on our business and results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Although we expect the rate of our residential and business NAS losses to further slow down in&nbsp;2011, compared to&nbsp;2010, there is a risk that adverse changes in certain factors, including, in
particular, competitive actions by cable providers and increased wireless substitution that may result especially from new entrants providing wireless services at lower prices relative to our prices and those of other incumbent wireless service
providers, may result in acceleration, beyond our current assumptions, in our rates of NAS erosion. This could have an adverse effect on our results of operations. Furthermore, additional competitive pressure from the adoption of alternative
technologies, products and services is making significant inroads into our legacy services, which typically represent our higher-margin business.</FONT></P>

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






<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices for long distance services have been declining since this segment was opened to competition. Our long distance services continue to face intense competitive pressure given the expanded presence
of cable telephony and the continuing impact of non-traditional services, including e-mail and text-messaging, prepaid cards, dial-around services and VoIP, as well as from traditional competitors such as inter-exchange carriers and resellers. We
also experience competition from telecommunications providers such as Skype Technologies (a division of eBay) that provide long distance service at low prices using personal computers and broadband connections.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for contracts to supply communications services to large business customers is very intense. Customers may choose to switch to competitors that offer lower prices to gain market share.
Such competitors may be less concerned about the quality of service or impact on their margins than we are.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Bell&nbsp;Aliant&#146;s residential markets, competition is well established. Local telephone service was offered by EastLink in Nova Scotia and Prince Edward Island beginning in 1999 and 2001,
respectively. Since then, the competitive local service market has continued to expand with the introduction of local service competition in New Brunswick and Newfoundland and Labrador, as well as in Ontario and Qu&eacute;bec. Bell&nbsp;Aliant&#146;s
business markets are also increasingly competitive, with competition continuing to come from VoIP providers, cable television operators and system integrators.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The current competitive environment suggests that the number of our legacy wireline customers and the volume of our long distance traffic will continue to decline in the future. Continued decline will
lead to reduced economies of scale in those businesses and, in turn, lower margins. Our strategy is to seek to mitigate these declines through cost reductions and by building the business for newer growth services. However, the margins on newer
services are generally less than the margins on legacy services and we cannot provide any assurance that our efforts will be successful. If legacy services margins decline faster than the rate of growth in margins for our newer growth services, our
financial performance could be adversely affected. In addition, if customers who stop using our voice services also cease using our other services, our financial performance could be adversely affected. Bringing to market new growth products and
services is expensive and inherently risky as it requires capital and other investments at a time when the demand for the products or services is uncertain. It may also require us to compete in areas outside our core connectivity business against
highly capable competitors. The launch of new products or services could be delayed or cancelled due to reductions in the amount of available capital to be invested. Any such delay or cancellation could have an adverse effect on our business, cash
flows and results of operations.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">WIRELESS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The Canadian wireless telecommunications industry is highly competitive. Competition is based on price, selection of devices, scope of services, technical quality, coverage and capacity of the wireless networks, customer service,
breadth of distribution, brand and marketing, as well as the number of wireless operators providing service. We compete for wireless subscribers, dealers and retail distribution outlets, content and device access, and personnel directly with the two
other large incumbent national wireless operators, Rogers Wireless&nbsp;Inc. (including its subsidiary Fido Solutions&nbsp;Inc.) and TELUS Mobility (a business unit of TELUS), as well as with four new wireless entrants that, as mentioned below, have already
launched wireless service after having acquired spectrum in Industry&nbsp;Canada&#146;s AWS spectrum auction that concluded on July&nbsp;21,&nbsp;2008. In addition, there are a number of resellers known as mobile virtual network operators that aggressively
introduce, price and market their products and services. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition is expected to continue to intensify as a result of Industry&nbsp;Canada&#146;s licensing of AWS spectrum to ten new facilities-based wireless competitors that each acquired spectrum in
separate regions, many of which overlap. Following this acquisition of spectrum, four new entrants have already launched wireless service, primarily in major population centres. More specifically, Vid&eacute;otron, which launched wireless service on
September&nbsp;9,&nbsp;2010, provides service in Montr&eacute;al and other parts of Qu&eacute;bec; Globalive Wireless Management Corp. (Globalive) has provided wireless service in Toronto and Calgary since December&nbsp;2009 and expanded to other large cities in
Canada during&nbsp;2010; Data &amp; Audio Visual Enterprises Wireless&nbsp;Inc. (DAVE) launched wireless service in Toronto in May&nbsp;2010 and has also started providing wireless service in Vancouver, Calgary and Edmonton; and Public Mobile&nbsp;Inc. (Public Mobile)
has provided wireless service in the Toronto and Montr&eacute;al areas since May&nbsp;2010. In addition to Vid&eacute;otron, Globalive, DAVE and Public Mobile, spectrum was also awarded to the following entities, or one of their affiliates: Shaw,
EastLink, Celluworld&nbsp;Inc., Rich Telecom Corporation, Blue&nbsp;Canada Wireless&nbsp;Inc. and Novus Wireless&nbsp;Inc. Of those entities, Shaw has publicly declared an expected launch date in&nbsp;2012, but we are unaware of declarations of expected launch dates from
the other entities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in the level of competitive intensity in the Canadian wireless telecommunications industry will depend on the incumbents&#146; and new entrants&#146; pricing, marketing and other
strategies. In particular, in order to gain market share, the new entrants&#146; strategies include price discounting relative to our and other incumbents&#146; pricing as well as increased competition at the distribution level. They are also
pursuing new data content and applications. The new entrants&#146; pricing and other strategies, as well as the pricing and other strategies of the incumbent wireless service providers in response to the new entrants&#146; actions, could
</FONT></P>

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<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
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<P align="left" style="margin-top: 0">
<FONT face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>




<P align="left">
<FONT face="Arial" size="2">adversely affect our ability to gain new customers and retain existing ones and could require us to adjust our own pricing and other strategies, which in turn could have an adverse effect on our business and results of operation.
The new entrants could achieve higher market shares than we currently expect particularly as a result of their pricing strategies and focused product offerings.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The level of competitive intensity will also depend on the speed at which new entrants will achieve territorial expansion of their wireless service as well as the timing and scope of launch of
wireless service by the remaining potential new entrants that have not yet launched service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also expect competition to continue to intensify as new technologies, products and services are developed. For example, mobile handsets that bypass wireless service providers&#146; networks to
access the Internet are now available from a number of manufacturers and service providers.
If these products significantly penetrate the marketplace, usage of our wireless networks may decline, which could adversely affect our wireless revenues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The wireless telecommunications industry commits significant resources to research and development (R&amp;D). A majority of this work is expended in the refinement of mainstream wireless
standardization activities that result in highly successful technology such as HSPA and LTE. Some of this technology is transferable into competing or complementary technology tracks that can be standards-based in the case of wireless fidelity
(Wi-Fi) and worldwide interoperability for microwave access (WiMAX) or proprietary vendor-specific solutions. Although these technology tracks have not gained significant revenue market share in&nbsp;Canada, we expect that continued development and
refinement of the business model will increase competition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pressure on our ARPU, costs of acquisition and retention, and EBITDA would likely result if competitors increase subsidies for handsets, particularly for smartphones, which could result in
acceleration in our smartphone mix faster than currently anticipated, lower airtime and wireless data prices and offer other incentives to attract new customers. Wireless competition is also expected to continue to intensify due to an increased
emphasis on new data plans and multi-product bundles as a result of the ability of certain cable companies to include wireless service in discounted bundles following their acquisition of AWS spectrum and their recent launch or intended launch of
wireless service. This emphasis could also pressure our ARPU and increase churn and costs of acquisition and retention. </FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">INTERNET ACCESS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We compete with cable companies and Internet service providers (ISPs) to provide high-speed and dial-up Internet access and related services. In particular, cable companies have focused on increased bandwidth and discounted
pricing on bundles to compete against us, which could directly affect our ability to maintain ARPU performance and could adversely affect our results of operations. As previously indicated, certain cable companies have recently launched or intend to launch wireless service enhancing their ability to leverage discounted bundles to retain existing customers and acquire new ones.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cable companies have aggressively rolled out Internet networks offering higher speeds to their customers, forcing us to incur significant capital expenditures in order to also be able to deploy
next-generation fibre networks and thus offer higher Internet speeds as well. The failure to make such continued investments in our Internet networks enabling us to offer Internet services at higher speeds to our customers as well as our inability
to offer a different range of products and services compared to our competitors would adversely affect our ability to compete, the pricing of our products and services and our results of operations. Furthermore, as penetration of the Canadian
broadband Internet market reaches higher levels, the possibility to acquire new customers increasingly depends on our ability to win customers away from our competitors. However, as customers increasingly choose to bundle services, our ability to
acquire customers from our competitors is adversely affected.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developments in wireless broadband services may also lead to increased competition in certain geographic areas. This could have an adverse effect on the ability of our Internet access services
business to acquire or retain subscribers and on its financial performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In the high-speed Internet access services market, we compete with large cable companies such as: Rogers Cable, in Ontario, New Brunswick and Newfoundland and Labrador; Vid&eacute;otron, in
Qu&eacute;bec; Cogeco Cable, in Ontario and Qu&eacute;bec; Shaw, in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario; and EastLink.</FONT></P>
<P align="left">
<i><FONT face="Arial" color="#0065A4">VIDEO</FONT></i></P>
<P align="left">
<FONT face="Arial" size="2">Competition for subscribers is based on the number and kinds of channels offered, quality of the signal, STB features, availability of service in the region, price and customer service. Bell&nbsp;TV competes throughout&nbsp;Canada directly
with Shaw. which operates a DTH satellite TV service as well as a cable TV service in certain provinces, and with cable companies across&nbsp;Canada. Most of these cable companies continue to upgrade their networks, operational systems and services,
which will improve their competitiveness. This could negatively affect our financial performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We hold broadcasting distribution licences to offer video services for major centres in Ontario and Qu&eacute;bec. Fully digital video services are offered as both an IP-based service and as a
satellite-based service. These services provide unique competitive advantages relative to analogue cable-TV, such as time-shifted programming flexibility, on-screen caller ID and an all-digital broad selection of channels. Our IP-based service was
launched on September&#160;13,&nbsp;2010 as Bell&nbsp;Fibe TV, an advanced IPTV service, in several Toronto and Montr&eacute;al neighbourhoods. The launch of our IPTV service provides us the opportunity to
gain market share and enhance our competitive position in core urban markets, starting with the cities of Toronto and Montr&eacute;al.</FONT></P>

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






<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our competitors include Canadian cable companies such as Rogers Cable, in Ontario, New Brunswick and Newfoundland and Labrador; Vid&eacute;otron, in Qu&eacute;bec; Cogeco Cable, in Ontario and
Qu&eacute;bec; Shaw, with its cable TV service, in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and Shaw with its Shaw Direct DTH satellite service; and EastLink; and traditional telephone companies such as TELUS, in British
Columbia and Alberta, and Allstream, in Manitoba.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the licensed broadcast distribution undertakings noted above, new unregulated video services and over-the-top (OTT) content offerings, such as Netflix and Hulu, available over
high-speed Internet connections, are beginning to compete with traditional television services and change our traditional business models. The increased adoption of these alternative TV, or OTT, services by customers is driven in part by evolving
technology, changing demographics and viewing preferences. Strategies adopted by the new wireless entrants could also accelerate adoption of alternative TV services and customer losses. In addition, increased speed and bandwidth of networks create
platforms for new competition and product substitution. There can be no certainty that we will be able to recuperate investments made to upgrade networks in light of such new competition and product substitution. The continued growth and adoption by customers of these alternative TV services, such as through the adoption of mobile television and television over the Internet, could negatively affect our business and results of operation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to face competition from unregulated U.S. DTH satellite television services that are sold illegally in&nbsp;Canada. In response, we are participating in legal actions that are challenging the
sale of U.S. DTH satellite television equipment in&nbsp;Canada. This competition and the outcome of the related legal actions could have an adverse effect on our business and results of operations.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">WHOLESALE</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The main competitors in our wholesale business include both traditional carriers and emerging carriers. Traditional competitors include Allstream and TELUS, both of which may wholesale some or all of the same products and services
as Bell&nbsp;Canada. Non-traditional competitors include electrical utility-based telecommunications providers, cable operators, domestic CLECs and U.S.-based carriers for certain services. Despite intense competitive pressure, our new products and
unregulated services markets continue to grow. However, growth of end-user technologies such as VoIP is continuing to increase pressure on some legacy product lines.</FONT></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">OUR REGULATORY ENVIRONMENT</FONT></P>
<P align="left">
<FONT face="Arial">This section describes the legislation that governs our businesses, and provides highlights of recent regulatory initiatives and proceedings and government consultations that affect us. Bell&nbsp;Canada, Bell&nbsp;Aliant and several of Bell
Canada&#146;s direct and indirect subsidiaries and significantly influenced companies, including NorthernTel, Limited Partnership (NorthernTel), T&eacute;l&eacute;bec, Limited Partnership (T&eacute;l&eacute;bec), Northwestel, Bell&nbsp;Mobility and Bell&nbsp;TV, are governed by the Telecommunications Act, the Broadcasting Act, the Radiocommunication Act and the Bell&nbsp;Canada Act. Our business is affected by decisions made by various regulatory agencies, including the CRTC. The CRTC, an independent agency
of the Government of&nbsp;Canada, is responsible for regulating&nbsp;Canada&#146;s telecommunications and broadcasting industries. Other aspects of the businesses of these companies are regulated in various ways by federal government departments, in
particular Industry&nbsp;Canada.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">TELECOMMUNICATIONS ACT </FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The Telecommunications Act governs telecommunications in&nbsp;Canada. It defines the broad objectives of&nbsp;Canada&#146;s telecommunications policy and provides the Government of&nbsp;Canada the power to give general direction to the CRTC on
any of these objectives. It applies to several of the Bell&nbsp;Canada companies and partnerships, including Bell&nbsp;Canada, Bell&nbsp;Mobility, Bell&nbsp;Aliant, NorthernTel, Northwestel and T&eacute;l&eacute;bec.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the Telecommunications Act, all facilities-based telecommunications service providers providing telecommunications services in&nbsp;Canada, known as telecommunications common carriers (TCCs), must
seek regulatory approval for all proposed tariffs for telecommunications services, unless the services are exempt from regulation or are not regulated. The CRTC may exempt an entire class of carriers from regulation under the Telecommunications Act
if the exemption meets the objectives of&nbsp;Canada&#146;s telecommunications policy.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Telecommunications Act includes the following ownership requirements for companies, such as Bell&nbsp;Canada, Bell&nbsp;Aliant and Bell&nbsp;Mobility, that operate as TCCs: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">they must be eligible to
operate as Canadian carriers </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">they must be Canadian owned and controlled corporations. Direct ownership must be at least 80% Canadian ownership of voting shares and indirect ownership, such as indirect ownership through BCE&nbsp;Inc., must be at
least 66<sup>2</sup>/</FONT><FONT face="Arial" size="1">3</FONT><FONT face="Arial" size="2">% Canadian ownership of voting shares.</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">they must not otherwise be controlled by non-Canadians
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">at least 80% of the members of their board of directors must be Canadian.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. monitors and periodically reports on the level of non-Canadian ownership of its common shares.</FONT></P>

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<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
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<FONT face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>




<P align="left">
<FONT face="Arial" size="2" color="#0065A4">KEY TELECOMMUNICATIONS ISSUES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">This section describes key regulatory issues which are being addressed, or have been addressed in past years, that influence or have influenced our business and may continue to affect our flexibility to compete in the
marketplace.</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">INDUSTRY&nbsp;CANADA CONSULTATION ON REFORM OF&nbsp;CANADA&#146;S TELECOMMUNICATIONS FOREIGN OWNERSHIP RULES</FONT></I></P>
<P align="left">
<font size="2" face="Arial">Following through on a commitment that the federal government made in its March&nbsp;2010 Speech from the Throne, in June&nbsp;2010, Industry&nbsp;Canada issued a consultation paper entitled
</font><font size="2"><I><FONT face="Arial">Opening&nbsp;Canada&#146;s
Doors to Foreign Investment in Telecommunications: Options for Reform</FONT></I></font><font size="2" face="Arial">. The consultation paper seeks public comments on proposals to reform&nbsp;Canada&#146;s foreign ownership and control restrictions that currently apply to
TCCs, including Bell&nbsp;Canada and Bell&nbsp;Mobility and many of their competitors. The Industry&nbsp;Canada consultation paper sets out three different foreign ownership reform options for comment. Option 1 would raise the allowable non-Canadian voting share
limits up to 49% for both TCCs and broadcasting licensees (including broadcast distribution undertakings) while retaining the current requirement for control in fact by Canadians. Option&#160;2
would repeal the foreign ownership and control restrictions for TCCs which account for 10% or less of the annual Canadian telecommunications revenues (the existing rules for broadcasting licensees, including broadcast distribution undertakings,
would be unchanged). Option&#160;3 would repeal the above rules for all TCCs, regardless of their share of annual Canadian telecommunications revenues, but retain the existing rules for
broadcasting licensees, including broadcast distribution undertakings. Bell&nbsp;Canada filed a submission supporting Option 1 to the extent any reform is deemed necessary. It is not possible to predict at this time which, if any, of the three reform
options may be implemented. The Industry&nbsp;Canada consultation closed on July&nbsp;30,&nbsp;2010 and on November&nbsp;22,&nbsp;2010 the Minister of Industry announced that he would consider which approach to adopt on foreign ownership rules at the same time as decisions
are made regarding the 700 MHz spectrum auction rules, as part of an integrated regulatory approach. The 700&#160;MHz spectrum consultations were subsequently launched on November&nbsp;30,&nbsp;2010 (refer
to Radiocommunication Act &#150; 700 MHz Auction for more information).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Removing or easing the limits on foreign ownership for TCCs could result in more foreign companies entering the Canadian market. This could result in greater access to capital for our competitors or
the arrival of new competitors with global scale, which would increase competitive pressure. Furthermore, the adoption of any rule that disadvantages incumbent carriers or carriers that are both broadcasting licensees (including broadcast
distribution undertakings) and TCCs, such as Bell&nbsp;Canada (as Options 2 and 3 do), would place us at a disadvantage relative to some of our competitors including as it relates to access to, and cost of, capital. </font></P>
<P align="left">
<I><FONT face="Arial" size="2">REVIEW OF USAGE-BASED BILLING (UBB)</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">On November&nbsp;20,&nbsp;2008, the CRTC issued Telecom Public Notice&nbsp;2008-19, in which it initiated a proceeding to consider Internet traffic management practices (ITMPs) for retail and wholesale Internet services. The CRTC sought comments
with supporting rationale on the changes in bandwidth consumption that can lead to network congestion, technical or economic ITMPs that are currently available or may be developed in the future, and the impact of these practices on end-users. In
addition, the CRTC examined the appropriateness of implementing regulatory measures in relation to Internet traffic management by ISPs. The CRTC issued its decision on October&nbsp;21,&nbsp;2009, in which it preserved ISPs&#146; flexibility to manage their
networks and established certain transparency requirements. The CRTC approved the use of ITMPs, including application-specific ITMPs such as those applied by Bell&nbsp;Canada, encouraged the use of economic ITMPs such as UBB and established a framework
against which future complaints about traffic management will be assessed. UBB is a fair and proportionate pricing method based on the principle that the heaviest Internet users should pay more than average users and thereby allow ISPs to continue
to make significant investments to grow the capacity of their residential Internet networks.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;13,&nbsp;2009, Bell&nbsp;Canada and Bell&nbsp;Aliant 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 had been implementing since February&nbsp;1,&nbsp;2007 for their retail Internet access services. On August&nbsp;12,&nbsp;2009, the CRTC approved on an interim basis, in Telecom Order&nbsp;2009-484, Bell&nbsp;Canada and Bell&nbsp;Aliant&#146;s requests to introduce
UBB with a proposed implementation date of 90 days following the CRTC&#146;s August&#160;12,&nbsp;2009 interim approval. Following complaints with regard to the proposed implementation date, on October&nbsp;
21,&nbsp;2009, the CRTC delayed the implementation date and stated that its final decision would address implementation issues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&nbsp;6,&nbsp;2010, the CRTC issued its final approval in Telecom Decision&nbsp;2010-255 of Bell&nbsp;Canada and Bell&nbsp;Aliant&#146;s proposed implementation of wholesale UBB with changes. In particular, the CRTC
decided to lower the flat-fee cost-based rate for GAS in conjunction with the implementation of UBB which is a charge that would vary with usage. On May&nbsp;28,&nbsp;2010, Bell&nbsp;Canada and Bell&nbsp;Aliant requested that the CRTC review and vary its decision with
regards to certain of the mandated changes to their proposed tariffs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&nbsp;28,&nbsp;2010, the CRTC approved in Telecom Decision&nbsp;2010-802 many of the changes requested by Bell&nbsp;Canada and Bell&nbsp;Aliant but denied Bell&nbsp;Canada and Bell&nbsp;Aliant&#146;s request to readjust the
costs used to determine the flat-fee component of GAS. On the same day, the CRTC requested comments in Telecom Notice of Consultation&nbsp;2010-803 as to whether or not UBB rates of GAS or equivalent services should be set at levels below the incumbent
local exchange carriers&#146; (ILECs) and the cable carriers&#146; comparable retail UBB rates and, if so, to what extent.</FONT></P>

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<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;25,&nbsp;2011, the CRTC issued Telecom Decision&nbsp;2011-44 and determined that wholesale UBB rates are to be established at a discount of 15% from the carrier&#146;s comparable UBB rates for its
retail Internet services. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&nbsp;26,&nbsp;2011, Vaxination Informatique, an IT consultant, filed a petition to the Governor-in-Council requesting that the Governor-in-Council review and overturn Telecom Decision&nbsp;2010-802 as
well as Telecom Decision&nbsp;2011-44. In parallel, several small ISPs and end-users launched a public campaign to solicit opposition to UBB. On February&nbsp;3,&nbsp;2011, Bell&nbsp;Canada and Bell&nbsp;Aliant requested that the implementation of their wholesale UBB be
delayed until May&nbsp;1,&nbsp;2011 to allow for billing adjustments in light of the CRTC&#146;s January&nbsp;25,&nbsp;2011 decision. A parliamentary committee was established on February&#160;1,&nbsp;2011 to undertake a
study of UBB. Also, 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 this review. The Minister of Industry has publicly stated that the
Government will overturn the CRTC&#146;s conclusions if the CRTC confirms its original UBB decisions. It is not known at this time what impact these reviews of UBB decisions will have on Bell&nbsp;Canada and Bell&nbsp;Aliant&#146;s wholesale Internet
offerings.</font></P>
<P align="left">
<I><FONT face="Arial" size="2">REVIEW OF UNBUNDLED LOCAL LOOP RATES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">On June&nbsp;2,&nbsp;2009, Bell&nbsp;Canada and Bell&nbsp;Aliant proposed changes to the existing rates for their wholesale service that provides unbundled local loops to competitors in their Ontario and Qu&eacute;bec serving areas, and requested the
CRTC to make the current rates interim until it issues its final determination. The companies filed updated cost studies to support their tariff application. On December&nbsp;14,&nbsp;2009, the CRTC issued Telecom Order&nbsp;2009-775 and made the current loop
rates interim, pending a complete review of the companies&#146; updated cost studies. The 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).</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">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 January&nbsp;28,&nbsp;2010, the CRTC initiated a proceeding to review issues associated with access to
basic telecommunications service. The proceeding includes a review of the obligation to serve, the basic service objective, and the local service subsidy (contribution) regime. It also re-examined the local competition and wireless number
portability frameworks in the territories of the small ILECs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The record of the proceeding closed in November&nbsp;2010. The proceeding may result in increased annual contributions to the subsidy regime, which could have an adverse effect on Bell&nbsp;Canada&#146;s
business and financial results. The proceeding could also result in changes to the basic service objective, which could include mandating the deployment of broadband in uneconomic areas. A decision is expected shortly.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">REVIEW OF REGULATORY FRAMEWORK FOR WHOLESALE SERVICES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In light of several CRTC decisions and appeals to the Governor-in-Council, the CRTC was required to rule on several issues related to wholesale access to ILECs fibre-based broadband networks by September&nbsp;1,&nbsp;2010. Consequently, on
August&#160;30,&nbsp;2010, the CRTC issued Telecom Regulatory Policy&nbsp;2010-632. In this decision, the CRTC decided ILECs must provide competing ISPs with wholesale access to their FTTN networks at speeds
that match their retail service offers. The CRTC allowed ILECs to charge an additional 10% markup above cost for access over FTTN compared to similar services providing access over legacy infrastructure. By forcing telecommunications companies to
offer competitors the same fibre-based Internet speeds that ILECs offer their retail customers, and at discounted prices, the CRTC has reduced the ILECs&#146; basic business incentive to invest in broadband development. However, the CRTC did not
mandate any new wholesale Internet access services. For example, the CRTC did not order mandated access to FTTH facilities, although this could be considered in the future.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC also directed cable companies to adjust their wholesale Internet services to provide, to the extent possible, for a degree of service aggregation that more closely resembles that provided by
Bell&nbsp;Canada. This may increase the appeal to competing ISPs of the cable companies&#146; wholesale Internet services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC is examining Bell&nbsp;Canada&#146;s pricing proposals for wholesale access to FTTN. There is a risk the CRTC will not approve Bell&nbsp;Canada&#146;s proposed pricing.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">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">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 Telecom Decision&nbsp;2010-805 (the Decision),
issued on October&nbsp;29,&nbsp;2010, 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
</font></P>

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<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
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<P align="left">
<FONT face="Arial" size="2">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;In its petition, Rogers requests the Governor-in-Council to vary the Decision in the following respects: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">limit the CRTC&#146;s approval of Bell&nbsp;Canada&#146;s HSPA+ proposal to the 15 approved
areas that Bell&nbsp;proposed to serve in year one (2011) of its four-year rollout plan
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">conduct a competitive auction of deferral account funds to serve the remaining 97 approved areas. This auction should be open to any telecommunications service
provider that commits to all the services, service levels, competitor services and pricing established by the CRTC for Bell&nbsp;Canada and that commits to roll out service to the locations in question at least as fast as Bell&nbsp;Canada has proposed to do.
The bidder who satisfies these criteria and bids for the lowest deferral account subsidy for the 97 approved communities should be selected by the CRTC to provide the service.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">A notice acknowledging receipt of the petition and setting out the associated process has not been published yet in the&nbsp;Canada Gazette. However, 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.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Approval of the petition could result in the use of some of the &#36;306.3&nbsp;million deferral account funds by parties other than Bell&nbsp;Canada for the expansion of broadband to some of the approved
areas. It could also result in Bell&nbsp;Canada having to return more than the &#36;250&nbsp;million that has already been approved by the CRTC to eligible residential customers via rebates.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BROADCASTING ACT </FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The Broadcasting Act assigns the regulation and supervision of the broadcasting system to the CRTC. Key policy objectives of the Broadcasting Act are to: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">protect and strengthen the cultural, political, social and economic
fabric of&nbsp;Canada</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">encourage the development of Canadian expression.
	</FONT></P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">Most broadcasting activities require a broadcasting licence or broadcasting distribution licence from the CRTC. The CRTC may exempt broadcasting undertakings from complying
with certain licensing and regulatory requirements if the CRTC is satisfied that complying with those requirements will not materially affect the implementation of Canadian broadcasting policy. A corporation must meet the following ownership requirements to obtain a broadcasting or a broadcasting distribution licence:
</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">it must be Canadian-owned and controlled. At least 80% of all outstanding and issued voting
shares and at least</font><font size="2"><B><FONT face="Arial"> </FONT></B>
	</font><font size="2" face="Arial">80% of the votes must be beneficially owned directly by Canadians.</font></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">at least 66<sup>2</sup>/</FONT><FONT face="Arial" size="1">3</FONT><FONT face="Arial" size="2">% of all outstanding and issued voting shares of the parent corporation and at least 66<sup>2</sup>/</FONT><FONT face="Arial" size="1">3</FONT><FONT face="Arial" size="2">% of the votes of the parent corporation must be beneficially owned and controlled, directly or indirectly, by Canadian interests
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">it must not otherwise be controlled by non-Canadians
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">at
least 80% of the board of directors, as well as the Chief Executive Officer (CEO), must be Canadian.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">If the parent corporation of a broadcasting licensee has fewer than 80% Canadian directors on its board of directors, a non-Canadian CEO or less than 80% Canadian ownership, the parent corporation must demonstrate to the CRTC that
it or its directors do not have control or influence over any of the broadcasting licensee&#146;s programming decisions. Corporations must have the CRTC&#146;s approval before they can transfer effective control of a broadcasting licensee. The CRTC
may impose certain requirements, including the payment of certain benefits, as a condition of the transfer. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CANADIAN BROADCASTING IN NEW MEDIA</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2009, the CRTC conducted a hearing to consider issues pertaining to Canadian broadcasting in new media, including whether incentives or regulatory measures would be necessary for the creation and promotion of Canadian
broadcasting content in new media. One proposal under consideration was the requirement for direct financial contribution from ISPs like Bell&nbsp;Canada. Although the CRTC, in Broadcasting Regulatory Policy CRTC&nbsp;2009-329, dated June&nbsp;4,&nbsp;2009, ruled
against imposing measures to fund the creation and promotion of Canadian new media broadcasting content, it also 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&#160;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</FONT><font size="2"><I><FONT face="Arial"> </FONT></I>
</font><font size="2" face="Arial">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 (ACTRA), the Canadian Media Production Association (CMPA), the Directors Guild of&nbsp;Canada (DGC) and the Writers Guild of&nbsp;Canada (WGC) 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. If the Supreme Court were to grant leave to appeal, 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>

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<P align="left">
<FONT face="Arial" size="2" color="#0065A4">BELL&nbsp;TV</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We are subject to programming and carriage requirements under CRTC regulations. Changes to the regulations that govern broadcasting could negatively affect Bell&nbsp;TV&#146;s competitive position or the cost of providing its services.
The licence under which we offer DTH satellite TV service was renewed in March&nbsp;2004 and was to expire on August&#160;31,&nbsp;2010. The licence has since been extended for one year to August&nbsp;31,&nbsp;2011.
Similarly, the licences under which we offer Bell&nbsp;Fibe TV were issued in 2004 and are set to expire on August&nbsp;31,&nbsp;2011. While we expect these licences will be renewed at term, there is no assurance that this will happen, or of the terms under which
renewal will be granted. </FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">REVIEW OF DTH SATELLITE DISTRIBUTION POLICY</FONT></I></P>
<P align="left">
<font size="2" face="Arial">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). A public hearing took place on this issue in
November&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additional regulatory requirements to distribute more Canadian conventional television stations, or further requirements for signal substitution, would increase costs and consume satellite capacity
that might otherwise be put to more effective use, thereby having negative financial implications for the operation of Bell&nbsp;TV.</font></P>
<P align="left">
<I><FONT face="Arial" size="2">VALUE FOR SIGNAL</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;30,&nbsp;2008, the CRTC issued Broadcasting Public Notice&nbsp;2008-100, in which it established its regulatory frameworks for broadcast distribution undertakings and discretionary programming services, and set out its policies
related to signal carriage and distant signals. The majority of the CRTC&#146;s determinations will be implemented on August&nbsp;31,&nbsp;2011 and in certain respects will provide Bell&nbsp;TV a measure of added flexibility in service packaging.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Broadcasting Regulatory Policy CRTC&nbsp;2010-167, the CRTC maintained the obligation on broadcasting distribution undertakings like Bell&nbsp;TV to contribute 1.5% of their annual broadcasting revenue to
the Local Programming Improvement Fund. It also announced its intention to implement a regime where broadcasters can choose to either retain their existing regulatory protections or negotiate a VFS fee with distributors. Under the proposed regime,
if broadcasters choose to negotiate a VFS fee, and negotiations fail, they would have the right to require the deletion of any signals they own and for which they have the exhibition rights from distribution in their market. The CRTC also concluded that there was a legal uncertainty as to whether it had
the jurisdiction to impose a VFS regime and referred the question of its jurisdiction in this area to the Federal Court of Appeal. In a decision dated February&#160;28,&nbsp;2011, the Federal Court of
Appeal, in a 2&#150;1 decision, 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 (Value for Signal or VFS Regime). Under the Supreme Court Act, parties have 60 days from the date of
the court decision to seek the Court&#146;s permission to launch an appeal. In the event of an appeal, it is probable that the CRTC&#146;s VFS Regime would be judicially stayed (i.e., placed on hold) pending the Supreme Court&#146;s final judgement.
In the event a VFS Regime is imposed, it is not known how many, if any, OTAs would choose to operate under the VFS Regime nor can we know the impact, if any, such a regime will have on Bell&nbsp;TV.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">PROCEEDING TO REVIEW THE REGULATORY FRAMEWORK RELATING TO VERTICAL INTEGRATION</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;22,&nbsp;2010, the CRTC approved an application by Shaw, on behalf of Canwest Global Communications Corp. (Canwest Global), for authority to transfer the effective control of Canwest Global&#146;s licensed broadcasting
subsidiaries to Shaw. On the same day, noting the growing trend of &#147;vertical integration&#148; taking place in the Canadian broadcasting industry (which the CRTC defines as the ownership, by one entity, of both programming and distribution
undertakings, or, both programming undertakings and production companies), including BCE&#146;s announced intention to seek the CRTC&#146;s approval for a share transfer pursuant to which BCE&nbsp;would acquire sole control of CTV, 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.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CRTC reiterated its view that, with specific regard to programming rights, it prefers to see distribution of programs on a non-exclusive basis. However, the CRTC further stated that it did not
intend to interpose itself into the wholesale commercial environment, but rather to regulate or, alternatively, establish guidelines only where measures appear warranted by the record of this proceeding. A hearing in this matter is scheduled to take
place in the second quarter of&nbsp;2011. It is not possible to determine the impact, if any, the CRTC&#146;s decision will have. However, new rules regarding exclusive program arrangements could restrict programming flexibility.</FONT></P>

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<P align="left">
<I><FONT face="Arial" color="#0065A4">RADIOCOMMUNICATION ACT </FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Industry&nbsp;Canada regulates the use of radio spectrum by Bell&nbsp;Canada, Bell&nbsp;Mobility and other wireless service providers under the Radiocommunication Act. Under the Radiocommunication Act, Industry&nbsp;Canada ensures that radio
communication in&nbsp;Canada is developed and operated efficiently.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Minister of Industry has the discretion to: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">issue and amend radio licences </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">set technical standards for radio equipment
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">establish licensing conditions </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">decide how radio
spectrum is allocated and used.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Under the Radiocommunication Regulations, companies that are eligible for radio licences, such as Bell&nbsp;Canada and Bell&nbsp;Mobility, must meet the same ownership requirements that apply to corporations under the Telecommunications
Act.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Radiocommunication Act contains provisions which make it a criminal offence to manufacture, offer for sale or sell any device used to decode an encrypted subscription signal in connection with
unauthorized reception of satellite signals. Bell&nbsp;TV, Bell&nbsp;Canada, the Canadian Association of Broadcasters (CAB) and members of&nbsp;Canada&#146;s broadcasting production community continue to encourage the Government of&nbsp;Canada to strengthen the
Radiocommunication Act in order to combat the black market in signal theft.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">SPECTRUM LICENCES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Companies must have a spectrum licence to operate wireless systems in&nbsp;Canada. The Minister of Industry awards spectrum licences, through a variety of methods, at his or her discretion under the Radiocommunication Act. While we
anticipate that the licences under which we provide wireless services will be renewed at term, there is no assurance that this will happen. Industry&nbsp;Canada can revoke a company&#146;s licence at any time if the company does not comply with the
licence&#146;s conditions. Industry&nbsp;Canada has indicated that even with full compliance with the conditions of a licence, Industry&nbsp;Canada could withdraw a licence based on circumstances in existence at the time of renewal. While we believe that we
comply with the conditions of our licences, there is no assurance that Industry&nbsp;Canada will agree. Should there be a disagreement, this could have a negative effect on our business and financial results.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of a 2003 Industry&nbsp;Canada decision, the licences under which we provide service which would have expired on March&nbsp;31,&nbsp;2006, will now expire on March&nbsp;31,&nbsp;2011. The personal communications
services (PCS) licences that were awarded in the 2001 PCS auction will expire on November&nbsp;29,&nbsp;2011.
</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CONSULTATION ON THE RENEWAL OF CELLULAR AND PCS SPECTRUM LICENCES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On March&nbsp;25,&nbsp;2009, Industry&nbsp;Canada initiated a consultation to consider the renewal of Cellular and PCS spectrum licences which expire in&nbsp;2011. This consultation specifically addressed issues related to compliance as well as
proposed conditions of licence that would be applicable to the renewed licences. Industry&nbsp;Canada indicated that a subsequent consultation would specifically address the handling of spectrum licence fees upon renewal. While a formal decision
regarding the renewal of Cellular and PCS spectrum licences from Industry&nbsp;Canada has not occurred, in November&nbsp;2010 the Minister announced, in a public address, that he decided to freeze spectrum licence fees at their existing rate for the time
being. The Minister also stated that he will renew spectrum licences for a 20-year licence term. It is not known when a decision will be issued. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CONSULTATION ON REVISIONS TO THE
FRAMEWORK FOR SPECTRUM AUCTIONS IN&nbsp;CANADA </FONT></P>
<P align="left">
<FONT face="Arial" size="2">On April&nbsp;8,&nbsp;2009, Industry&nbsp;Canada initiated a consultation, which considers changes to the 2001 Framework for spectrum auctions in&nbsp;Canada, which is a general policy which applies to all future spectrum auctions. The consultation
invited comments on: (i) the use of auction types other than the currently used simultaneous multiple-round ascending auction format; (ii) the use of auctions to award satellite licences; (iii) restructuring the tier service areas for licensing so
as to distinguish between rural and urban areas; (iv) the continued need for the condition of licence requiring that licensees invest a percentage of their adjusted gross revenues in R&amp;D; (v) the length of renewal of being long-term, or
ten-years, (vi) the application of spectrum licence fees to both auctioned and non-auctioned spectrum licences; and (vii) that these spectrum licence fees be based on an estimation of the market value of the spectrum in question (where Industry
Canada has stated that market value could be estimated by considering fees for similar spectrum in&nbsp;Canada, the fees charged for similar spectrum in other jurisdictions, or as reflected in the prices paid at auction for similar spectrum). Bell&nbsp;Mobility filed its comments on June&nbsp;15,&nbsp;2009, and reply comments on July&nbsp;15,&nbsp;2009. Among other things, Bell&nbsp;Mobility argued for significantly longer licence terms and supported Industry&nbsp;Canada&#146;s proposal to remove the 2% R&amp;D investment
requirement. We anticipate a decision in this proceeding in the first quarter of&nbsp;2011. It is not possible to estimate, at this time, the impact that Industry&nbsp;Canada&#146;s conclusions will have on our operations and results. </FONT></P>

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<font face="Arial" size="1"><b>68&nbsp;&nbsp; |&nbsp;&nbsp;
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<FONT face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>






<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DECISIONS AND CONSULTATION ON TRANSITION TO BROADBAND RADIO SERVICE IN THE 2500&#150;2690 MHZ BAND</FONT></P>
<P align="left">
<font size="2" face="Arial">On February&nbsp;10,&nbsp;2011, Industry&nbsp;Canada issued its
</font><font size="2"><I><FONT face="Arial">Decisions on a Band Plan for Broadband Radio Service (BRS) and Consultation on a Policy and Technical Framework to License Spectrum in the Band
2500&#150;2690 MHz</FONT></I></font><font size="2" face="Arial"> document. The consultation is the next phase in Industry&nbsp;Canada&#146;s&nbsp;2006 2500 MHz policy, which enables use of the Inukshuk Wireless&nbsp;Inc. spectrum for mobile services. The document is comprised of
two parts: Part A &#150; Decisions and Part B &#150; Consultation. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Part A, Industry&nbsp;Canada issued decisions on the Band Plan (addressing issues such as adoption of the International Telecommunications Union Band Plan, returned spectrum, alternate incumbent
mapping, non-Frequency Division Duplex systems operating in paired blocks, Time Division Duplex systems in unpaired blocks, use of the restricted bands and the 2595/2596 MHz boundary) and the mapping of incumbents into the 2.5 GHz band.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Part B, Industry&nbsp;Canada is consulting on Spectrum Packaging for Licensing (including block and tier sizes) and competition issues (including spectrum caps and set-asides as well as services in
rural areas). Responses to the consultation are due by April&nbsp;9,&nbsp;2011 and reply comments will be accepted until May&nbsp;9,&nbsp;2011. At this point in time, it is not possible to estimate the impact that Industry&nbsp;Canada&#146;s conclusions will have on our
operations and financial results.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">700 MHZ AUCTION </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Industry&nbsp;Canada is planning to auction spectrum in the 700 MHz band for mobile and fixed wireless service, with the actual auction anticipated to occur in late&nbsp;2012. In November&nbsp;2010, Industry&nbsp;Canada initiated its initial
consultation leading toward the&nbsp;2012 auction and comments were filed on February&nbsp;28,&nbsp;2011, with reply comments due by March&nbsp;30,&nbsp;2011. Among other things the consultation asks whether measures are required to increase and/or sustain competition in
Canada&#146;s wireless market and whether the use of spectrum set asides and/or spectrum caps would be in the public interest. Given that there is half as much 700&#160;MHz spectrum available to be
auctioned compared to the amount of AWS spectrum auctioned in&nbsp;2008, either one of these measures could have an adverse impact on and limit Bell&nbsp;Canada&#146;s ability to acquire spectrum in the auction and thereby roll out a national LTE network
offering service to urban areas and small and rural communities. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">ACCESSIBILITY FOR ONTARIANS WITH DISABILITIES ACT, 2005 (AODA) &#150; PROPOSED STANDARD FOR PAY TELEPHONE FURNITURE</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The Ontario government is currently considering a proposed Accessible Built Environment standard under the AODA process which could require significant changes to the arrangement of all pay telephone furniture in Ontario. Bell&nbsp;Canada currently has in excess of 35,000 pay telephones installed in Ontario. The average cost of renovating pay telephones to comply with the proposed standard is estimated to exceed &#36;1,000 per unit. Bell&nbsp;Canada submitted comments on October&nbsp;
16,&nbsp;2009 to reduce the cost of compliance. Based on comments received, the Accessible Built Environment Standards Development Committee (ABE-SDC) finalized its recommendations and then submitted its final proposed standard to the Minister of
Community and Social Services in July&nbsp;2010. No decision on the final proposed standard has been released by the Minister to date. The ABE-SDC recommendations acknowledge that the provision of public pay telephone service in&nbsp;Canada is subject to
comprehensive sector specific regulation under the purview of the CRTC and that barrier removal for persons with disabilities can be addressed through a CRTC ruling process. If new standards addressing accessibility issues for all public pay
telephone customers are demonstrably required, they would apply equally to all public pay telephone providers across&nbsp;Canada. </FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BELL&nbsp;CANADA ACT </FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Under the Bell&nbsp;Canada Act, the CRTC must approve any sale or other disposal of Bell&nbsp;Canada voting shares that are held by BCE&nbsp;Inc., unless the sale or disposal would result in BCE&nbsp;Inc. retaining at least 80% of all of the issued
and outstanding voting shares of Bell&nbsp;Canada. Except in the ordinary course of its business, the CRTC must also approve the sale or other disposal of facilities integral to Bell&nbsp;Canada&#146;s telecommunications activities.</FONT></P>

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<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
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<FONT face="Arial" size="1" color="#0065A4">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</FONT></P>




<P align="left">
<FONT face="Arial" size="4" color="#0065A4">RISKS THAT COULD AFFECT OUR BUSINESS AND RESULTS</FONT></P>
<P align="left">
<FONT face="Arial">This section describes the principal risks that could have a material adverse effect on our business, financial condition or results of operations, and cause actual results or events to differ materially from our expectations
expressed in or implied by our forward-looking statements, in addition to the risks previously described under </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 face="Arial"> or those described elsewhere in the MD&amp;A. A risk is the possibility that an
event might happen in the future that could have a negative effect on our business, financial condition or results of operations. The actual effect of any event could be materially different from what we currently anticipate. The risks described
below are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition or results of
operations.</font></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Adverse economic conditions, adverse conditions in the financial markets and the level of retail and commercial activity could have a negative impact on demand for our products and services, potentially reducing revenues and
profitability and threatening the ability of our customers to pay their expenses.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our business is affected by general economic and financial conditions, consumer confidence and spending, and the demand for, and prices of, our products and services. Adverse economic conditions, such as economic downturns or
recessions, adverse conditions in the financial markets and the level of retail and commercial activity could have a negative impact on demand for our products and services. During these periods, customers may delay buying our products and services,
reduce purchases or discontinue using them. Weak economic and financial conditions could lower our revenues and profitability and reduce cash flows from operations. Such conditions could also negatively affect the financial condition and
creditworthiness of our customers, which could increase uncertainty about our ability to collect receivables and potentially increase our bad debt expenses, which could adversely affect our results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operational and financial objectives for&nbsp;2011 may not be achieved depending on the strength and duration of the economic recovery in&nbsp;2011 and should actual economic growth be slower than currently
anticipated. </FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Failure to achieve our business objectives could have an adverse impact on our financial performance and growth prospects.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We continue to pursue our goal to be recognized by customers as&nbsp;Canada&#146;s leading communications company through focused execution against our five strategic imperatives.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executing against these imperatives requires shifts in employee skills, investing capital to implement our strategies and operating priorities, as well as targeted cost reductions. If our management,
processes or employees are not able to adapt to these changes or if required capital is not available on favourable terms, we may fail to achieve our business objectives, which could have an adverse effect on our business, financial performance and
growth prospects.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our strategies require us to continue to transform our cost structure. Accordingly, we are continuing to implement several initiatives to reduce costs while containing our capital expenditures. Our
objectives for targeted cost reductions continue to be aggressive and there is no assurance that we will be successful in reducing costs, especially because on an ongoing basis, incremental cost savings are more difficult to achieve. Our cost
reduction objectives require aggressive negotiations with our key suppliers and there can be no assurance that such negotiations will be successful or that replacement products or services provided will not lead to operational issues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improved customer service and an enhanced perception of Bell&nbsp;Canada&#146;s service offerings by existing and potential customers are critical to increasing customer retention and ARPU and attracting
new customers. However, there is a risk that the increasing complexity of our networks could hinder the effective management of such services and networks, which could adversely affect service levels. In particular, our new Bell&nbsp;Fibe TV service
delivery platform is built upon a large number of complex sub-systems working together. The increased complexity could hinder our ability to efficiently manage and deliver the service to our customers and thus increase our costs of providing the
service. In addition, the increasing number of smartphone users could require more support from our customer contact centres than currently anticipated, which could have an adverse effect on customer service and on our costs of providing such
service. Delays in the planned implementation of improvements within our customer contact centres could also adversely affect customer service and delay the achievement of cost reductions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accordingly, there is a risk that customer service improvements will be delayed or not be achieved or that, even if achieved, that they will not necessarily translate into an enhanced public
perception of Bell&nbsp;Canada&#146;s service offerings, the achievement of customer retention objectives or increased revenues. There is also a risk that customer service improvements will be more costly to implement than currently anticipated, which
could adversely affect our results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we are unable to achieve any or all of these objectives, our business and results of operations could be adversely affected.</FONT></P>

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<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">We need to anticipate technological change and invest in or develop new technologies, products and services. If we are unable to upgrade our networks, launch new technologies, products and services on a timely basis or if
regulation expands to delay newer technologies, our business and results of operations may be adversely affected.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We operate in markets that are affected by constant technological change, evolving industry standards, changing client needs, frequent introductions of new products and services and short product life cycles. Investment in our
networks and in new technologies, products and services and the ability to launch, on a timely basis, such technologies, products and services are critical to increasing the number of our subscribers and achieving our financial performance
objectives.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We may face additional risks as we develop new products, services and technologies, and update our networks to stay competitive. Newer technologies, for example, may quickly become obsolete or may
need more capital than initially expected. Development could be delayed for reasons beyond our control. Substantial investments usually need to be made before new technologies prove to be commercially viable. There is also a risk that current
regulation could be expanded to apply to newer technologies which could delay our launch of new services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that we will be successful in developing, implementing and marketing new technologies, products, services or enhancements in a reasonable time, or that they will gain market
acceptance. New products or services that use new or evolving technologies could reduce demand for our existing offerings or cause prices for those services to decline and could result in shorter estimated useful lives for existing technologies
which could increase depreciation expense. In addition, the construction and deployment of networks require the issuance of municipal consents for the installation of network equipment on municipal property. There is no assurance that such municipal
consents will be issued or that they will be issued in time to meet our expected deployment schedules. Our failure to upgrade our networks and to successfully develop, implement and market new technologies, products, services or enhancements in a
reasonable time could have an adverse effect on our business and results of operations.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">We may be required to increase contributions to our employee benefit plans in the future depending on various factors.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The funding requirements of our employee benefit plans, resulting from valuations of our plan assets and liabilities, depend on a number of factors, including actual returns on pension plan assets, long-term interest rates, plan
demographics, applicable regulations and applicable actuarial standards. Changes in these factors could cause actual future contributions to significantly differ from our current estimates and could require us to increase contributions to our employee benefit plans in the future
and, therefore, could have a negative effect on our liquidity and results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that our pension plans will be able to earn their assumed rate of return. A substantial portion of our pension plans&#146; assets is invested in both public equity and debt
securities. As a result, the ability of our pension plans to earn the rate of return that we have assumed significantly depends on the performance of capital markets. Market conditions also impact the discount rate used to calculate our solvency
obligations and therefore could also significantly affect our cash funding requirements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our expected funding for&nbsp;2011 is in accordance with the latest pension valuations as of December&nbsp;31,&nbsp;2009 filed in May&nbsp;2010, adjusted to reflect the impact of the federal pension reform passed in June&nbsp;2010, actual&nbsp;2010 returns, market conditions at the end of&nbsp;2010 and taking into account special additional funding of &#36;500&nbsp;million in&nbsp;2009 and &#36;750&nbsp;million in&nbsp;2010. December&nbsp;31,&nbsp;2010 valuation results, to be filed with pension authorities by
June&nbsp;30,&nbsp;2011, may impact actual funding for&nbsp;2011.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Our operations depend on how well we protect, maintain and replace our networks, equipment, IT systems and software.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our operations depend on how well we protect our networks, equipment, IT systems and software, and the information stored in our data centres, against damage from fire, natural disaster (including seismic and severe
weather-related events such as ice, snow and wind storms, flooding and tornadoes), power loss, building cooling loss, hacking, computer viruses, cyber attacks, disabling devices, acts of war or terrorism, sabotage, vandalism and other events. Global
climate change could exacerbate certain of those threats, including the frequency and severity of weather-related events. Our operations also depend on the timely replacement, maintenance and upgrade of our networks, equipment, IT systems and
software. Any of these and other events could result in network failures, billing errors and delays in customer service. Our operations also depend on our ability to protect the information stored in our data centres against theft. The theft of such
information could adversely affect our customer relationships and expose us to claims in damages by customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our networks are connected with the networks of other telecommunications carriers, and we rely on them to deliver some of our services. Any of the events mentioned above, as well as strikes or other
work disruptions, bankruptcies or other insolvency proceedings, technical difficulties or other events affecting the networks of these other carriers, could also harm our business and our customer relationships.</FONT></P>

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<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">The complexity and costs of our IT environment could have an adverse effect on our business and financial results.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We currently have a very large number of highly complex interconnected operational and business support systems. This is typical of incumbent telecommunications service providers that support a wide variety of legacy and emerging
telephony, mobility, data and video services. The development and launch of a new service typically requires significant systems development and integration. The associated developmental and ongoing operational costs are a significant factor in
maintaining a competitive position and profit margins. As next generation services are introduced, they should be designed to work with both legacy and next generation support systems, which introduces uncertainty with respect to the costs and
effectiveness of the solutions and the evolution of systems.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">We depend on key third-party suppliers to provide products and services that we need to operate our business.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We depend on key third-party suppliers over which we have no operational or financial control for certain products and services that are critical to our operations. These critical products and services may only be available from a
limited number of suppliers. We compete globally with other telecommunications service providers for access to critical products and services, such as handsets, that are provided by such third-party suppliers. Access to such key products and
services on a basis allowing us to meet customer demand is critical to our ability to retain and acquire new customers.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, at any time, suppliers cannot provide us with products or services, including, without limitation, telecommunications equipment, software and maintenance services, that comply with evolving
telecommunications standards or that are compatible with our equipment, IT systems and software, our business and results of operations could be adversely affected. In addition, if we are unable to obtain products or services that are essential to
our operations on a timely basis and at an acceptable cost, or if telecommunications equipment and other products, such as handsets, that we sell or otherwise provide to customers or the telecommunications equipment and other products that we use to
provide services have manufacturing defects, our ability to offer our products and services and to roll out our advanced services, and the quality of our services and networks, may be negatively impacted, our network development and expansion could
be impeded, and our business, strategy and results of operations could be adversely affected. These suppliers may be subject to litigation with respect to technology that we depend on for our service offerings. In addition, the business and
operations of our suppliers and their ability to continue to provide us with products and services could be adversely affected by various factors, including, without limitation, general economic and financial market conditions, the
intensity of competitive activity, labour disruptions, availability of and accessibility to capital, bankruptcy or other insolvency proceedings, and changes in technological standards. </FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Renegotiating collective bargaining agreements with employees could result in higher labour costs and work disruptions.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Approximately 45% of our employees are represented by unions and are covered by collective bargaining agreements. Renegotiating collective bargaining agreements could result in higher labour costs and work disruptions, including
work stoppages or work slowdowns. There can be no assurance that should a strike or work disruption occur, it would not adversely affect service to our customers and our results of operations. In addition, work disruptions experienced by our
third-party suppliers, including work slowdowns and work stoppages due to strikes, could harm our business, including our customer relationships and results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following collective agreements will expire in&nbsp;2011: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the Communications, Energy and Paperworkers&#146; Union of&nbsp;Canada (CEP) and Expertech Network
Installation&nbsp;Inc. (Expertech) covering approximately 1,147 craft employees will expire on November&nbsp;30,&nbsp;2011
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and Bell&nbsp;Aliant Regional Communications, Limited Partnership covering approximately 650 craft
employees will expire on November&nbsp;30,&nbsp;2011 </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and T&eacute;l&eacute;bec covering approximately 220 clerical employees will expire on November&nbsp;1,&nbsp;2011
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and
Bell&nbsp;Canada (Information and Communications Technology) covering approximately 125 clerical employees will expire on May&nbsp;31,&nbsp;2011.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">In addition, the following describes the status of collective agreements that have already expired: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and Bell&nbsp;Canada covering approximately 770 communications sales employees expired
on December&nbsp;31,&nbsp;2010. A tentative agreement was signed with the union on January&nbsp;12,&nbsp;2011, but union membership voted against its ratification. The parties are pursuing discussions.
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and Expertech covering approximately 165 clerical employees expired on November&nbsp;30,&nbsp;2010. Negotiations for the renewal of this agreement have reached an impasse and the CEP filed for
conciliation on January&nbsp;11,&nbsp;2011. Conciliation sessions took place on February&nbsp;2, 3 and 17,&nbsp;2011.
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the collective agreement between the CEP and NorthernTel covering approximately 135 craft and clerical employees expired on February&nbsp;28,&nbsp;2011.
	</FONT></P></li>
</ul>

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<P align="left">
<FONT face="Arial" size="2">In addition, Bell&nbsp;Mobility was formally notified on October&#160;27,&nbsp;2010 that the CEP filed an application for certification to represent approximately 1,585 call centre
employees working in the Mississauga region of Ontario. Submissions have been filed with the&nbsp;Canada Industrial Relations Board relative to this application and a hearing will be scheduled later in&nbsp;2011. Bell&nbsp;TV was also advised on January&nbsp;20,&nbsp;2011
that the CEP filed an application for certification to represent approximately 140 broadcast employees working in the Toronto region of Ontario.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, negotiations with respect to a first collective agreement between the CEP and Bell&nbsp;Canada covering approximately 85 clerical employees located in Western&nbsp;Canada scheduled to commence in
the fall of&nbsp;2010 have been delayed and are tentatively scheduled to start in the latter part of the first quarter of&nbsp;2011. </FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">The significant increase in Internet broadband demand and in the volume of wireless data-driven traffic could have an adverse effect on our business and financial results.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The demand for video and other bandwidth-intensive applications on the Internet as well as the volume of wireless data-driven traffic have been growing at unprecedented rates. It is expected that growth in such demand and traffic
will further accelerate especially due, in the case of wireless data-driven traffic, to the increasing adoption of smartphones and other mobile devices such as tablets. Such rapid growth could drive capacity pressures on our Internet and wireless
networks. Consequently, we may need to incur significant capital expenditures to provide additional capacity and reduce network congestion on our Internet and wireless networks beyond those expenditures already anticipated by our subscriber and
traffic planning forecasts. We may not be able to recover these costs from customers due to competitors&#146; short-term pricing of comparable services. There is also a risk that our efforts to optimize network performance, in the face of increasing
demand, through paced fibre and equipment deployment, traffic management and rate plan changes could be unsuccessful and/or generate adverse publicity, potentially resulting in an increase in our subscriber churn rate beyond our current
expectations, and thereby compromising our efforts to attract new customers. This could have an adverse effect on our business and results of operations.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">If we are unable to raise the capital we need, we may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of assets.</FONT></I></P>
<P align="left">
<font size="2" face="Arial">As previously discussed under </font><font size="2"><I><FONT face="Arial">Financial and Capital Management &#150; Liquidity</FONT></I></font><font size="2" face="Arial">, we have significant cash requirements to implement our business plan and meet our
financial obligations. These cash requirements may be adversely affected by the risks associated with our contingencies, off-balance sheet arrangements and assumptions built into our business and financial plans. Our ability to meet our cash requirements and provide for planned
growth depends on our having access to adequate sources of capital and on our ability to generate cash flows from operations, which is subject to competitive, technological, economic, financial, regulatory and other risk factors described in this
MD&amp;A, many of which are not within our control. Also, the amount of working capital available to operate our business and our ability to achieve our working capital objectives could be adversely impacted by the quality of, and our level of
success in collecting accounts receivable through the use of our employees, systems and technology.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In general, our capital needs are funded from cash generated by our operations or investments, by borrowing from commercial banks, through debt and equity offerings in the capital markets, or by
selling or otherwise disposing of assets (including the sale of accounts receivable).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our ability to raise financing depends on our ability to access the public equity and debt capital markets as well as the bank credit market. Our ability to access such markets and the cost and amount
of funding available depend largely on prevailing market conditions and the outlook for our business and credit ratings at the time capital is raised. An increased level of debt borrowings could result in lower credit ratings, increased borrowing
costs and a reduction in the amount of funding available to us (including through equity offerings). Business acquisitions could also adversely affect our outlook and credit ratings and have similar adverse consequences. In addition, participants in
the public capital and bank credit markets have internal policies limiting their ability to invest in, or extend credit to, any single entity or entity group or to a particular industry.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bank credit facilities, including credit facilities supporting our commercial paper programs, are with various financial institutions. While it is our intention to renew such credit facilities
from time to time, there are no assurances that these facilities will be renewed on favourable terms or in similar amounts as a result of the risk factors mentioned in this MD&amp;A or as a result of the risks associated with changes in the bank
market itself resulting from increased capitalization regulations, reduced lending activity or a reduction in the number of banks providing such services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we cannot raise the capital we need to implement our business plan or meet our financial obligations upon acceptable terms, we may have to limit our ongoing capital expenditures, limit our
investment in new businesses, or try to raise additional capital by selling or otherwise disposing of assets. Any of these could have an adverse effect on our cash flows from operations and on our growth prospects.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 7</b></font><b><font face="Arial" size="1">3</font></b></P>

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




<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">We may not be able to discontinue certain services as necessary to improve capital and operating efficiencies.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Legacy circuit-based infrastructures are difficult and expensive to operate and to maintain. We are in the process of migrating voice and data traffic from our legacy core circuit-based infrastructures to newer and more efficient
IP and packet-based infrastructures. As part of this transformation, we are also planning to discontinue certain services that are based on circuit-based infrastructure and which have very low customer demand. This is a necessary component of
improving capital and operating efficiencies. In some cases, this could be delayed or prevented by customers or regulatory actions. If we cannot discontinue these services as planned, we will not be able to achieve the efficiencies as expected and
this may adversely affect our results of operations.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Regulatory initiatives or proceedings, pending or future litigation, changes in laws or regulations or government tax audits could have an adverse effect on our business and results of operations.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our business is affected by decisions made by various regulatory agencies, including the CRTC. Decisions of the CRTC may have an adverse effect on our business and results of operations.
Decisions of the CRTC can also, within a year of the decision, be varied,
rescinded or referred back to the CRTC by&nbsp;Canada&#146;s Governor-in-Council either of
its own volition, or upon petition in writing by third parties filed within 90
days of the CRTC&#146;s decision. In addition, we become involved in various
legal proceedings as a part of our business. Pending or future litigation, including an increase in class action claims which, by their nature, could result in sizeable damage awards, could have an adverse effect on our business and results of
operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in laws or regulations or in how they are interpreted, and the adoption of new laws or regulations, could negatively affect us. These include changes in tax laws or the adoption of new tax
laws that result in higher tax rates or new taxes. They also include amendments to Canadian securities laws that introduced statutory civil liability for misrepresentations in continuous disclosure. These amendments have facilitated the introduction
in&nbsp;Canada of class action lawsuits by secondary market investors against public companies for alleged misrepresentations in public disclosure documents and oral statements. Significant damages could be awarded by courts in these types of actions
should they be successful. Such awards of damages and costs relating to litigation could adversely affect our results of operations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that we have adequately provided for all income and commodity taxes based on all of the information that is currently available. The calculation of income taxes and the applicability of
commodity taxes in many cases, however, require significant judgement in interpreting tax rules and regulations. Our tax filings are subject to government audits which could result in material changes to the amount of current and future income tax
assets and liabilities and other liabilities and could, in certain circumstances, result in an assessment of interest and penalties.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On June&nbsp;30,&nbsp;2010, amendments to the Qu&eacute;bec Consumer Protection Act (QCPA) and the</FONT><font size="2"><I><FONT face="Arial"> </FONT></I>
</font><font size="2" face="Arial">Regulation respecting the application of the QCPA
came into force. These amendments introduce new provisions applicable to wireless, wireline, Internet and digital television service contracts relating to disclosure, amendments, renewal, termination and calculation of early cancellation fees. The
amendments also introduce new rules applicable to disclosure on the sale of additional product warranties. These new QCPA provisions will result in additional costs of providing products and services in the Province of Qu&eacute;bec, and may result
in reduced revenues and additional churn. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the principal regulatory initiatives and proceedings affecting us, see
</font><font size="2"><I><FONT face="Arial">Our Regulatory Environment</FONT></I><FONT face="Arial">. For a description of
the principal legal proceedings involving us, please see the section </FONT><I><FONT face="Arial">Legal Proceedings</FONT></I></font><font size="2" face="Arial"> contained in the BCE&nbsp;2010 AIF.</font></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Satellites used by Bell&nbsp;TV are subject to significant operational risks and satellites that are not yet built are subject to construction and launch delays that could have an adverse effect on Bell&nbsp;TV&#146;s business and
financial results.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In conjunction with the sale by BCE&nbsp;Inc. of its subsidiary Telesat on October&nbsp;31,&nbsp;2007, a set of commercial arrangements between Telesat and Bell&nbsp;TV were put into place that provide Bell&nbsp;TV access to satellite capacity. Pursuant
to these commercial arrangements, Bell&nbsp;TV currently uses three satellites. Telesat operates or directs the operation of these satellites.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Satellites utilize highly complex technology and operate in the harsh environment of space and are therefore subject to significant operational risks while in orbit. The risks include in-orbit
equipment failures, malfunctions and other kinds of problems commonly referred to as anomalies that could reduce the commercial usefulness of a satellite used by Bell&nbsp;TV. Acts of war or terrorism, magnetic, electrostatic or solar storms, and space
debris or micrometeoroids could also damage the satellites used by Bell&nbsp;TV.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any loss, failure, manufacturing defects, damage or destruction of these satellites, of Bell&nbsp;TV&#146;s terrestrial broadcasting infrastructure or of Telesat&#146;s tracking, telemetry and control
facilities to operate the satellites could have an adverse effect on Bell&nbsp;TV&#146;s business and results of operations and could result in many customers terminating their subscription to Bell&nbsp;TV&#146;s DTH satellite television service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, there are certain risks related to the construction and launch of new satellites. Launch delays can result from delays in the construction of satellites and launch vehicles, the periodic
unavailability of reliable launch opportunities, possible delays in obtaining regulatory approvals, and launch failures. If satellite construction schedules are not met, a launch opportunity may not be available at the time the satellite is ready to
be launched. </FONT></P>

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






<P align="left">
<FONT face="Arial" size="2">Launch vehicles may fail resulting in significant delays in the deployment of satellites because of the need to construct replacement satellites, which typically takes up to 30 months or longer, and to obtain another launch
vehicle. Such significant delays could adversely affect Bell&nbsp;TV&#146;s ability to launch new services and reduce the competitiveness of its television services, and may adversely affect our results of operations.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">The theft of our satellite television services could have an adverse effect on Bell&nbsp;TV&#146;s business and results of operations.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;TV faces a loss of revenue resulting from the theft of its services. In&nbsp;2008, Bell&nbsp;TV introduced and completed a smart card exchange for its authorized digital receivers that is designed to block unauthorized reception of
Bell&nbsp;TV&#146;s signals. However, as with any technology-based security system, it is not possible to prevent with absolute certainty the compromise or circumvention of that security system. As is the case for all other television distributors, Bell&nbsp;TV has experienced, and continues to experience, ongoing efforts to steal its services by way of compromise or circumvention of Bell&nbsp;TV&#146;s signal security systems. The theft of Bell&nbsp;TV&#146;s services could have an adverse effect on Bell&nbsp;TV&#146;s business and results of operations.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">BCE&nbsp;Inc. is dependent on the ability of its subsidiaries, joint ventures and other companies in which it has an interest to pay dividends or otherwise make distributions to it.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. has no material sources of income or assets of its own, other than the interests that it has in its subsidiaries, joint ventures and other companies, including its direct ownership of the equity of Bell&nbsp;Canada. BCE&nbsp;Inc.&#146;s cash flow and, consequently, its ability to service its indebtedness and to pay dividends on its equity securities are therefore dependent upon the ability of its subsidiaries, joint ventures and other companies in which it has an
interest to pay dividends or otherwise make distributions to it.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&nbsp;Inc.&#146;s subsidiaries, joint ventures and other companies in which it has an interest are separate and distinct legal entities and have no obligation, contingent or otherwise, to pay any
dividends or make any other distributions to BCE&#160;Inc. In addition, any right of BCE&nbsp;Inc. to receive assets of its subsidiaries, joint ventures and other companies in which it has an interest
upon their liquidation or reorganization will be structurally subordinated to the prior claims of creditors of such subsidiaries, joint ventures and other companies.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">We cannot guarantee that BCE&nbsp;Inc.&#146;s dividend policy will be maintained or that dividends will be declared.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The board of directors of BCE&nbsp;Inc. reviews from time to time the adequacy of BCE&nbsp;Inc.&#146;s dividend policy. On February&nbsp;10,&nbsp;2009, the board of directors of BCE&nbsp;Inc. adopted a common share dividend policy with a target dividend
payout ratio of 65% to 75% of Adjusted EPS. This dividend policy was adopted with the objective of allowing sufficient financial flexibility to continue investing in BCE&#146;s business while growing returns to shareholders. Under this
dividend policy, increases in the common share dividend are directly linked to growth in BCE&nbsp;Inc.&#146;s Adjusted EPS. BCE&nbsp;Inc.&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&nbsp;Inc.&#146;s board of
directors and, consequently, there can be no guarantee that BCE&nbsp;Inc.&#146;s dividend policy will be maintained or that dividends will be declared.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">A major decline in the market price of BCE&nbsp;Inc.&#146;s securities may negatively impact our ability to raise capital, issue debt, retain employees, make strategic acquisitions or enter into joint ventures.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Differences between BCE&nbsp;Inc.&#146;s actual or anticipated financial results and the published expectations of financial analysts may contribute to volatility in BCE&nbsp;Inc.&#146;s securities. A major decline in the capital markets in
general, or an adjustment in the market price or trading volumes of BCE&nbsp;Inc.&#146;s securities, may negatively affect our ability to raise capital, issue debt, retain employees, make strategic acquisitions or enter into joint ventures.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Health concerns about radio frequency emissions from wireless devices, as well as epidemics and other health risks, could have an adverse effect on our business.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">It has been suggested that some radio frequency emissions from cellular phones may be linked to certain medical conditions. Interest groups have also requested investigations into claims that digital transmissions from handsets
used with digital wireless technologies pose health concerns and cause interference with hearing aids and other medical devices. Increasing concern over the use of cellular phones and the possible related health risks is expected to put additional
pressure on the wireless communications industry to demonstrate their safe use and could lead to additional government regulation, which could have a negative effect on our business. In addition, actual or perceived health risks of using wireless
communications devices could result in fewer new network subscribers, lower network usage per subscriber, higher churn rates, product liability lawsuits or less outside financing being available to the wireless communications industry. We rely on
our suppliers to ensure that the network equipment and customer equipment supplied to us meets all applicable safety requirements. Epidemics, pandemics and other health risks could also occur which could adversely affect our ability to maintain
operational networks and provide services to our customers. Any of these events could have an adverse effect on our business and results of operations.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 75</b></font></P>

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




<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">Our business depends on the performance of and our ability to retain our employees.</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our business depends on the efforts, abilities and expertise of our employees and, more specifically, of our senior executives and other key employees. A key component of our retention strategy for our key personnel lies in our
ability to provide clear, meaningful and challenging objectives that will drive performance and enhance their skills and expertise. Our senior executives and other key employees are important to our success because they have been instrumental in
setting our strategic direction, operating our business, identifying, recruiting and training key personnel, and identifying business opportunities. The loss of one or more of these key individuals could impair our business and development until
qualified replacements are found. There can be no assurance that these individuals could quickly be replaced with persons of equal experience and capabilities. Although we have compensation programs in place designed to help retain and motivate
these individuals, we cannot prevent them from terminating their employment with us.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, deterioration in employee morale resulting from continuing staff reductions and reorganizations, wage freezes and ongoing cost reductions could also adversely affect our business and
financial results.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">The expected timing and completion of the proposed acquisition of CTV is subject to closing conditions and other risks and uncertainties</FONT></I></P>
<P align="left">
<font size="2" face="Arial">The expected timing and completion of the proposed acquisition by BCE&nbsp;of the remaining 85% interest in CTV that it does not already own is subject to customary closing conditions, termination rights and other risks and
uncertainties including, without limitation, any remaining</font><font size="2"><B><FONT face="Arial"> </FONT></B>
</font><font size="2" face="Arial">regulatory approvals. Accordingly, there can be no assurance that the proposed transaction will occur, or that it will occur on the
timetable or on the terms and conditions currently contemplated. The proposed transaction could be modified,
restructured or terminated. There can also be no assurance that the strategic benefits and competitive, operational and cost efficiencies expected to result from the transaction will be fully realized.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">RISK MANAGEMENT PRACTICES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc.&#146;s audit committee (Audit Committee) is responsible for the oversight of our risk management processes. Such processes are designed to manage, rather than eliminate, the risk of failure to achieve our business
objectives. The Audit Committee also takes into account significant social, environmental and ethical matters that relate to our business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have enterprise-wide risk assessment processes which incorporate the internal control and enterprise risk management frameworks of the Committee of Sponsoring Organizations of the Treadway
Commission (COSO). Risk assessment and evaluation is an important part of the annual business planning cycle. In developing their annual plans, BCE&#146;s business units identify and assess significant risks to the achievement of their business
objectives and, where necessary, develop mitigation plans. The risk information generated is reviewed with senior management and BCE&nbsp;Inc.&#146;s board of directors in evaluating the business plans for each of the business units and the company as a
whole. The Internal Audit group plans its annual activities employing a risk-based review of internal control processes in the company. Throughout the year the Internal Audit group carries out continuing assessments of the quality of controls. On a
quarterly basis the Internal Audit group reports to the Audit Committee on the results of its internal audits and on areas identified for specific improvement. The Internal Audit group also promotes effective risk management in our lines of
business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee considers the effectiveness of the operation of our internal control procedures, reviewing reports from the Internal Audit group and BCE&nbsp;Inc.&#146;s external auditors. The Audit
Committee reports its conclusions to BCE&nbsp;Inc.&#146;s board of directors.</FONT></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">OUR ACCOUNTING POLICIES</FONT></P>
<P align="left">
<FONT face="Arial">This section discusses key estimates and assumptions that management has made and how they affect the amounts reported in the financial statements and notes. It also describes key changes in accounting standards and our accounting
policies, and how they affect our financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have prepared our consolidated financial statements according to Canadian GAAP. Other significant accounting policies, not involving the same level of measurement uncertainty as those discussed in
this section, are nevertheless important to an understanding of our financial statements. Estimates related to revenues, allowance for doubtful accounts, useful lives of capital assets, asset impairments, inventory reserves, employee compensation
plans, evaluation of minimum lease terms for operating leases, and business combinations require difficult judgements on complex matters that are often subject to multiple sources of authoritative guidance. See Note 1 to the consolidated financial
statements for more information about the accounting principles we used to prepare our financial statements.</FONT></P>

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






<P align="left">
<I><FONT face="Arial" color="#0065A4">CRITICAL ACCOUNTING ESTIMATES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As required under Canadian GAAP, we make estimates when we account for and report assets, liabilities, revenues and expenses, and disclose contingent assets and liabilities in our financial statements. We are also required to
regularly evaluate the estimates that we make. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We base our estimates on a number of factors, including historical experience, current events and actions that we may undertake in the future, and other assumptions that we believe are reasonable
based on information available at the time they are made. Given the inherent uncertainty involved in making estimates, actual results reported in future periods could differ from these estimates.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider the estimates described in this section to be an important part of understanding our financial statements because they require management to make assumptions about matters that are highly
uncertain at the time the estimate was made and changes to these estimates could have a material impact on our financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our senior management has discussed the development and selection of the critical accounting estimates described in this section with the Audit Committee of our board of directors. The Audit Committee
has reviewed these critical accounting estimates.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any sensitivity analysis included in this section should be used with caution as the changes are hypothetical and the impact of changes in each key assumption may not be linear.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">EMPLOYEE BENEFIT PLANS</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">We maintain defined benefit plans that provide pension and other post-employment benefits for most of our employees. The amounts reported in the financial statements relating to these benefits are determined using actuarial
calculations that are based on several assumptions.</FONT></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform a valuation at least every three years to determine the actuarial present value of the accrued pension and other post-employment benefits. The valuation uses management&#146;s assumptions
for the discount rate, expected long-term rate of return on plan assets, rate of compensation increase, trends in healthcare costs and expected average remaining years of service of employees.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;While we believe that these assumptions are reasonable, differences in actual results or changes in assumptions could materially affect employee benefit obligations and future net benefit plans costs.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for differences between actual and assumed results by recognizing differences in benefit obligations and plan performance over the estimated average working lives of the employees who
benefit from the plans. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two most significant assumptions used to calculate the net employee benefit plans cost are the discount rate and the expected long-term rate of return on plan assets. Each of our operating
segments is affected by these assumptions.</font></P>
<P align="left">
<I><FONT face="Arial" size="2">DISCOUNT RATE</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">The discount rate is the interest rate used to determine the present value of the future cash flows that we expect will be needed to settle employee benefit obligations. It is based on the yield on long-term high-quality
corporate fixed income investments, with maturities matching the estimated cash flows from the plan.</FONT></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the appropriate discount rate at the end of every year. Our discount rate was 5.5% at December&nbsp;31,&nbsp;2010, a decrease from 6.4% at December&nbsp;31,&nbsp;2009. The following table shows the impact of
a 0.5% increase and a 0.5% decrease in the discount rate on the net benefit plans cost for&nbsp;2011 and the accrued benefit asset at December&nbsp;31,&nbsp;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=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">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=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">ACCRUED </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">IMPACT 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">BENEFIT ASSET </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="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 PLANS </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 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">COST FOR&nbsp;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%">
<I><FONT size=1 face="Arial">INCREASE/</FONT></I><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%">
<I><FONT size=1 face="Arial">INCREASE/</FONT></I><font face="Arial" size="1">
</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%">
<I><FONT size=1 face="Arial">(DECREASE)</FONT></I><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%">
<I><FONT size=1 face="Arial">(DECREASE)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">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">(81 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">81 </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 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 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;Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(19 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(101 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">101 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<tr>
	<TD align=left width="76%">
&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="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">82 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(82 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Wireless </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(22 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(106 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Although there is no immediate impact on our balance sheet, a lower discount rate results in a higher accrued benefit obligation and a higher pension deficit.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">EXPECTED LONG-TERM RATE OF RETURN</FONT></I></P>
<P align="left">
<I><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.</FONT></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the appropriate expected long-term rate of return at the end of every year. We assumed an expected long-term rate of return on plan assets of 7.0% in&nbsp;2010, compared to 7.25% in&nbsp;2009.
</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 7</b></font><b><font face="Arial" size="1">7</font></b></P>

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






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




<P align="left">
&nbsp;</P>
<P align="left">
<font face="Arial" size="2">&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 plan assets on the net benefit plans cost for&nbsp;2011 and the accrued benefit asset at
December&nbsp;31,&nbsp;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=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">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=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">ACCRUED </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">IMPACT 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">BENEFIT ASSET </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="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 PLANS </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 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">COST FOR&nbsp;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%">
<I><FONT size=1 face="Arial">INCREASE/</FONT></I><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%">
<I><FONT size=1 face="Arial">INCREASE/</FONT></I><font face="Arial" size="1">
</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%">
<I><FONT size=1 face="Arial">(DECREASE)</FONT></I><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%">
<I><FONT size=1 face="Arial">(DECREASE)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="100%" colspan=5>
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected rate of return increased to 7.5% </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&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">(60 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">60 </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 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 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;Aliant </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<tr>
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(75 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">75 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</tr>
<tr>
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<tr>
	<TD align=left width="76%">
&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="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 size="2" face="Arial">&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">60 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(60 </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 face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant </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">(14 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
	</TD>
	</tr>
<tr>
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">75 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(75 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="100%" colspan="5">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Although there is no immediate impact on our balance sheet, poor fund performance results in a lower fair value of plan assets and a higher pension deficit. This means that we may have to increase cash contributions to the pension
fund.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">We review estimates of the useful lives of property, plant and equipment on a periodic basis and adjust them on a prospective basis, if necessary.</FONT></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant proportion of our total assets consist of property, plant and equipment. Changes in technology or in our intended use of these assets, as well as changes in business prospects or
economic and industry factors may cause the estimated useful lives of these assets to change.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform internal studies to assess the appropriateness of depreciable lives of property, plant and equipment. These studies use models, which take into account actual and expected future usage,
physical wear and tear, replacement history and assumptions about technology evolution to calculate the remaining life of our assets. When these factors indicate that assets&#146; useful lives are different from the original assessment, we
depreciate the remaining carrying values prospectively over the adjusted estimated useful lives.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">GOODWILL IMPAIRMENT</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">We assess goodwill impairment of individual reporting units in the fourth quarter of every year and when events or changes in circumstances indicate that goodwill might be impaired. </FONT></I>
<font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We test goodwill impairment in two steps: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">we compare the fair value of a reporting unit to its carrying value. Fair value is based on estimates of discounted future cash flows or other valuation methods. When the fair value of a reporting unit is less than its
carrying value, fair values are determined for all of its identifiable assets and liabilities. The excess of the fair value of the reporting unit over the total of the amounts assigned to its assets and liabilities is the fair value of goodwill.
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its fair value. </FONT></P>
	</li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">We make a number of significant estimates when calculating fair value using discounted future cash flows
or other valuation methods. These estimates include the assumed growth rates for future cash flows, the numbers of years used in the cash flow model, the discount rate and others.<br>
&nbsp;&nbsp;&nbsp;&nbsp; We believe that all of our estimates are reasonable. They are consistent with our internal planning and reflect our best estimates, but they have inherent uncertainties that management may not be able
to control.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any changes in each of the estimates used could have a material impact on the calculation of the fair value and resulting impairment charge. As a result, we are unable to reasonably quantify the
changes in our overall financial performance if we had used different assumptions.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We cannot predict whether an event that triggers impairment will occur, when it will occur or how it will affect the asset values we have reported.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were no impairment charges recorded in&nbsp;2010,&nbsp;2009 or&nbsp;2008.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CONTINGENCIES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">We become involved in various legal proceedings and regulatory matters as a part of our business. Each of our operating segments may be affected. Pending litigation, regulatory initiatives or regulatory proceedings represent a
potential financial loss to our business.</FONT></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We accrue a potential loss if we believe the loss is probable and it can be reasonably estimated. We base our decision on information that is available at the time. We estimate the amount of the loss
by consulting with the outside legal counsel that is handling our defence. This involves analyzing potential outcomes and assuming various litigation and settlement strategies.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the final resolution of a legal or regulatory matter results in a judgement against us or requires us to pay a large settlement, it could have a material effect on our results of operations, cash
flows and financial position in the period in which the judgement or settlement occurs. Any accrual would be charged to operating income and included in
</font><I><font size="2" face="Arial">Accounts payable and accrued liabilities</font></I><font size="2"><FONT face="Arial"> or </FONT><I><FONT face="Arial">Other long-term liabilities</FONT></I></font><font size="2" face="Arial">. Any cash settlement would be deducted from cash from operating
activities.</font></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>78&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our operating segments had any significant provisions relating to pending litigation, regulatory initiatives or regulatory proceedings at December&nbsp;31,&nbsp;2010. We have not made any significant
changes to our estimates in the past two years.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INCOME TAXES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The calculation of income tax expense requires significant judgement in interpreting tax rules and regulations, which are changing constantly. There are many transactions and calculations for which the ultimate tax determination
is uncertain. Our tax filings are also subject to audits, the outcome of which could materially change the amount of current and future income tax assets and liabilities.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management believes that it has sufficient amounts accrued for outstanding income tax matters based on all of the information that currently is available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Future tax assets and liabilities require management judgement in determining the amounts to be recognized. In particular, significant judgement is required when assessing the timing of the reversal
of the temporary differences to which future tax rates are applied. Further, the amount of future tax assets, which is limited to the amount that is more likely than not to be realized, is estimated with consideration given to the timing, sources
and level of future taxable profit.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">FUTURE CHANGES TO ACCOUNTING STANDARDS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The AcSB set January&nbsp;1,&nbsp;2011 as the date that IFRS replaced Canadian GAAP for publicly accountable enterprises, which includes Canadian reporting issuers. We will prepare our financial statements in accordance with IFRS commencing
January&nbsp;1,&nbsp;2011. Financial reporting under IFRS differs from Canadian GAAP in a number of respects, some of which are significant.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following information is provided to allow investors and others to obtain a better understanding of the changeover to IFRS and the resulting effects on our financial statements and operating
performance measures. Readers are cautioned, however, that it may not be appropriate to use such information for any other purpose. This information reflects our most recent assumptions and expectations; circumstances may arise, such as changes in
IFRS, regulations or economic conditions, which could change these assumptions or expectations. In addition, final decisions on accounting policies are not required to be made until the preparation of the&nbsp;2011 annual financial statements is
complete.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;When we adopt IFRS, effective January&nbsp;1,&nbsp;2011, we will apply the provisions of IFRS 1,
</FONT><font size="2"><I><FONT face="Arial">First-Time Adoption of International Financial Reporting Standards</FONT></I></font><font size="2" face="Arial">, which generally requires that we apply IFRS on a retrospective basis as at January&#160;1,&nbsp;2010 for comparative purposes. IFRS 1 also provides certain mandatory exceptions and
elective exemptions to retrospective application. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adoption of IFRS does 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">
<FONT face="Arial" size="2" color="#0065A4">COMPLETION OF OUR IFRS CHANGEOVER PLAN</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our progress against our IFRS changeover plan, disclosed in the MD&amp;A for the first three quarters in&nbsp;2010 and the&nbsp;2009 annual MD&amp;A, is complete. Since our accounting records were kept using both Canadian GAAP and IFRS in
2010, our ongoing work is operational in nature and will include the following: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Assessment of the impact on business processes and systems of proposed and newly issued standards
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Enhancing our internal IFRS training program
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Finalizing modifications to our internal controls over financial reporting and disclosure controls and procedures
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">Working with the users of our financial statements to explain the changes in our accounting policies and financial results
arising from the changeover.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">FINANCIAL STATEMENTS UNDER IFRS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following preliminary reconciliations present the differences between Canadian GAAP and IFRS for our opening balance sheet at January&nbsp;1,&nbsp;2010, our closing balance sheet at December&nbsp;31,&nbsp;2010 and for our statement of operations
for the year ended December&nbsp;31,&nbsp;2010. Certain presentation changes required under IFRS will be made in our consolidated financial statements starting with the three month period ended March&nbsp;31,&nbsp;2011 and are not reflected in the following
reconciliations. The notes below each statement explain the more significant changes in accounting policies that we have made and the differences between Canadian GAAP and IFRS.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;These statements are labelled preliminary because accounting policy and transition choices can continue to be made until December&nbsp;31,&nbsp;2011. We believe that it is unlikely that we will change any of
our decisions but we cannot foresee all circumstances that might result in such a change.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 7</b></font><b><font face="Arial" size="1">9</font></b></P>

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






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




<P align="left">
<I><FONT face="Arial" size="2">PRELIMINARY CONSOLIDATED OPENING BALANCE SHEET</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="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%" colspan=5>
<p align="center">
<FONT size=1 face="Arial">ADJUSTMENTS FOR IFRS </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>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="8%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="8%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=5 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font 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">EQUITY </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=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="40%">
<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">ACCOUNTING </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=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="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">JANUARY&nbsp;1,&nbsp;2010 </FONT><I><FONT size=1 face="Arial">(in &#36;&nbsp;millions)</FONT></I><font face="Arial" size="1">
</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">CANADIAN </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">FOR JOINT </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=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="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">CANADIAN GAAP ACCOUNTS </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">GAAP </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">VENTURES (4) </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">MANDATORY </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">ELECTIVE (5) </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">IFRS </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp; </font>
	</TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">ASSETS</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font 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 size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current assets </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,284 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(16 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,183 </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">4,451 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total capital assets </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2, 3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">25,785 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(175 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(572 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(1,344 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">23,694 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,207 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<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="8%">
<FONT size=2 face="Arial">193 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,075 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,516 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Goodwill </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,774 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,774 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total assets </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">38,050 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">804 </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">(3,419 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">35,435 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width=8%>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">LIABILITIES</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font 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 size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current liabilities </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,786 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,218 </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">5,993 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,299 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,299 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,942 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">237 </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">5,133 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">20,027 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,455 </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">21,425 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,049 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(138 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(373 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">538 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">16,974 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(513 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,998 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">13,472 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities and shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">38,050 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">804 </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">(3,419 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">35,435 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="13" width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">Notes:</FONT></B></P>
<P align="left">
<B><I><FONT face="Arial" size="2">1. Securitization of Accounts Receivable</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, we accounted for a transfer of receivables as a sale when we gave up control of the accounts receivable in exchange for proceeds other than our retained beneficial ownership interest in those receivables. We
recognized a loss on the derecognition of the receivables, calculated as the excess of the carrying value of the receivables over the fair value of the consideration received.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, the criteria to derecognize financial assets are substantially different than under Canadian GAAP. Our accounts receivable securitization program does not qualify for derecognition under
IFRS. Therefore, both the accounts receivable balance and related obligation are shown on the balance sheet as a current asset and current liability, respectively. Total current assets and total current liabilities both increase by &#36;1,305
million.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">2. Capital Assets &#150; Depreciation and Classification</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">We depreciated most of our Wireline assets using the group depreciation method under Canadian GAAP. When we retired assets in the ordinary course of business, we charged their original cost to accumulated depreciation; no gain or
loss was recorded on retirement of the asset.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We discontinued the use of the group depreciation method under IFRS, and gains and losses on retirement of assets are included in earnings as incurred. In addition, the estimated useful life of assets
are not determined using the group method. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we depreciate capital assets using the straight-line method over their estimated useful lives.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On transition, we applied the straight-line method of depreciation retrospectively to assets previously depreciated using the group method. At January&nbsp;1,&nbsp;2010, this change decreased the carrying
amount of certain property, plant and equipment by &#36;619&nbsp;million and &#36;314&nbsp;million was charged to the opening deficit at the date of transition, net of a decrease in future income tax liabilities of &#36;167&nbsp;million and non-controlling
interest of &#36;138&nbsp;million related to Bell&nbsp;Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We reclassified &#36;126&nbsp;million from property, plant and equipment to finite-life intangible assets and increased the value of these intangible assets by &#36;47&nbsp;million, to &#36;173&#160;million, on transition as service concession arrangements are intangible assets under IFRS and are valued at the present value of the right to use the asset as opposed to costs capitalized under Canadian
GAAP.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">3. Deemed Cost of Capital Assets</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Under IFRS 1, we elected to use fair value as deemed cost for certain capital assets. On January&nbsp;1,&nbsp;2010, we decreased the carrying amount of capital assets by &#36;1,344&nbsp;million and charged &#36;969&nbsp;million to the opening
deficit, net of a decrease in future income tax liabilities of &#36;375&nbsp;million.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">4. Joint Venture Interests</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">We accounted for our interests in joint ventures using the proportionate consolidation method under Canadian GAAP. Under this method, we recorded our pro-rata share of the revenues and expenses, cash flows and balance sheet
amounts of our joint ventures.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">80</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;IFRS currently permits the use of the proportionate consolidation or the equity method to account for joint venture interests but we expect that IFRS will be changed in the first half of&nbsp;2011 to
require the use of the equity method only. Consequently, we have deconsolidated our joint venture interests.</font></P>
<P align="left">
<B><I><FONT face="Arial" size="2">5. Employee Benefit Plans</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">We used the corridor method approach under Canadian GAAP to recognize actuarial gains and losses in earnings relating to our defined benefit pension and other post-employment benefit plans. We deducted 10% of the greater of the
benefit obligation or the market-related value of plan assets from the unamortized net actuarial gains or losses on a market-related value basis. Any excess was amortized to earnings on a straight-line basis over the average remaining service period
of active employees. Past service costs under Canadian GAAP also were amortized on a straight-line basis over the average remaining service period of active employees.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we recognize actuarial gains and losses on a current basis directly in equity with no impact to earnings. 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 plan assets be measured using market values, instead of the market-related values we used under Canadian GAAP.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS 1, we elected to charge all deferred actuarial gains and losses in our defined benefit pension plans under Canadian GAAP to the opening deficit as at January&#160;1.&nbsp;2010. As a result, Other long-term assets decreased by &#36;2,316&#160;million, Other long-term liabilities increased by &#36;979&#160;million and the opening deficit increased by &#36;2,029&#160;million, net of a decrease in future income tax liabilities of &#36;893&nbsp;million and
non-controlling interest of &#36;373&nbsp;million related to Bell&nbsp;Aliant.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">6. Income Taxes</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Other long-term liabilities includes an increase of &#36;314&#160;million in our future income tax liabilities, which was charged to the opening deficit on January&#160;1,&nbsp;2010, due to the difference in the inclusion rate for temporary differences related to certain intangible assets.</FONT></P>
<P align="left">
<I><FONT size=2 face="Arial">PRELIMINARY CONSOLIDATED CLOSING BALANCE SHEET</FONT></I><font face="Arial" size="2">
</font>
	</P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=44%>
&nbsp;</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=7%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<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=9%>
<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=5%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=5%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<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=7%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="24%" colspan=4>
<p align="center">
<FONT size=1 face="Arial">ADJUSTMENTS FOR IFRS</FONT></TD>
	<TD align=left width=5%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=5%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD colspan=4>
<HR noshade size=1 color="#000000">
	</TD>
	<TD>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=1 face="Arial">DECEMBER 31,&nbsp;2010 </FONT><I><FONT size=1 face="Arial">(in &#36;&nbsp;millions)</FONT></I><font face="Arial" size="1">
</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=7%>
<FONT size=1 face="Arial">CANADIAN </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">OPENING BS </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">2010 IFRS&nbsp; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=5%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=5%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=1 face="Arial">CANADIAN GAAP ACCOUNTS </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=1 face="Arial">GAAP </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">ADJUSTMENTS </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=1 face="Arial">ADJUSTMENTS </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=5%>
<FONT size=1 face="Arial">IFRS </FONT>
	</TD>
	<TD align=right width=5%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<B><FONT size=2 face="Arial">ASSETS</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=5%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Total current assets </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">3,531 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">1,167 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(43 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">4,655 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Total capital assets </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">25,980 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(2,091 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">87 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">23,976 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">3,963 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(1,691 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(816 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">1,456 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Goodwill </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">5,802 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<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=9%>
<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=5%>
<FONT size=2 face="Arial">5,806 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Total assets </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">39,276 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(2,615 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(768 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">35,893 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width=44%>
&nbsp;</TD>
	<TD align=left width=8%>
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width=7%>
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width=9%>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width=9%>
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width=5%>
&nbsp;</TD>
	<TD align=left width=5%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width=44%>
<B><FONT size=2 face="Arial">LIABILITIES</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=9%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=5%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Total current liabilities </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">5,916 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">1,207 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(169 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">6,954 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">10,581 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<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=9%>
<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=5%>
<FONT size=2 face="Arial">10,581 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">4,586 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<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=9%>
<FONT size=2 face="Arial">351 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">5,128 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Total liabilities </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">21,083 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">1,398 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">182 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">22,663 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">986 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(511 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">346 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Total shareholders&#146; equity </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">17,207 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(3,502 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(821 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">12,884 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=44%>
<FONT size=2 face="Arial">Total liabilities and shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=2 face="Arial">39,276 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(2,615 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=9%>
<FONT size=2 face="Arial">(768 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=5%>
<FONT size=2 face="Arial">35,893 </FONT>
	</TD>
	<TD align=right width=5%>
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan="11">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">Notes:</FONT></B></P>
<P align="left">
<B><I><FONT face="Arial" size="2">1. Employee Benefit Plans</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">We have elected to charge all actuarial gains and losses in our defined benefit pension plans during the year through other comprehensive income. Under IFRS, we recognize changes in the accrued benefit obligation each quarter if
the actual return on plan assets or the discount rate changes. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">During&nbsp;2010, the discount rate declined from 6.4% to 5.5% and the actual return on assets was 11.4% compared to an expected return of 7.25%. As a result, as at December&#160;31,
2010, retirement benefit obligations increased by &#36;1,358&#160;million and the deficit increased by &#36;847&nbsp;million, net of a decrease in future income tax of &#36;390&nbsp;million, and
non-controlling interest of &#36;121&nbsp;million related to Bell&nbsp;Aliant. </FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 81</b></font></P>

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






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




<P align="left">
<I><FONT face="Arial" size="2">PRELIMINARY CONSOLIDATED STATEMENT OF OPERATIONS</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</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%">
&nbsp;</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" colspan=6>
<p align="center">
<FONT size=1 face="Arial">ADJUSTMENTS FOR IFRS&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>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31,&nbsp;2010 </FONT><I>
<FONT size=1 face="Arial">(in &#36;&nbsp;millions, except share amounts)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD width="8%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%"><font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD width="8%">
<p align="right">
<font face="Arial" size="1">&nbsp;	CANADIAN 	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD colspan=5 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="2%">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">CANADIAN GAAP ACCOUNTS </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">GAAP </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">MANDATORY </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">ELECTIVE </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">OTHER (5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">IFRS </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD colspan=3 width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">18,069 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">15 </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">(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">18,069 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(4,949 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(23 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#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">(249 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(5,221 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expense </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(5,932 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(106 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">94 </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">281 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(5,663 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,188 </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">(114 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">94 </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">17 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,185 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,542 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(91 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">238 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,388 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(750 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<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="8%">
<FONT size=2 face="Arial">(737 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(224 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(38 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(262 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,672 </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">(252 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">340 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">38 </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">3,798 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income (expense) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">124 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">898 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,023 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(670 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(16 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(992 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </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">(1,678 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,126 </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">(265 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">246 </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">36 </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">3,143 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(550 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<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="8%">
<FONT size=2 face="Arial">(74 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(9 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(632 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(299 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(290 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,277 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(255 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">172 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,221 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(112 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(112 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,165 </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">(255 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">172 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,109 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Included in net earnings </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font 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 width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">127 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">143 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net (gains) losses on investments </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(133 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(133 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Adjusted net earnings </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,159 </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">(239 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">172 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,119 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings per common share </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font 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 width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Statutory EPS </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2.85 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(0.34 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.23 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2.78 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.17 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.02 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.19 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Net (gains) losses on investments </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(0.18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(0.18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Adjusted EPS </FONT>
	</TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2.84 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(0.32 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.23 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.04 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2.79 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial" size="2">Notes:</FONT></B></P>
<P align="left">
<B><I><FONT face="Arial" size="2">1. Employee Benefit Plans</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Selling, general and administrative expense includes an increase in total pension expense on the change to the market-value basis of measurement of plan assets, offset by the decrease in amortization of actuarial losses which were
charged to the opening deficit on transition to IFRS. Additionally, the reversal of the valuation allowance amounting to &#36;51&#160;million recorded in&nbsp;2010 for Canadian GAAP purposes has been
removed as changes in the valuation allowance are recorded in other comprehensive income under IFRS. These increases in pension expense are more than offset by the reclassification of net pension finance costs to interest expense, the expected
return on pension assets to other income (expense) and the inclusion of pension expense in our capitalized labour rates.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">2. Amortization of Capital Assets</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">The decrease in depreciation and amortization expense under IFRS is a result of the fair value write-down of certain assets, partly offset by the change to the straight-line method of depreciation.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">3. Other Income (Expense)</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Other income (expense) increased mainly due to the reclassification of the expected return on pension plan assets from selling, general and administrative expenses and the loss on the accounts receivable securitization program to interest expense. These increases were partly offset by an increase in expense due to the recognition in
earnings of losses on disposition or retirement of assets. Gains and losses on retirements of capital assets were recorded in accumulated depreciation under the group method.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">4. Interest Expense</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Interest expense increased by &#36;1,008&nbsp;million due to the reclassification of the interest on the pension obligation from selling, general and administration expenses and the loss on the accounts receivable securitization
program from other income (expense).</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">5. Joint Venture Interests and Other</FONT></I></B></P>
<P align="left">
<FONT face="Arial" size="2">Other includes the change from the proportionate consolidation to the equity method of accounting for joint ventures, certain reclassifications and other adjustments.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">82</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<I><FONT face="Arial" size="2">OTHER ACCOUNTING POLICY CHANGES</FONT></I></P>
<P align="left">
<B><FONT face="Arial" size="2">Borrowing Costs</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We capitalized borrowing costs under Canadian GAAP to capital assets that were built or developed when the expenditure was significant.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we capitalize borrowing costs to capital assets that take in excess of one year to build or develop. Amounts capitalized will be amortized using the straight-line method over the estimated
useful life of the corresponding asset.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">Provisions, Including Asset Retirement Obligations</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, we recorded provisions when a present obligation existed as a result of past transactions or events, there was a likely outflow of resources required to settle the obligation and the amount of the obligation
could be reliably estimated. Asset retirement obligations were recorded when a legal or contractual obligation existed.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions are recorded under IFRS when an outflow of resources is more likely than not, instead of the higher &#147;likely&#148; threshold under Canadian GAAP. Other specific differences exist with
respect to the methods used to estimate the amount of provisions. Asset retirement obligations are recorded when a legal, contractual or constructive obligation exists.
</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">Business Combinations and Consolidation</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We consolidated 100% of the assets and liabilities of our subsidiaries under Canadian GAAP; any non-controlling interest in subsidiaries was recorded in our balance sheet based on carrying values. When we acquired control of an
entity in steps, each step was recorded based on the fair value of consideration paid; any previously held investment in that entity continued to be reflected in our consolidated financial statements based on our carrying value for that investment.
Subsequent decreases in our ownership may result in gains and losses recorded through income; increases in ownership are accounted for as an acquisition in steps. We also included certain transaction and restructuring costs relating to acquisitions
in the cost of the purchase or the purchase price allocation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, non-controlling interest in a subsidiary is recorded based on fair values at the date of acquisition; when we acquire control of an entity, any previously held interest is remeasured to
fair value resulting in a gain or loss recorded in current period earnings. Subsequent increases or decreases in ownership interest are accounted for as equity transactions. Transaction costs and most restructuring costs relating to acquisitions are
expensed as incurred.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">Available-for-Sale Financial Assets</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, we initially recorded our portfolio investments in privately-held securities at their fair value at the date of acquisition; subsequent changes in the fair value of these investments were recorded when
realized or when we determined that a decline in fair value is other than temporary.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, changes in the fair value of portfolio investments in privately-held securities are recorded if the range of fair value estimates is not significant or the probabilities of the estimates
within the range can be reasonably assessed and used in estimating fair value. Changes in fair value are recorded in other comprehensive income.</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">Under Canadian GAAP, we determined whether to record an impairment of assets, other than goodwill and indefinite-life intangible assets, using a two-step approach. The first step identified whether an impairment of assets existed
by comparing the carrying value of assets to their associated undiscounted future cash flows. If the undiscounted future cash flows were insufficient to demonstrate recoverability of the carrying value of assets, we proceeded with the second step,
which involved measuring the amount of impairment to record as the difference between the carrying value and the fair value of assets. Impairments of assets recognized under Canadian GAAP were not reversed in a subsequent period if circumstances
changed.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, identification and measurement of impairment of assets is performed in a single test by comparing the carrying value of assets to the greater of their fair value less costs to sell and
value-in-use (generally discounted future cash flows). Impairment of assets, other than goodwill, is reversed in a subsequent period if circumstances change such that the previously determined impairment is reduced or eliminated.</FONT></P>
<P align="left">
<B><FONT face="Arial" size="2">Future Income Tax Amounts</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, future income tax assets and liabilities were presented as current and long-term, depending on the timing of reversal.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, future income tax assets and liabilities are long-term amounts.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 8</b></font><b><font face="Arial" size="1">3</font></b></P>

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






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




<P align="left">
<FONT face="Arial" size="4" color="#0065A4">EFFECTIVENESS OF INTERNAL CONTROLS</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">DISCLOSURE CONTROLS AND PROCEDURES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized and reported within the time periods specified under Canadian
and U.S. securities laws and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE&nbsp;Inc.&#146;s President and CEO and Executive Vice-President and Chief Financial
Officer (CFO), to allow timely decisions regarding required disclosure.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December&nbsp;31,&nbsp;2010, management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our disclosure controls and procedures, as defined in
Rule 13a-15(e) under the U.S. Securities Exchange Act of 1934 and under National Instrument 52-109 &#150; Certification of Disclosure in Issuers&#146; Annual and Interim Filings.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on that evaluation, the CEO and CFO concluded that our disclosure controls and procedures were effective as at December&nbsp;31,&nbsp;2010.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Management is responsible for establishing and maintaining adequate internal control over financial reporting, as defined in Rule 13a-15(f) under the U.S. Securities Exchange Act of 1934 and under National Instrument 52-109. Our
internal control over financial reporting is a process designed under the supervision of the CEO and CFO to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with Canadian GAAP. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management evaluated, under the supervision of and with the participation of the CEO and the CFO, the effectiveness of our internal control over financial reporting as at December&nbsp;31,&nbsp;2010, based on
the framework and criteria established in the </FONT><font size="2"><I><FONT face="Arial">Internal Control &#150; Integrated Framework</FONT></I></font><font size="2" face="Arial"> issued by COSO. Based on that evaluation, the CEO and CFO concluded that our internal control over
financial reporting was effective as at December&nbsp;31,&nbsp;2010. There were no material weaknesses that have been identified by management as at December&nbsp;31,&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes during the year ended December&nbsp;31,&nbsp;2010 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our
internal control over financial reporting.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">84</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NON-GAAP FINANCIAL MEASURES</FONT></P>
<P align="left">
<FONT face="Arial">This section describes the non-GAAP financial measures we use in the MD&amp;A to explain our financial results. It also provides reconciliations of the non-GAAP financial measures to the most comparable Canadian GAAP financial
measures.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">EBITDA</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">The term EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar
measures presented by other companies.</FONT></I><font size="2" face="Arial"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><I><font size="2" face="Arial">We define EBITDA as operating revenues less cost of revenue and selling, general and administrative expenses, meaning it represents operating income before depreciation, amortization of intangible
assets and restructuring and other.</font></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use EBITDA, among other measures, to assess the operating performance of our ongoing businesses without the effects of depreciation, amortization of intangible assets and restructuring and other.
We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. We exclude depreciation and amortization of intangible assets because it largely
depends on the accounting methods and assumptions a company uses, as well as non-operating factors such as the historical cost of capital assets. Excluding restructuring and other does not imply they are non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA allows us to compare our operating performance on a consistent basis. We believe that certain investors and analysts use EBITDA to measure a company&#146;s ability to service debt and to meet
other payment obligations, or as a common measurement to value companies in the telecommunications industry.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is operating income. The following tables are reconciliations of operating income to EBITDA on a consolidated basis for BCE, Bell&nbsp;and for our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,672</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,191 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,292</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,371 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,264 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">224</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">527 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">871 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,188</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,089 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,004 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</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 width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">BELL&nbsp;</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,972</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,432 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,143 </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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,726</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,804 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,685 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">159</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">483 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">810 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,857</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,719 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,638 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</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 width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,812</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,148 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">902 </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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,169</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,284 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,193 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">155</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">475 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">773 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,136</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,907 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,868 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</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 width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp; </font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,160</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,284 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,241 </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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">557</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">520 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">492 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp; </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp; </font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,721</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,812 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,770 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp; </font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font face="Arial" size="2">&nbsp;</font><P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 85</b></font></P>

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






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




<P align="left">
<FONT face="Arial" size="2">The following tables are reconciliations of operating income to EBITDA on a consolidated basis for BCE, Bell&nbsp;and for our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments for the fourth quarter of&nbsp;2010 and&nbsp;2009.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q4&nbsp;2010</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">836</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">751 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">856</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">904 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">52</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,744</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,737 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
&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=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q4&nbsp;2010</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">691</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">572 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">715</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">758 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">65 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,411</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,395 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
&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=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q4&nbsp;2010</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">454</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">280 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">566</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">622 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">58 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,026</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">960 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
&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=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">Q4&nbsp;2010</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">Q4&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">237</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">292 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">149</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">136 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">EBITDA </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">385</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">435 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">OPERATING INCOME BEFORE RESTRUCTURING AND OTHER</FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">The term operating income before restructuring and other does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other
companies.</FONT></I><font face="Arial" size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use operating income before restructuring and other, among other measures, to assess the operating performance of our ongoing businesses without the effects of restructuring and other. We exclude
these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding restructuring and other does not imply they are non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measure is operating income. The following tables are reconciliations of operating income to operating income before restructuring and other on a
consolidated basis for BCE, Bell&nbsp;and our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BCE&nbsp;</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,672</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,191 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,869 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">224</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">527 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">871 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp; </font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before&nbsp;restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,896</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,718 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,740 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,972</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,432 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,143 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">159</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">483 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">810 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,131</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,915 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,953 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELINE </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,812</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,148 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">902 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">155</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">475 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">773 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,967</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,623 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,675 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">BELL&nbsp;WIRELESS </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,160</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,284 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,241 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">37 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income before restructuring and other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,164</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,292 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,278 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">86</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">ADJUSTED NET EARNINGS </FONT></I></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 Canadian GAAP. 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 before restructuring and other and net (gains) losses on investments. 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 restructuring and other, and net (gains) losses on investments. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in
business performance. Excluding these items does not imply they are non-recurring.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable Canadian GAAP financial measures are net earnings applicable to common shares and earnings per share. The following table is a reconciliation of net earnings applicable to common
shares and earnings per share to Adjusted net earnings on a consolidated basis and per BCE&nbsp;Inc. common share (Adjusted EPS), respectively.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%" colspan="4" bgcolor="#C0C0C0">
<p align="center"><B><FONT size=1 face="Arial" color="#0065A4">2010</FONT></B></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%" colspan="4">
<p align="center"><font face="Arial" size="1">2009</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="20%" colspan="4">
<p align="center"><font face="Arial" size="1">2008</font></TD>
</TR>
<TR>
	<TD width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="background-color: #C0C0C0">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="background-color: #C0C0C0">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">TOTAL</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">PER SHARE</FONT></B><font face="Arial" size="1">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&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">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">PER SHARE </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">PER SHARE </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="36%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,165</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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">1,631 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">2.11 </FONT>
	</TD>
	<TD align=left width=2%>
<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">819 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">127</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.17</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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">339 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">0.44 </FONT>
	</TD>
	<TD align=left width=2%>
<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">572 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.71 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (gains) losses on investments </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(133</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(0.18</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(41 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(0.05 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">420 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">0.52 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="36%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjusted net earnings </FONT>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,159</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.84</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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">1,929 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">2.50 </FONT>
	</TD>
	<TD align=left width=2%>
<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">1,811 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2.25 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="36%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">FREE CASH FLOW </FONT></I></P>
<P align="left">
<I><FONT face="Arial" size="2">The term free cash flow does not have any standardized meaning according to Canadian GAAP. It is therefore unlikely to be comparable to similar measures presented by other companies.</FONT></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 and distributions received from Bell&nbsp;Aliant less capital expenditures, preferred share dividends, distributions paid by subsidiaries
to non-controlling interest, other investing activities 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 Canadian GAAP financial measure is cash from operating activities. The following table is a reconciliation of cash flows from operating activities to free cash flow on a
consolidated basis.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,724</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,884 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant distributions to BCE&nbsp;</FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">291</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">291 </FONT>
	</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="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,959</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,854 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(98</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(89 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends paid on preferred shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(108</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(370</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(369 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</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 free cash flow </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(106</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(300 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(303 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Free cash flow </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,374</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,456 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,689 </FONT>
	</TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 8</b></font><b><font face="Arial" size="1">7</font></b></P>

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






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




<P align="left">
<FONT face="Arial" size="4" color="#0065A4">CONSOLIDATED FINANCIAL STATEMENTS</FONT></P>
<P align="left">
<FONT face="Arial" color="#0065A4">MANAGEMENT&#146;S RESPONSIBILITY FOR FINANCIAL REPORTING</FONT></P>
<P align="left">
<FONT face="Arial" size="2">These financial statements form the basis for all of the financial information that appears in this annual report.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements and all of the information in this annual report are the responsibility of the management of BCE&nbsp;Inc. and have been reviewed and approved by the board of directors. The board
of directors is responsible for ensuring that management fulfills its financial reporting responsibilities. Deloitte &amp; Touche LLP, Independent Registered Chartered Accountants, have audited the financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has prepared the financial statements according to Canadian generally accepted accounting principles. Under these principles, management has made certain estimates and assumptions that are
reflected in the financial statements and notes. Management believes that these financial statements fairly present BCE&#146;s consolidated financial position, results of operations and cash flows.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has a system of internal controls designed to provide reasonable assurance that the financial statements are accurate and complete in all material respects. This is supported by an internal
audit group that reports to the Audit Committee, and includes communication with employees about policies for ethical business conduct. Management believes that the internal controls provide reasonable assurance that our financial records are
reliable and form a proper basis for preparing the financial statements, and that our assets are properly accounted for and safeguarded.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The board of directors has appointed an Audit Committee, which is made up of unrelated and independent directors. The Audit Committee&#146;s responsibilities include reviewing the financial statements
and other information in this annual report, and recommending them to the board of directors for approval. You will find a description of the Audit Committee&#146;s other responsibilities on page 132 of this annual report. The internal auditors and
the shareholders&#146; auditors have free and independent access to the Audit Committee.</FONT></P>
<P align="left">
<font size="2" face="Arial">(signed) George A. Cope<BR>
</font>
<I><font size="2" face="Arial">President and Chief Executive Officer</font></I></P>
<P align="left">
<font size="2" face="Arial">(signed) Siim A. Vanaselja<BR>
</font>
<I><font size="2" face="Arial">Executive Vice-President and Chief Financial Officer
</font></I></P>
<P align="left">
<font size="2" face="Arial">(signed) Karyn A. Brooks<BR>
</font><font size="2">
<I><FONT face="Arial">Senior Vice-President and Controller</FONT></I></font><font size="2" face="Arial"><BR>
<BR>
March&nbsp;10,&nbsp;2011</font></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>90&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






<P align="right" style="margin-top: 0">
<FONT face="Arial" size="1" color="#0065A4">CONSOLIDATED FINANCIAL STATEMENTS</FONT></P>
<P align="left">
<FONT face="Arial" color="#0065A4">REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">To the board of directors and shareholders of BCE&nbsp;Inc. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">We have audited the accompanying consolidated financial statements of BCE&nbsp;Inc. and subsidiaries (the &#147;Company&#148;), which comprise the consolidated balance sheets as at
December&nbsp;31,&nbsp;2010 and December&nbsp;31,&nbsp;2009, and the consolidated statements of operations, deficit, comprehensive income, and cash flows for each of the years in the three year period ended December&nbsp;31,&nbsp;2010, and a summary of significant accounting
policies and other explanatory information.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">MANAGEMENT&#146;S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL STATEMENTS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with Canadian generally accepted accounting principles, and for such internal control as management
determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">AUDITOR&#146;S RESPONSIBILITY</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our responsibility is to express an opinion on these consolidated financial statements based on our audits. We conducted our audits in accordance with Canadian generally accepted auditing standards and the standards of the Public
Company Accounting Oversight Board (United States). Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free from
material misstatement.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor&#146;s
judgment, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity&#146;s
preparation and fair presentation of the consolidated financial statements in order to design audit procedures that are appropriate in the circumstances. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of
accounting estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the audit evidence we have obtained in our audits is sufficient and appropriate to provide a basis for our audit opinion.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">OPINION</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of BCE&#160;Inc. and subsidiaries as at December&nbsp;31,&nbsp;2010
and December&nbsp;31,&nbsp;2009, and the results of their operations and their cash flows for each of the years in the three year period ended December&nbsp;31,&nbsp;2010 in accordance with Canadian generally accepted accounting principles.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">OTHER MATTER</FONT></I></P>
<P align="left">
<font size="2" face="Arial">We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the Company&#146;s internal control over financial reporting as of December&nbsp;31,&nbsp;2010, based on the criteria
established in </font><font size="2"><I><FONT face="Arial">Internal Control &#150; Integrated Framework</FONT></I></font><font size="2" face="Arial"> issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March&nbsp;10,&nbsp;2011 expressed an
unqualified opinion on the Company&#146;s internal control over financial reporting.</font></P>
<P align="left">
<font size="2" face="Arial">(signed) Deloitte &amp; Touche LLP</font><font size="2"><SUP><FONT face="Arial">(1)</FONT></SUP><font face="Arial"><BR>
</font></font>
<I><font size="2" face="Arial">Independent Registered Chartered Accountants</font></I></P>
<P align="left">
<font size="2" face="Arial">Montr&eacute;al,&nbsp;Canada<BR>
March&nbsp;10,&nbsp;2011<BR>
</font>
<I><font size="1" face="Arial">(1) Chartered accountant auditor permit no. 9335</font></I></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">91</font></b></P>

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






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






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




<P align="left">
<FONT face="Arial" size="4" color="#0065A4">CONSOLIDATED STATEMENTS OF OPERATIONS</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT><I>
<FONT size=1 face="Arial">(in &#36;&nbsp;millions, except share amounts)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">18,069</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,735 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,661 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4,949</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,525 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,389 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(5,932</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,121 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6,268 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,542</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,595 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,537 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(750</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(776 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(727 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(224</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(527 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(871 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating expenses </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(14,397</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14,544 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14,792 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,672</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,191 </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">2,869 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income (expense) </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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">124</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(18 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(670</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(723 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pre-tax earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,126</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,450 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,825 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(550</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(368 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(299</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(333 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,749 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,738 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(112</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings applicable to common shares </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,165</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,631 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">819 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings per common share &#150; basic </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.13 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.01 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.11 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.02 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings per common share &#150; diluted </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.12 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discontinued operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.01 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(0.11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.85</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.11 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.01 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends per common share </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.78</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.58 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.73 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average number of common shares outstanding &#150; basic (millions) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">759.0</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">772.9 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.8 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<FONT face="Arial" size="4" color="#0065A4">CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT><I>
<FONT size=1 face="Arial">(in &#36;&nbsp;millions)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,738 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive (loss) income &#150; net of income taxes and non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net change in unrealized gains (losses) on available-for-sale financial assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Unrealized gains (losses) </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(159 </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: 36px">
<FONT size=2 face="Arial">(Gains) losses realized in 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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(125</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(24 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">126 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net change in unrealized (losses) gains on derivatives designated as cash flow hedges </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Unrealized (losses) gains </FONT>
	</TD>
	<TD align=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 color="#0065A4">
<B><FONT size=2 face="Arial">(36</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(19 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Losses (gains) realized in 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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">34</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13 </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">Net change in unrealized gains on currency translation adjustment </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive (loss) income </FONT>
	</TD>
	<TD align=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 color="#0065A4">
<B><FONT size=2 face="Arial">(122</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive income </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,155</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,791 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">914 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<FONT face="Arial" size="4" color="#0065A4">CONSOLIDATED STATEMENTS OF DEFICIT</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT><I>
<FONT size=1 face="Arial">(in &#36;&nbsp;millions)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at beginning of year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,299</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,468 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,679 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,738 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared on preferred shares </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(112</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends declared on common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,352</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,218 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(588 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Excess of purchase price over stated capital of cancelled common shares and related contributed surplus </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(208</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(244 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(20 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at end of year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(694</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,299 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,468 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>92&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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




<P align="left">
<FONT face="Arial" size="4" color="#0065A4">CONSOLIDATED BALANCE SHEETS</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT><I><FONT size=1 face="Arial">(in &#36;&nbsp;millions)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">ASSETS</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=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" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash and cash equivalents </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">687 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Accounts receivable </FONT>
	</TD>
	<TD align=right width="10%">
<FONT 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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,785</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,605 </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">Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">99</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">110 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inventory </FONT>
	</TD>
	<TD align=right width="10%">
<FONT 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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">437</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">448 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Prepaid expenses </FONT>
	</TD>
	<TD align=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 color="#0065A4">
<B><FONT size=2 face="Arial">231</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">296 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other current assets </FONT>
	</TD>
	<TD align=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 color="#0065A4">
<B><FONT size=2 face="Arial">205</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">138 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,531</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,284 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Property, plant and equipment </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">19,699</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19,441 </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">Finite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,375</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,541 </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">Indefinite-life intangible assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,906</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,803 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total capital assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">25,980</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25,785 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,963</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,207 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Goodwill </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,802</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,774 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total assets </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39,276</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">38,050 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">LIABILITIES</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=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" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Accounts payable and accrued liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,088</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,719 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest payable </FONT>
	</TD>
	<TD align=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 color="#0065A4">
<B><FONT size=2 face="Arial">112</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">113 </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">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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">387</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">354 </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">Debt due within one year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,329</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">600 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total current liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,916</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,786 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,581</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,586</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,942 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">21,083</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20,027 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">986</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,049 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commitments and contingencies </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">SHAREHOLDERS&#146; EQUITY</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=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" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000" style="border-style: dotted; border-width: 1px">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Preferred shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,770</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Common shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12,691</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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="64%">
<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">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,470</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,490 </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">Accumulated other comprehensive (loss) income </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(30</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">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">Deficit </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(694</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,299 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total common shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">14,437</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14,204 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">17,207</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total liabilities and shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39,276</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">38,050 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">On behalf of the board of directors:</FONT></P>
<P align="left">
<font size="2" face="Arial">(signed) Thomas C. O&#146;Neill <BR>
</font>
<I><font size="2" face="Arial">Director </font></I></P>
<P align="left">
<font size="2" face="Arial">(signed) Paul R. Weiss<BR>
</font>
<I><font size="2" face="Arial">Director</font></I></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">93</font></b></P>

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






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




<P align="left">
<FONT face="Arial" size="4" color="#0065A4">CONSOLIDATED STATEMENTS OF CASH FLOWS</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT><I>
<FONT size=1 face="Arial">(in &#36;&nbsp;millions)</FONT></I><font face="Arial" size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font face="Arial" size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </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">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,738 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">943 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: Losses from discontinued operations, net of income tax and non-controlling interest </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,749 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjustments to reconcile earnings from continuing operations to cash flows from operating activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Depreciation and amortization of intangible assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2, 11 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,292</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,371 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,264 </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: 24px">
<FONT size=2 face="Arial">Net benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">226</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">355 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">250 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Restructuring and other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2, 3 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">224</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">527 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">871 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">(Gains) losses on investments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(136</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(49 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">308 </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">Future income taxes </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">238</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&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>
	<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>
</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%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">299</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">333 </FONT>
	</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">Contributions to employee pension plans </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,315</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,068 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(232 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other payments under employee future benefit plans </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(98</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Payments of restructuring and other </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(238</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(310 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(305 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Operating assets and liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">26 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(45</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">364 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from operating activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,724</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,884 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,909 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in investing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capital expenditures </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,959</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,854 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,986 </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">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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(62</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(338 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10 </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">Going-private costs </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(163 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</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>
	<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="52%">
<p style="text-indent: -12px; margin-left: 24px">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">139</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">113 </FONT>
	</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="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other investing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(98</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(89 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(726 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in investing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,976</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,217 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,948 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in financing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Increase (decrease) 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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">253</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(194 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </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="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Issue of long-term debt </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,366</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,348 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </FONT>
	</TD>
	<TD align=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">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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(956</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,539 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(502 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Issue of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">50 </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">Repurchase of common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(500</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</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">(92 </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">Cash dividends paid on common shares </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,318</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,201 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(587 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(108</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(129 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=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 color="#0065A4">
<B><FONT size=2 face="Arial">(370</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(369 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(366 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other financing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(68</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(90 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows used in financing activities </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,662</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4,044 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,559 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from (used in) continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">86</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,377 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">402 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from discontinued operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net increase (decrease) in cash and cash equivalents </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">86</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,375 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">405 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents at beginning of year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">688</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,063 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,658 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents at end of year </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">688 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,063 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Consists of: </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="52%">
<p align="left" style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Cash and cash equivalents of continuing operations </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">687 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,052 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Cash and cash equivalents of discontinued operations </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font face="Arial" size="2">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">688 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,063 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
&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>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">129</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">168 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">112 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest paid </FONT>
	</TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font face="Arial" size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">704</FONT></B><font face="Arial" size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">789 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">787 </FONT>
	</TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
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<font face="Arial" size="1"><b>94&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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





<P align="left">
<FONT face="Arial" size="5" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></P>
<P align="left">
<FONT face="Arial">This section of our annual report contains the audited consolidated financial statements of BCE&nbsp;Inc. and detailed notes with explanations and additional information.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<font face="Arial">The financial statements contain our results and financial history for the past three years. The notes are an important part of understanding our financial results. They explain how we arrived at the
numbers in the financial statements, describe significant events or changes that affect the numbers, and explain certain items in the financial statements. The notes also include details about our results that do not appear in the financial
statements.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I><FONT face="Arial">We</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">us</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">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</FONT></I><FONT face="Arial"> means our Bell&nbsp;Wireline and Bell&nbsp;Wireless segments on an aggregate basis; and
</FONT><I><FONT face="Arial">Bell&nbsp;Aliant</FONT></I><font face="Arial"> means Bell&nbsp;Aliant Regional Communications Income Fund and its subsidiaries.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial">All amounts are in&nbsp;millions of Canadian dollars, except where noted.</FONT></P>
<P align="left">
<FONT face="Arial" color="#0065A4" size="4">NOTE 1<br>
SIGNIFICANT ACCOUNTING POLICIES</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BASIS OF PRESENTATION</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We have prepared the consolidated financial statements according to Canadian generally accepted accounting principles (GAAP).</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">BASIS OF CONSOLIDATION</FONT></I></P>
<P align="left">
<font size="2" face="Arial">We consolidate the financial statements of all of the companies we control. We proportionately consolidate our share of the financial statements of our joint venture interests. All transactions and balances between these companies
have been eliminated on consolidation.<br>
</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">At December&nbsp;31,&nbsp;2010, BCE&nbsp;owned approximately 44.1% of Bell&nbsp;Aliant, with the remaining 55.9% publicly held. BCE&nbsp;has the right to elect a majority of the board of directors of Bell&nbsp;Aliant and,
therefore, controls and consolidates Bell&nbsp;Aliant.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4" size="2">COMPARATIVE FIGURES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We have reclassified some of the amounts for previous years in the consolidated financial statements to make them consistent with the presentation for the current period.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4" size="2">USING ESTIMATES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">When preparing financial statements according to GAAP, management makes estimates and assumptions relating to: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">reported amounts of revenues and expenses </FONT>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">reported amounts of assets and liabilities
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">disclosure of
contingent assets and liabilities.</FONT></P></li>
</ul>
<P align="left">
<font size="2" face="Arial">We base our estimates on a number of factors, including historical experience, current events and actions that the company may undertake in the future, and other assumptions that we believe are reasonable under the circumstances.
By their nature, these estimates are subject to measurement uncertainty and actual results could differ, the impact of which would be recorded in future periods. In particular, we use estimates when accounting for certain items such as revenues, allowance for doubtful accounts, useful lives of capital assets, asset impairments, legal and tax contingencies, employee compensation plans,
employee benefit plans, retained interest in securitized receivables and income taxes. We also use estimates when recording the fair values of assets acquired and liabilities assumed in a business combination.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">RECOGNIZING REVENUE</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We recognize revenues when they are earned, specifically when all the following conditions are met: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">services are provided or products are delivered to customers
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">there is clear evidence that an arrangement exists
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">amounts are fixed or can be determined </FONT>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">our ability to collect is reasonably assured.
	</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">In particular, we recognize:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">fees for local, long distance and wireless services when we provide the services
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">other fees, such as network access fees, licence fees, hosting fees, maintenance fees and standby fees, over the term of the contract
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">subscriber revenues when customers receive the service
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">revenues from the sale of equipment when the equipment is delivered and accepted by customers
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">revenues on long-term contracts as services are provided, equipment is
delivered and accepted, and contract milestones are met </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">rebates and allowances to customers as a reduction of revenue.
	</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Revenues exclude sales taxes and other taxes we collect from our customers.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 95</b></font></P>

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<P align="left" style="margin-top: 0">
<FONT face="Arial" size="1" color="#0065A4">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</FONT></P>
<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" color="#0065A4" size="2">MULTIPLE-ELEMENT ARRANGEMENTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We enter into arrangements that may include the sale of a number of products and services, notably in our wireless and video product lines and in our business portfolio. In all such cases, we separately account for each product or
service according to the methods previously described when the following three conditions are met:
</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the product or service has value to our customer on a stand-alone basis
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">there is objective and reliable evidence of the fair value of
any undelivered product or service </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">if the sale includes a general right of return relating to a delivered product or service, the delivery or performance of any undelivered product or service is probable and substantially in our control.
	</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">If there is objective and reliable evidence of fair value for all products and services in a sale, the total price to the customer is allocated to each product and service based on its relative fair value. Otherwise, we first
allocate a portion of the total price to any undelivered products and services based on their fair value and the remainder to the products and services that have been delivered.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">If the conditions to account separately for each product or service are not met, we recognize revenue pro rata over the term of the arrangement.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">SUBCONTRACTED SERVICES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We may enter into arrangements with subcontractors who provide services to our customers. When we act as the principal in these arrangements, we recognize revenue based on the amounts billed to our customers. Otherwise, we
recognize as revenue the net amount that we retain. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">SALES RETURNS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We accrue an estimated amount for sales returns, based on our past experience, when revenue is recognized.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DEFERRED REVENUES</FONT></P>
<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 also include amounts billed under
multiple-element sales contracts where the conditions to account separately for each product or service sold have not been met. Deferred revenues are presented in
</font><font size="2"><I><FONT face="Arial">Accounts payable and accrued liabilities</FONT></I><FONT face="Arial"> or in </FONT><I><FONT face="Arial">Other long-term liabilities</FONT></I></font><font size="2" face="Arial"> on the balance sheet.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">CASH AND CASH EQUIVALENTS</FONT></I></P>
<P align="left">
<I><font size="2" face="Arial">Cash and cash equivalents</font></I><font size="2" face="Arial"> is comprised mainly of highly liquid investments with original maturities of three months or less from the date of purchase.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">SECURITIZATION OF ACCOUNTS RECEIVABLE</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We consider a transfer of accounts receivable to be a sale when we give up control of the accounts receivable in exchange for proceeds other than our retained beneficial interest in the accounts receivable.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial">We determine the fair value of the accounts receivable transferred based on the present value of future expected cash flows, which we project using management&#146;s best estimates of discount rates,
the weighted average life of accounts receivable, credit loss ratios and other key assumptions. We recognize a loss on the securitization, which we record in </FONT><I><FONT face="Arial">Other income (expense)</FONT></I></font><font size="2" face="Arial"> in the
statement of operations. The loss is calculated by reference to the carrying amount of the transferred accounts receivable and is allocated between accounts receivable sold and our retained interest, according to their relative fair values on the
day the transfer is made.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We recognize a servicing liability on the day accounts receivable are transferred when we continue to service the accounts receivable after the transfer. We amortize this liability to earnings over
the expected life of the transferred accounts receivable.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">INVENTORY</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We measure inventory at the lower of cost and net realizable value. Inventory includes all costs to purchase, convert and bring the inventories to their present location and condition. We determine cost using specific
identification for major equipment for resale and the weighted-average cost formula for all other inventory items. We maintain inventory valuation provisions for inventory that is slow-moving or obsolete, calculated using an inventory aging
analysis.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">CAPITAL ASSETS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We carry capital assets at cost less accumulated depreciation and amortization. Most of our telecommunications assets are amortized using the group depreciation method. In general, we amortize capital assets other than
indefinite-life intangible assets on a straight-line basis over their estimated useful lives. We review the estimates of the useful lives of the assets on a periodic basis and adjust them on a prospective basis, if needed. When we retire most
wireline assets in the ordinary course of business, we charge their original cost to accumulated depreciation.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="83%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">ESTIMATED USEFUL LIFE</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=3 width="83%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="83%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Network infrastructure and equipment</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">2 to 50 years</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="83%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Buildings</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">10 to 50 years</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="83%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finite-life intangible assets</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="15%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="83%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Software</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">2 to 7 years</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="83%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Customer relationships</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">5 to 30 years</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=3 width="83%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<FONT face="Arial" size="2">We capitalize construction costs related to assets we build or develop, including labour and overhead, and interest when the project cost is significant. </FONT></P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>96&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






<P align="left">
&nbsp;</P>
<P align="left">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial">We capitalize certain costs of developing or buying software for internal use. We expense software maintenance and training costs when they are incurred. The expense is included in </FONT><I><FONT face="Arial">Selling</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">general and administrative expenses</FONT></I></font><font size="2" face="Arial"> in the statement of operations.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We initially measure and record asset retirement obligations at fair value using a present value methodology, adjusted subsequently for any changes to the timing or amount of the original estimate of
cash flows. We capitalize asset retirement costs as part of the related assets and amortize them into earnings over time. We increase the recorded asset retirement obligation and record a corresponding amount in earnings to reflect the passage of
time.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We assess capital assets for impairment when events or changes in circumstances indicate that we may not be able to recover their carrying value. We calculate impairment by deducting the assets&#146;
fair value, based on discounted cash flows expected from their use and disposition, from their carrying value. If the fair value is less than the carrying value, the difference is deducted from earnings.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We account for leases that transfer substantially all of the benefits and risks of ownership of an asset to us as capital leases. We record an asset when we enter into a capital lease together with a
related long-term obligation. Rental payments under operating leases are expensed as incurred.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INDEFINITE-LIFE INTANGIBLE ASSETS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our indefinite-life intangible assets consist mainly of the Bell&nbsp;brand and wireless spectrum licences. We assess these assets for impairment every year and when events or changes in circumstances indicate that an asset might be
impaired. </FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We assess impairment by comparing the assets&#146; fair value, based on estimates of discounted future cash flows or other valuation methods, to their carrying value. If the fair value is less than
the carrying value, the difference is deducted from earnings.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">COSTS OF ISSUING DEBT AND EQUITY</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Long-term debt includes the cost of issuance and is accounted for at amortized cost using the effective interest method, unless the debt is recorded at fair value as part of a hedging relationship. The cost of issuing equity is
reflected in the statement of deficit.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">GOODWILL</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We assess goodwill for impairment for each of our reporting units in the fourth quarter of every year and when events or changes in circumstances indicate that goodwill might be impaired.
<br>
</FONT><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial" size="2">We test goodwill impairment in two steps: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">we compare the fair value of a reporting unit to its carrying value. Fair value is based on estimates of discounted future cash flows or other valuation methods. When the fair value of a reporting unit is less than its
carrying value, fair values are determined for all of its identifiable assets and liabilities. The excess of the fair value of the reporting unit over the total of the amounts assigned to its assets and liabilities is the fair value of goodwill.
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its fair value.</FONT></P>
	</li>
</ul>
<P align="left">
<I><FONT face="Arial" color="#0065A4">FINANCIAL INSTRUMENTS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">HELD FOR TRADING</FONT></P>
<P align="left">
<font size="2" face="Arial">Financial assets and liabilities that are 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 income (expense) </FONT></I>
</font><font size="2" face="Arial">in the
statement of operations. Cash and cash equivalents are classified as held for trading.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">AVAILABLE-FOR-SALE (AFS) FINANCIAL ASSETS</FONT></P>
<P align="left">
<font size="2" face="Arial">Our portfolio investments in securities are designated as AFS based on management&#146;s investment intentions. They are classified as
</font><font size="2"><I><FONT face="Arial">Other long-term assets </FONT></I><FONT face="Arial">in our
balance sheet. These securities initially are recorded at their acquisition cost on the trade date, plus related transaction costs. Investments in publicly-traded securities are adjusted to fair value at each balance sheet date. The corresponding
unrealized gains and losses are recorded in our statement of comprehensive income and are reclassified to </FONT><I><FONT face="Arial">Other income (expense)</FONT></I><FONT face="Arial"> in the statement of operations when realized or when
management assesses a decline in fair value to be other than temporary. Investments in our privately-held securities are recorded at cost as their fair value cannot be measured reliably. Gains and losses are recorded in our statement of operations
when realized or when management assesses a decline in fair value, calculated using valuation techniques, compared to cost to be other than temporary. Other earnings from investments are also recorded in </FONT><I><FONT face="Arial">Other income
(expense)</FONT></I></font><font size="2" face="Arial"> in the statement of operations.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">LOANS AND RECEIVABLES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Loans and receivables, which include accounts receivable, notes receivable and other receivables, are measured at amortized cost using the effective interest rate method, net of any impairment losses recognized. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">OTHER FINANCIAL LIABILITIES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Other financial liabilities are recorded at amortized cost using the effective interest method and include accounts payable and accrued liabilities, interest payable and debt.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 9</b></font><b><font face="Arial" size="1">7</font></b></P>

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






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






<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DERIVATIVE FINANCIAL INSTRUMENTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We do not use derivative financial instruments for speculative purposes. We use derivative financial instruments to manage: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">interest rate risk </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">foreign currency risk </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">changes in the price of BCE&nbsp;Inc. common
shares on the value of our stock-based compensation plans.</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">We document all relationships between derivatives and the items they hedge and our risk management objectives and strategy for using hedges. This process includes linking every derivative to: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">a specific asset or liability,
or </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">a specific firm commitment, or </FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an anticipated transaction. </FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">We assess the effectiveness of a derivative in managing an identified risk when hedge accounting is initially applied, and on an ongoing basis thereafter. If a hedge becomes ineffective, we stop using hedge accounting. Any
premiums paid in excess of the fair value of the derivative at the transaction date, for derivatives used in hedging relationships, are deferred and expensed to earnings over the term of the contract. Any forward premiums or discounts on foreign
currency forward contracts that are used to hedge long-term debt denominated in foreign currencies are amortized to interest expense over the term of the forward contract.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">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 semi-annual interest payments as an adjustment to interest expense on the hedged debt. We include the related net receivable or payable from counterparties for
the portion of the fair value of the swaps due within one year in </font>
<font size="2"><I><FONT face="Arial">Other current assets</FONT></I></font><font size="2" face="Arial"> or
</font><I><font size="2" face="Arial">Accounts payable and accrued liabilities</font></I><font size="2"><FONT face="Arial">, and for the portion of the fair value of the swaps that have a maturity of more than one year in </FONT><I><FONT face="Arial">Other long-term assets
</FONT></I><FONT face="Arial">or </FONT><I><FONT face="Arial">Other long-term liabilities</FONT></I><FONT face="Arial">. Changes in the fair value of these derivatives and the related long-term debt, including any ineffective portion of the hedging
relationship, are recognized in </FONT><I><FONT face="Arial">Other income (expense)</FONT></I></font><font size="2" face="Arial"> in the statement of operations.</font></P>
<P align="left">
<I><FONT face="Arial" size="2">CASH FLOW HEDGES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Our cash flow hedges are used to mitigate the foreign currency risk on certain long-term debt instruments and purchase commitments. We use cross-currency swaps to hedge firm commitments to pay interest and/or principal amounts in
a foreign currency. We use foreign currency forward contracts to manage the exposure to anticipated transactions denominated in foreign currencies. Changes in the fair value of these derivatives are recognized in our statement of comprehensive income, except for any ineffective portion, which is recognized immediately in income. Realized gains and losses in accumulated other comprehensive income are reclassified to the statement of
operations in the same periods as the corresponding hedged items are recognized in income and in the same line items as the corresponding hedged items. Cash flow hedges that mature within one year are included in </FONT>
<font size="2"><I><FONT face="Arial">Other
current assets</FONT></I><FONT face="Arial"> or </FONT><I><FONT face="Arial">Accounts payable and accrued liabilities</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 long-term assets</FONT></I><FONT face="Arial"> or </FONT><I><FONT face="Arial">Other long-term liabilities</FONT></I></font><font size="2" face="Arial">.</font></P>
<P align="left">
<I><FONT face="Arial" size="2">ECONOMIC HEDGES</FONT></I></P>
<P align="left">
<font size="2" face="Arial">Derivatives that are economic hedges but do not qualify for hedge accounting are recognized at fair value. We record changes in the fair value of these derivatives in the statement of operations as they occur. Unrealized gains and
losses are included in </font><font size="2"><I><FONT face="Arial">Other current assets</FONT></I><FONT face="Arial"> or</FONT><I><FONT face="Arial"> Accounts payable and accrued liabilities</FONT></I></font><font size="2" face="Arial">.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">EMPLOYEE BENEFIT PLANS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DEFINED BENEFIT (DB) PENSION AND OTHER POST-EMPLOYMENT BENEFIT PLANS </FONT></P>
<P align="left">
<FONT face="Arial" size="2">We maintain DB plans that provide pension benefits for most of our employees. Benefits are based on the employee&#146;s length of service and highest average rate of pay during five consecutive years of service. Most employees are
not required to contribute to the plans. The plans provide increasing pension benefits to help protect a portion of the income of retired employees against inflation.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods permitted by pension regulatory bodies. Contributions reflect
actuarial assumptions about future investment returns, salary projections and future service. We also may make voluntary contributions up to the maximum allowed in the applicable pension legislation.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We also provide other post-employment benefits to some of our employees, including:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">healthcare and life insurance benefits during retirement. The provision of such benefits is being phased out
over a ten-year period ending on December&nbsp;31, 2016. We do not fund most of these other post-employment benefit plans.
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">other benefits, including various disability plans, workers&#146; compensation and medical benefits to former or inactive employees, their beneficiaries and dependants, from the time their employment ends until their
retirement starts, under certain circumstances. </FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">We accrue our obligations and related costs under employee benefit plans, net of the fair value of plan assets. Pension and other post-employment benefit costs are determined using: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the projected benefit method, prorated
based on years of service, which takes into account future pay levels </FONT>
	</P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<font face="Arial" size="1"><b>98&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
&nbsp;</P>
<ul>
	<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">We value pension plan assets at fair value using current market values. We use a market-related value to calculate the expected return on plan assets. This value is based on a four-year weighted average of the fair value of the
pension plan assets.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We amortize past service costs from plan amendments on a straight-line basis over the average remaining service period of employees who were active on the day of the amendment. This represents the
period during which we expect to realize economic benefits from the amendments.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Transitional assets and obligations that arose upon implementation of new accounting standards for employee future benefits are amortized on a straight-line basis over the average remaining service
period of employees expected to receive benefits under the plans.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial" size="2">We use the corridor approach to recognize actuarial gains and losses in earnings. We deduct 10% of the benefit obligation or the market-related value of plan assets, whichever is greater, from the
unamortized net actuarial gains or losses on a market-related value basis. Any excess is amortized over the average remaining service period of active employees. At the end of&nbsp;2010, this period ranged from 8 to 13 years, with a weighted average
period of 10 years.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">December&nbsp;31 is the measurement date for our employee benefit plans. Our actuaries perform a valuation at least every three years to determine the actuarial present value of the accrued pension and
other post-employment benefits. An actuarial valuation was last performed on most of our pension plans on December&nbsp;31,&nbsp;2009.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">When the restructuring of a benefit plan results in both a curtailment and a settlement of obligations, we account for the curtailment before we account for the settlement.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DEFINED CONTRIBUTION (DC) PLANS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We also maintain DC plans that provide certain employees with pension benefits. Under these plans, we are responsible for contributing an amount to an employee&#146;s retirement savings, based on a predetermined percentage of that
employee&#146;s salary and certain incentive compensation.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We recognize a pension cost for DC plans when the employee provides service to the company, essentially coinciding with our cash contributions.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Generally, new employees participate only in the DC pension arrangements.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">INCOME TAXES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The income tax expense for the period comprises current and future tax expense.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We use the liability method to account for future income taxes. Future income taxes reflect:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">the temporary differences between the carrying amounts of assets and liabilities for accounting
purposes and the amounts used for tax purposes </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">the benefit of unutilized tax losses that will more likely than not be realized and carried forward to future years to reduce income taxes.
	</font></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">We calculate future income taxes using the rates enacted by tax law and those substantively enacted at the end of the reporting period that are expected to apply when the future tax asset or liability is recovered or settled. The
effect of a change in tax rates on future income tax assets and liabilities is included in earnings in the period when the change is substantively enacted.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INVESTMENT TAX CREDITS (ITCs)</FONT></P>
<P align="left">
<font size="2" face="Arial">We recognize ITCs when there is reasonable assurance that they will be realized, and they are presented as part of
</font><font size="2"><I><FONT face="Arial">Accounts receivable</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Other long-term assets</FONT></I></font><font size="2" face="Arial"> on the balance sheet. We use the cost reduction method to account for ITCs, under which the credits are applied against the qualifying expense or asset to which the ITC
relates.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">COSTS OF ACQUISITION</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We expense all subscriber acquisition costs when the related services are activated. </FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">STOCK-BASED COMPENSATION PLANS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc.&#146;s stock-based compensation plans include stock option plans, restricted share units (RSUs), deferred share units (DSUs) and the employee savings plan (ESP).</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial">Any liabilities relating to stock-based compensation plans are recorded as part of </FONT><I><FONT face="Arial">Accounts payable and accrued liabilities</FONT></I><FONT face="Arial"> or
</FONT><I><FONT face="Arial">Other long-term liabilities</FONT></I></font><font size="2" face="Arial">.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">STOCK OPTIONS </FONT></P>
<P align="left">
<FONT face="Arial" size="2">We use the fair value-based method to account for employee stock options granted on or after January&nbsp;1, 2002 and the Black-Scholes option pricing model to measure compensation expense relating to options. </FONT>
<font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We credit contributed surplus for the stock option expense recorded over the vesting period, based on management&#146;s estimate of the number of options that are expected to vest. Upon the exercise
of stock options, we credit share capital for the amount paid by the employees as well as the amounts previously credited to contributed surplus.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 99</b></font></P>

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






<P align="left">
<FONT face="Arial" size="2"><font color="#0065A4">RSUs</font><B> </B> </FONT></P>
<P align="left">
<FONT face="Arial" size="2">For each RSU granted, we record compensation expense equal to the market value of a BCE&nbsp;Inc. common share at the date of grant, prorated over the vesting period and based on management&#146;s estimate of the number of RSUs that
are expected to vest. </FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Compensation expense is adjusted for subsequent changes in the market value of BCE&nbsp;Inc. common shares and any change in management&#146;s estimate of the number of RSUs that are expected to vest. The
cumulative effect of any change in value is recognized in the period of the change. Vested RSUs are settled in cash or DSUs or through a combination of both, except for executives who can settle in any of BCE&nbsp;Inc. common shares purchased on the open
market, cash, DSUs or a combination of these. </font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DSUs</FONT></P>
<P align="left">
<FONT face="Arial" size="2">For each DSU granted, we record compensation expense equal to the market value of a BCE&nbsp;Inc. common share at the date of grant. Compensation expense is adjusted for subsequent changes in the market value of BCE&nbsp;Inc. common shares.
DSUs are settled in BCE&nbsp;Inc. common shares purchased on the open market following the cessation of a participant&#146;s employment or when a director leaves the board.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">ESPs</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We recognize our contributions under 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 retained earnings for any difference between the cost of shares purchased at the time of settlement of ESPs and the amount
previously credited to contributed surplus. </FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">FUTURE CHANGES TO ACCOUNTING POLICIES AND STANDARDS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS)</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The Canadian Accounting Standards Board (AcSB) set January&nbsp;1,&nbsp;2011 as the date that IFRS replaced Canadian GAAP for publicly accountable enterprises, which includes Canadian reporting issuers. We will prepare our financial
statements in accordance with IFRS for fiscal years commencing January&nbsp;1,&nbsp;2011. </FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">100</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 2<br>
SEGMENTED INFORMATION</FONT></P>
<P align="left">
<font size="2" face="Arial">The accounting policies used in our segment reporting are the same as those we describe in Note 1,
</font><font size="2"><I><FONT face="Arial">Significant Accounting Policies</FONT></I></font><font size="2" face="Arial">. Segments negotiate sales with each
other as if they were unrelated parties.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We measure the profitability of each segment based on its operating earnings before interest, income taxes, and depreciation and amortization (EBITDA). For financial reporting purposes, we allocate
depreciation and amortization, and restructuring and other to the segments to calculate operating income by segment.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Our operations, including most of our revenues, capital assets and goodwill, are located in&nbsp;Canada.<br>
</font><font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Our results of operations are reported in three segments:
</font><I><font size="2" face="Arial">Bell&nbsp;Wireline</font></I><font size="2"><FONT face="Arial">, </FONT><I><FONT face="Arial">Bell&nbsp;Wireless</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Bell&nbsp;Aliant</FONT></I></font><font size="2" face="Arial">. Our reporting structure reflects
how we manage our business and how we classify our operations for planning and measuring performance. Accordingly, we operate and manage our segments as strategic business units organized by products and services. Substantially all of our interest
expense, other income (expense), income tax and non-controlling interest are managed on a total company basis and, accordingly, are not reflected in segment results. The inter-segment eliminations eliminate any intercompany transactions included in
each segment&#146;s results.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">The Bell&nbsp;Wireline segment provides local telephone, long distance, Internet, data, video and other services and products to Bell&nbsp;Canada&#146;s residential, small and medium-sized business and large
enterprise customers, primarily in the urban areas of Ontario and Qu&eacute;bec. Video services are provided nationwide. Also included in this segment is our wholesale business, which buys and sells local telephone, long distance, data and other
services from or to resellers and other carriers.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">The Bell&nbsp;Wireless segment provides wireless voice and data communication products and services to Bell&nbsp;Canada&#146;s residential, small and medium-sized business and large enterprise customers across
Canada.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">The Bell&nbsp;Aliant segment provides local telephone, long distance, Internet, data, video, wireless and other services and products to residential and business customers in the Atlantic provinces and in
rural and regional areas of Ontario and Qu&eacute;bec.</font></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">101</font></b></P>

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






<P align="left">
<I><FONT face="Arial" color="#0065A4">SEGMENTED INFORMATION</FONT></I></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 size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">INTER-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">INTER-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">SEGMENT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">SEGMENT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ELIMINA-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ELIMINA-</FONT></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">CONSOLI-</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 size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WIRELINE</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WIRELESS</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TIONS</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ALIANT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TIONS</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">DATED</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31,&nbsp;2010</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&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><font size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&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><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,375</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,888</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15,263</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,806</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">18,069</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inter-segment</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">320</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">46</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">162</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">265</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(427</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,695</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,934</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15,425</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,071</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(427</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">18,069</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating expenses</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(6,559</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3,213</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">204</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(9,568</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,740</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">427</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(10,881</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></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><font size="2">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,169</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(557</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,726</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(566</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3,292</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(155</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(159</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(65</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(224</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,812</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,160</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,972</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">700</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,672</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">124</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(670</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(550</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(299</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Segment assets</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">25,294</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8,107</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">33,401</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6,404</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(529</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39,276</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,978</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">485</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,463</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">496</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,959</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&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">Additions to advanced wireless services (AWS) spectrum licences</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">47</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">47</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">47</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31,&nbsp;2009</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">External customers</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,343</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,507</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,850</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,885</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">17,735</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font 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">Inter-segment</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">323</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">51</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(204</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">170</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">289</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(459</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,666</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,558</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(204</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">15,020</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,174</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(459</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">17,735</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating expenses</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(6,759</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,746</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">204</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(9,301</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(1,804</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">459</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(10,646</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font 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">Depreciation and amortization</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,284</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(520</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,804</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(567</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(3,371</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font 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">Restructuring and other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(475</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(8</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(483</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(44</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(527</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,148</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,284</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,432</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">759</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,191</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other expense</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(18</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font 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">Interest expense</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(723</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font 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">Income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(368</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font 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">Non-controlling interest</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(333</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,749</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="30%">
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Segment assets</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">24,236</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">7,868</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">32,104</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">6,198</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(252</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">38,050</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,717</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">673</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,390</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">464</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,854</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions to AWS spectrum licences</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">40</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">40</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">40</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">102</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">SEGMENTED INFORMATION</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">INTER-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">INTER-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">SEGMENT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">SEGMENT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ELIMINA-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ELIMINA-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">CONSOLI-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WIRELINE</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">WIRELESS</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TIONS</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ALIANT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TIONS</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">DATED</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31,&nbsp;2008</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">External customers</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,272</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,434</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,706</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,955</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">17,661</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inter-segment</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">368</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">45</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(248</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">165</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">342</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(507</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total operating revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,640</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,479</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(248</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,871</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,297</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(507</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">17,661</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="30%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating expenses</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(6,772</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,709</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">248</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(9,233</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(1,931</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">507</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(10,657</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,193</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(492</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(2,685</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(579</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(3,264</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(773</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(37</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(810</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(61</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(871</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating income</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">902</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,241</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,143</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">726</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,869</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="30%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other expense</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(253</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(791</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(469</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(323</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,033</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="30%">
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital expenditures</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,966</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">493</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,459</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">527</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,986</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions to AWS spectrum licences</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">741</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">741</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">741</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="30%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">REVENUES BY PRODUCT</FONT></I></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="70%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Local and access</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,012</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,159</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,360</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long distance</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">932</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,078</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,165</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Data</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,691</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,696</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,723</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Wireless</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,481</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,102</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4,059</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Video</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,749</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,593</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,450</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equipment and other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,398</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,222</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">949</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="70%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total external revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15,263</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,850</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,706</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">162</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">170</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">165</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="70%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15,425</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">15,020</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,871</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,071</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,174</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,297</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inter-segment eliminations</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(427</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(459</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(507</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD width="70%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="70%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">BCE</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">18,069</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">17,735</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">17,661</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="70%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE><font size="2"><BR>

</font>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">103</font></b></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 3<br>
RESTRUCTURING AND OTHER</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee costs</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(15</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(219</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(274</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(30</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(41</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(54</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Real estate costs</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(19</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(80</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(81</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(7</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total restructuring costs</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(65</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(340</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(416</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other charges</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(159</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(187</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(455</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total restructuring and other</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(224</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(527</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(871</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The liability for restructuring costs at December&nbsp;31,&nbsp;2010 is as follows:</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CONSOLI-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ALIANT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DATED</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2009</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">216</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">257</FONT><font size="2"> </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">Employee costs</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4"> <b><font face="Arial">30</font></b> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">45</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Real estate costs</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">19</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4"> <b><font face="Arial">1</font></b> </font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">20</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: Cash payments</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(147</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(55</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(202</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2010</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">103</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">17</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">120</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">RESTRUCTURING COSTS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Restructuring costs at Bell&nbsp;consist of:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">employee termination charges related to both voluntary and involuntary workforce reduction initiatives. The&nbsp;2009 charge of &#36;219&nbsp;million includes &#36;139&nbsp;million relating to a voluntary retirement incentive program. The
2008 charge of &#36;274&nbsp;million is related to involuntary departures. </FONT>
	</P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">real estate costs incurred because of workforce reduction initiatives related to costs for relocating employees, closing real estate facilities, lease vacancy charges and buyout costs related to the relocation to campus
environments in Calgary, Toronto and Montr&eacute;al.</FONT></P></li>
</ul>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Workforce reduction</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">19</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Campus environments</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">49</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Real estate costs</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">19</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">80</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">81</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<font size="2" face="Arial">Our cumulative expense since 2004 as a result of workforce reduction initiatives is &#36;261&nbsp;million and since&nbsp;2008 for costs related to campus environments is &#36;121&nbsp;million.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Restructuring costs at Bell&nbsp;Aliant consist mainly of employee termination charges related to workforce reduction initiatives. Employee termination charges in&nbsp;2010 and in&nbsp;2009 related to both voluntary
and involuntary employee departures. Employee termination charges in&nbsp;2008 related to involuntary employee departures.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">OTHER CHARGES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We recorded other charges of &#36;159&nbsp;million in&nbsp;2010 which includes charges of &#36;120&nbsp;million related to the CRTC&#146;s decision to include interest and other amounts in our deferral account balance and &#36;30&nbsp;million for the
impairment of certain customer lists at Bell&nbsp;Aliant.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">We recorded other charges of &#36;187&nbsp;million in&nbsp;2009. Of the total, &#36;152&nbsp;million related to the Supreme Court of&nbsp;Canada decision rendered in September&nbsp;2009 to uphold the CRTC&#146;s decision that
the funds remaining in our deferral account could be used for uneconomic broadband expansion or returned to customers.
</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial" size="2">We recorded other charges of &#36;455&nbsp;million in&nbsp;2008 comprised of &#36;236&nbsp;million related to the CRTC&#146;s decision in the first quarter of&nbsp;2008 on the use of deferral account funds for the
uneconomic expansion of broadband, &#36;187&nbsp;million related to employee retention (see Note 21,
</FONT><I><font size="2" face="Arial">Stock-Based Compensation Plans</font></I><font size="2" face="Arial">), costs associated with the proposed privatization transaction and costs related to Bell&#146;s rebranding.</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">104</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 4 <br>
OTHER INCOME (EXPENSE) </FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Gains (losses) on investments</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">22</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">136</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">49</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(308</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest income</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">97</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Securitization losses</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(18</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(27</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(52</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Foreign currency gains</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Premium on redemption of debt</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(11</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(45</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(12</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(9</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total other income (expense)</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">124</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(18</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(253</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">GAINS (LOSSES) ON INVESTMENTS</FONT></I></P>
<P align="left">
<font size="2" face="Arial">Gains on investments of &#36;136&nbsp;million in&nbsp;2010 resulted from a gain of &#36;125&nbsp;million realized on 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 (loss)</FONT></I><FONT face="Arial"> </FONT><I><FONT face="Arial">income</FONT></I><FONT face="Arial"> and into </FONT><I><FONT face="Arial">Other income (expense)</FONT></I></font><font size="2" face="Arial">. We used the average cost method in determining the gain.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial" size="2">In&nbsp;2009, we received proceeds of &#36;109&nbsp;million on sales of AFS financial assets and realized a pre-tax gain of &#36;35&nbsp;million. We used the
average cost method in determining the gain. </FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </font><font size="2" face="Arial">Losses on investments of &#36;308&nbsp;million in&nbsp;2008 resulted from write-downs of our AFS investments. The decline in fair values of these investments was assessed to be other than temporary. The
impairments were based on business valuations or quoted market prices.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">PREMIUM ON REDEMPTION OF DEBT</FONT></I></P>
<P align="left">
<font size="2" face="Arial">On September&nbsp;13,&nbsp;2010, Bell&nbsp;Aliant redeemed early &#36;345&nbsp;million principal amount of its 4.72% medium-term notes, which were due on September&nbsp;26,&nbsp;2011, out of a total
outstanding principal amount of &#36;750&nbsp;million. We incurred an &#36;11&nbsp;million charge for the premium cost of early redemption.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial" size="2">On July&nbsp;30,&nbsp;2009, Bell&nbsp;Canada redeemed early its 5.5% Series M-16 debentures, issued under its 1997 trust indenture, having an outstanding principal amount of &#36;600&nbsp;million, which were due on August&nbsp;12,&nbsp;2010. We incurred a &#36;29&nbsp;million charge for the premium costs on early redemption.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial" size="2">On June&nbsp;8,&nbsp;2009, BCE&nbsp;Inc. redeemed early its 7.35% Series C Notes, with an outstanding principal amount of &#36;650&nbsp;million, which were due on
October&nbsp;30,&nbsp;2009. We incurred a &#36;16&nbsp;million charge for the premium costs on early redemption.</FONT></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 5 <br>
INTEREST EXPENSE</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2 face="Arial">Interest expense on long-term debt</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(686</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(745</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(755</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2 face="Arial">Interest expense on other debt</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(40</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(34</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(36</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2 face="Arial">Capitalized interest</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">56</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2 face="Arial">Total interest expense</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(670</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(723</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Included in interest expense on long-term debt is &#36;147&nbsp;million of interest on capital leases for&nbsp;2010, &#36;148&nbsp;million for&nbsp;2009 and &#36;99&nbsp;million for&nbsp;2008.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">105</font></b></P>

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






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






<P align="left">
<FONT face="Arial" color="#0065A4" size="4">NOTE 6<br>
INCOME TAXES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table reconciles the amount of reported income tax expense in the statements of operations with income tax expense at Canadian statutory rates of 30.6% in&nbsp;2010, 32.3% in&nbsp;2009 and 32.6% in&nbsp;2008.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income tax expense computed at statutory rates</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(957</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(791</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(595</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-taxable portion of gains (losses) on investments</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">39</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(97</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-taxable portion of Bell&nbsp;Aliant&#146;s income</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">91</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">112</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">109</FONT><font size="2"> </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">Resolution of uncertain tax positions</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">160</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">132</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">70</FONT><font size="2"> </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">Recognition of previously unrecognized non-capital loss carryforwards</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17</FONT><font size="2"> </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">Effect of changes in future tax rates on temporary differences</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4</FONT><font size="2"> </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">Tax rate differential on reversal of temporary differences and other</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">117</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">118</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income tax expense</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(550</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(368</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The following table shows the significant components of income tax expense that related to earnings from continuing operations.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(312</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(336</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(340</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp; </font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp; </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp; </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp; </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp; </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Recognition and utilization of loss carryforwards</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(16</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(27</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(61</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Resolution of uncertain tax positions</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">160</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">132</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">70</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp; </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Effect of changes in future tax rates on temporary
differences</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp; </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Change in temporary differences and other</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(382</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(176</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(142</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total income tax expense</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(550</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(368</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(469</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The following table shows future income taxes resulting from temporary differences between the carrying amounts of assets and liabilities for accounting purposes and the amounts used for tax purposes, as well as tax loss
carryforwards.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-capital loss carryforwards</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">225</FONT><font size="2"> </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">Employee benefit plans</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(408</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(116</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment and finite-life intangible assets</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(709</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(804</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible assets</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(543</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(440</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Investment tax credits</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(137</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(175</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Partnership income deferral </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(103</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(118</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(304</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(427</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total future income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,995</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,855</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="64%">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD width=2%>
&nbsp;</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income tax balances are comprised of:</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Future income tax asset &#150; current portion</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">99</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">110</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Future income tax asset &#150; long-term portion</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">50</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Future income tax liability &#150; current portion</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(77</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(31</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Future income tax liability &#150; long-term portion</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,067</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,986</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total future income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,995</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,855</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">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">
<font size="2" face="Arial">At December&nbsp;31,&nbsp;2010, BCE&nbsp;had &#36;840&nbsp;million of non-capital loss carryforwards. We:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">recognized a future tax asset of &#36;209&nbsp;million, of which &#36;190&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></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">did not recognize a future tax asset for approximately &#36;97&nbsp;million of non-capital loss carryforwards. This balance expires in varying annual amounts from 2021 to 2030.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">At December&nbsp;31,&nbsp;2010, BCE&nbsp;had &#36;1,308&nbsp;million in unrecognized capital loss carryforwards which can be carried forward indefinitely.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">10</font></b><font face="Arial" size="1"><b>6&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 7<br>
DISCONTINUED OPERATIONS</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expertech Network Installation (US)&nbsp;Inc. (Expertech US)</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(43</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(12</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(47</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (loss) gain from discontinued operations</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(90</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">Due mainly to asset impairments related to our decisions to cease operations or to sell certain of our businesses.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">The following table is a summarized statement of operations for the discontinued operations.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Revenue</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">43</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">125</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(Loss) income from discontinued operations</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(43</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(Loss) gain from discontinued operations</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(55</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">8</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net (loss) gain from</FONT><font size="2">&nbsp;</font><FONT size=2 face="Arial">discontinued operations</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(11</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(90</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">EXPERTECH US</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2008, we decided to sell our investment in Expertech US. As such, we accounted for Expertech US as a discontinued operation and no longer consolidated its financial results. A loss of &#36;15&nbsp;million was recorded in anticipation of the sale of Expertech US. </FONT>
<font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">In&nbsp;2009, operations of Expertech US ceased. Expertech US was included previously in the Bell&nbsp;Wireline segment.</font></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 8<br>
EARNINGS PER SHARE </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table is a reconciliation of the components used in the calculation of basic and diluted earnings per common share from continuing operations.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,277</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,749</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,033</FONT><font size="2"> </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">Dividends on preferred shares</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(112</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(107</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(124</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Earnings from continuing operations &#150; basic</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,165</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,642</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">909</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=left width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average number of common shares outstanding (in&nbsp;millions)</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average number of common shares outstanding &#150; basic</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">759.0</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">772.9</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805.8</FONT><font size="2"> </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">Assumed exercise of stock options</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.4</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average number of common shares outstanding &#150; diluted</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">759.5</FONT></B><font size="2"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">772.9</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">807.2</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">The calculation of the assumed exercise of stock options includes the effect of the average unrecognized future compensation cost of dilutive options. It does not include anti-dilutive options which are options that would
not be exercised because their exercise price is higher than the average market value of a BCE&nbsp;Inc. common share. The number of excluded options was 3,368,508 in&nbsp;2010, 10,508,239 in&nbsp;2009 and 4,646,531 in&nbsp;2008.</FONT></I></P>

		</td>
	</tr>
</table>
&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">107</font></b></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 9 <br>
ACCOUNTS RECEIVABLE</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,353</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,245</FONT><font size="2"> </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">Allowance for doubtful accounts</FONT><font size="2">
</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">19</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(95</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(105</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Allowance for revenue adjustments</FONT><font size="2">
</font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(89</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(83</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes receivable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">139</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">118</FONT><font size="2"> </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">Investment tax credits</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">306</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">300</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other accounts receivable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">171</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">130</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total accounts receivable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,785</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,605</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">SECURITIZATION OF ACCOUNTS RECEIVABLE</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">At December&nbsp;31,&nbsp;2010, an interest of &#36;1,140&nbsp;million of Bell&nbsp;Canada&#146;s accounts receivable had been sold to a securitization trust for cash (&#36;1,140&nbsp;million in cash at December&nbsp;31,&nbsp;2009) under a revolving sales agreement
that expires on May&nbsp;13,&nbsp;2013. Bell&nbsp;Canada had a retained interest of &#36;177&nbsp;million in the accounts receivable at December&nbsp;31,&nbsp;2010 (&#36;192&nbsp;million at December&nbsp;31,&nbsp;2009), which equals the amount of overcollateralization in the receivables
sold.</FONT><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial" size="2">At December&nbsp;31,&nbsp;2010, an interest of &#36;128&nbsp;million of Bell&nbsp;Aliant&#146;s accounts receivable had been sold to a securitization trust for cash (&#36;165&nbsp;million in cash at December&nbsp;31,&nbsp;2009) under
a revolving sales agreement that expires on July&nbsp;29,&nbsp;2011. Bell&nbsp;Aliant had a retained interest of &#36;26&nbsp;million in the accounts receivable at December&nbsp;31,&nbsp;2010 (&#36;43&nbsp;million at December&nbsp;31,
2009).</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Bell&nbsp;Canada and Bell&nbsp;Aliant continue to service these accounts receivable. The buyers&#146; interest in the collection of these accounts receivable ranks ahead of the interests of Bell&nbsp;Canada and Bell&nbsp;Aliant, which means that Bell&nbsp;Canada and Bell&nbsp;Aliant are exposed to certain risks of default on the amount securitized. Bell&nbsp;Canada and Bell&nbsp;Aliant have provided various credit enhancements in the form of overcollateralization and subordination of
their retained interests.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">The buyers will reinvest the amounts collected by buying additional interests in the Bell&nbsp;Canada and Bell&nbsp;Aliant accounts receivable until the agreements expire. The buyers and their investors have no
further claim on Bell&nbsp;Canada&#146;s and Bell&nbsp;Aliant&#146;s other assets if customers do not pay amounts owed.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">In&nbsp;2010, we recognized a loss of &#36;18&nbsp;million on the revolving sale of accounts receivable for the combined securitizations, compared to losses of &#36;27&nbsp;million in&nbsp;2009 and &#36;52&nbsp;million in
2008. </font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">The following table shows balances for the securitization programs and the assumptions that were used on the date of transfer at December&nbsp;31,&nbsp;2010. A 10% or 20% adverse change in each of these
assumptions would have no significant effect on the current fair value of the retained interest.</font></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RANGE FOR&nbsp;2010</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Securitized interest in accounts receivable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,268</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,305</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Retained interest</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">203</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">235</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Servicing liability</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average accounts receivable managed</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,148</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,146</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Assumptions</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cost of funds</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.57%&#150;1.91</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.62</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.05</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Average delinquency ratio</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10.62%&#150;11.58</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10.62</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11.60</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Average net credit loss ratio</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">0.96%&#150;1.01</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.01</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.00</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Weighted average life (days)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27&#150;33</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2"> &nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">33</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">34</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Servicing fee liability</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.00</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.00</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.00</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The following table is a summary of certain cash flows received from and paid to the trusts during the year.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=center width="64%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Collections reinvested in revolving sales</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">19,827</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19,423</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18,374</FONT><font size="2"> </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">Decrease in sale proceeds</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(37</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(27</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 10<br>
INVENTORY</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<!-- MSTableType="nolayout" -->
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Inventory</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Work in progress</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">63</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">57</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Finished goods</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">408</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">433</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Provision</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(34</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(42</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total inventory</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">437</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">448</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The total amount of inventories recognized as an expense was &#36;2,211&nbsp;million in&nbsp;2010, &#36;1,877&nbsp;million in&nbsp;2009 and &#36;1,664&nbsp;million in&nbsp;2008.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">108</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 11 <br>
CAPITAL ASSETS</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="30%" bgcolor="#C0C0C0" colspan="6">
<p align="center"><font color="#0065A4"><B><FONT size=1 face="Arial">2010</FONT></B></font></TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="30%" colspan="6">
<p align="center"><FONT size=1 face="Arial">2009</FONT></TD>
</TR>
<tr>
	<TD align=left width="38%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">ACCUMULATED</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">ACCUMULATED</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">DEPRECIATION</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">DEPRECIATION</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">AND</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">NET BOOK</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">AND</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NET BOOK</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">COST</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">AMORTIZATION</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VALUE</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">COST</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">AMORTIZATION</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">VALUE</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Property, plant and equipment</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Network infrastructure and equipment</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">53,485</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">36,722</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">16,763</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">51,389</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">34,847</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">16,542</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Land and buildings</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,851</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,784</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,067</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">3,681</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,671</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,010</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Plant under construction</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">869</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">869</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">889</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">889</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%" height="18">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total property, plant and equipment</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%" height="18" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">58,205</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% height="18" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" height="18" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">38,506</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% height="18" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% height="18" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">19,699</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% height="18" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2% height="18">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8% height="18">
<FONT size=2 face="Arial">55,959</FONT><font size="2"> </font>
	</TD>
	<TD width=2% height="18">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" height="18">
<FONT size=2 face="Arial">36,518</FONT><font size="2"> </font>
	</TD>
	<TD width=2% height="18">
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%" height="18">
<FONT size=2 face="Arial">19,441</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%" height="18">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Finite-life intangible assets</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Software</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,362</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,654</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,708</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">4,910</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,102</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,808</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Customer relationships</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">894</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">240</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">654</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">924</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">204</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">720</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">28</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">15</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">28</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">15</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">13</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total finite-life intangible assets</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6,284</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,909</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,375</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">5,862</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,321</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,541</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible assets</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Brand</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,024</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,024</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">2,024</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,024</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Spectrum and other licences</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,882</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,882</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">1,779</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,779</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total indefinite-life intangible assets</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,906</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,906</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">3,803</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,803</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total capital assets</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">68,395</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">42,415</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">25,980</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">65,624</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">39,839</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">25,785</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<p>&nbsp;</p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<!-- MSTableType="nolayout" -->
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Assets under capital leases</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cost</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,127</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,198</FONT><font size="2"> </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">Additions</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">266</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">196</FONT><font size="2"> </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">Net book value</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,743</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,955</FONT><font size="2"> </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">Additional information on additions</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Finite-life intangible asset additions</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">600</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">660</FONT><font size="2"> </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">Indefinite-life intangible asset additions</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">103</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<p>&nbsp;</p>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=1 face="Arial">FOR THE YEAR ENDED</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=10%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=1 face="Arial">DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2 face="Arial">Depreciation of property, plant and equipment</FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,542</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,595</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,537</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2 face="Arial">Amortization of finite-life</FONT><font size="2">
</font><FONT size=2 face="Arial">intangible assets</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">750</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">776</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">727</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<FONT size=2 face="Arial">Capitalized interest on</FONT><font size="2">&nbsp;</font><FONT size=2 face="Arial">spectrum licences</FONT><font size="2"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">5</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">56</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=10%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">Includes depreciation of capital leases of &#36;258&nbsp;million in&nbsp;2010, &#36;213&nbsp;million in&nbsp;2009 and &#36;257&nbsp;million in&nbsp;2008.</FONT></I></P>

		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">The future annual amortization expense for finite-life intangible assets, calculated based on the asset values at December&nbsp;31,&nbsp;2010, is as follows.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31</FONT><font size="1">
</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2011</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(599</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2012</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(445</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2013</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(310</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2014</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(198</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2015</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(105</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total estimated amortization expense</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,657</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">109</font></b></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 12 <br>
OTHER LONG-TERM ASSETS</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit asset</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,312</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,316</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">50</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">AFS publicly-traded and privately-held securities</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">162</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">283</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Investment tax credits</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">9</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">141</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term notes and other receivables</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">51</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">102</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">379</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">313</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total other long-term assets</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,963</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,207</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 13 <br>
GOODWILL </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The consolidated statements of operations include the results of acquired businesses from the date they were purchased. We cease including results from businesses we have sold on the date they are sold. The following table provides details about the changes in the carrying amounts of goodwill for the years ended December&nbsp;31,&nbsp;2010 and
2009.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BELL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CONSOLI-</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WIRELINE</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WIRELESS</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ALIANT</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DATED</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2008</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,497</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,186</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">976</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,659</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2009 acquisitions</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">115</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">115</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(4</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150;</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2009</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,501</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,301</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">972</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,774</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2010 acquisitions</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">33</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">33</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(5</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31,&nbsp;2010</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,532</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,298</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">972</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,802</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">2009 ACQUISITIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">On July&nbsp;1,&nbsp;2009, we acquired the remaining 50% interest that we did not already own in Virgin Mobile&nbsp;Canada, a mobile virtual network operator.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">Also on July&nbsp;1,&nbsp;2009, we acquired substantially all of the assets of the national electronics retailer The Source.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">PURCHASE PRICE ALLOCATIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Purchase price allocations include certain estimates and are completed within 12 months of the acquisition date. All acquisitions in each of&nbsp;2010,&nbsp;2009 and&nbsp;2008 were individually immaterial. In&nbsp;2009, we acquired The Source and
Virgin Mobile&nbsp;Canada. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table provides details on these acquisitions.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31,&nbsp;2009</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL</FONT><font size="1"> </font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Consideration given</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">322</FONT><font size="2"> </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 size=2 face="Arial">Acquisition costs</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase price</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">328</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<tr>
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-cash working capital</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">110</FONT><font size="2"> </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: 12px">
<FONT size=2 face="Arial">Property, plant and equipment</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">32</FONT><font size="2"> </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: 12px">
<FONT size=2 face="Arial">Other long-term assets</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4</FONT><font size="2"> </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: 12px">
<FONT size=2 face="Arial">Finite-life intangibles </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Dealer network</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5</FONT><font size="2"> </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 size=2 face="Arial">Customer relationships</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">58</FONT><font size="2"> </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 size=2 face="Arial">Software</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13</FONT><font size="2"> </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: 12px">
<FONT size=2 face="Arial">Indefinite-life intangible</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Brand</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10</FONT><font size="2"> </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: 12px">
<FONT size=2 face="Arial">Other long-term liabilities</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(22</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">210</FONT><font size="2"> </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: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of net assets acquired</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">216</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Goodwill</FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">112</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="88%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">The dealer network, customer relationships and majority of software acquired are amortized over ten, six and two years, respectively. </FONT></I></P>

		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><FONT face="Arial" size="1">(2)</FONT></I></td>
		<td width="98%" valign="top">
<I><FONT face="Arial" size="1">None of the goodwill is deductible for tax
purposes.</FONT></I></td>
	</tr>
</table>
&nbsp;<P align="left">
&nbsp;</P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">110</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 14 <br>
ACCOUNTS PAYABLE AND ACCRUED LIABILITIES</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts payable and accruals</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,860</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,637</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Compensation payable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">537</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">499</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred revenues</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">661</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">615</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Taxes payable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">127</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">113</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring costs payable</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">58</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">175</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">77</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">31</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferral account commitment</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">296</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">152</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other current liabilities</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">472</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">497</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total accounts payable and accrued liabilities</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,088</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,719</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 15 <br>
DEBT DUE WITHIN ONE YEAR</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">INTEREST RATE</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bank advances</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2.91</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">82</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">42</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Notes payable</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.05</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">236</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total bank advances and notes payable</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">318</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt due within one year</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6.72</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">586</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">529</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4.75</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">428</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,014</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">548</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized premium</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized debt issuance costs</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(6</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total long-term debt due within one year</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,011</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">547</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total debt due within one year</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,329</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">600</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">RESTRICTIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Some of the credit agreements:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">require us to meet specific financial ratios
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">require us to offer to repay and cancel the credit agreement upon a change of control of BCE&nbsp;Inc. or Bell&nbsp;Canada.
	</FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">We are in compliance with all conditions and restrictions.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">CREDIT FACILITIES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Canada and Bell&nbsp;Aliant may issue notes under their commercial paper programs up to the net available amount of their committed revolving bank credit facilities. The total amount of these committed revolving bank credit
facilities may be drawn at any time. </FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">111</font></b></P>

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






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






<P align="left">
<FONT face="Arial" size="2">The table below is a summary of our total bank credit facilities at December&nbsp;31,&nbsp;2010.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ISSUED AND</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">UNDRAWN</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">COMMERCIAL</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">LETTERS OF</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PAPER</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NET</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DRAWN</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CREDIT</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OUTSTANDING</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Committed credit facilities</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada</FONT><SUP><FONT size=2 face="Arial">(1)<B> </B> </FONT></SUP><FONT size=2 face="Arial">&#150;</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Revolving facility (including supporting commercial paper program)</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,400</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">265</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,135</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><SUP><FONT size=2 face="Arial">(1)<B> </B> </FONT></SUP><FONT size=2 face="Arial">&#150;</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Revolving facility (including supporting commercial paper program)</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">550</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">24</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">317</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">564</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">40</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">261</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">263</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed credit facilities</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,519</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">40</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">550</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,720</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-committed credit facilities</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Canada</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">269</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">42</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">100</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">127</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-committed credit facilities</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">282</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">42</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">101</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">139</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total committed and non-committed credit facilities</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,801</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">82</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">651</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,859</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<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">Bell&nbsp;Canada&#146;s current &#36;1,400&nbsp;million supporting committed revolving bank credit facility expires in May&nbsp;2013 and Bell&nbsp;Aliant&#146;s current &#36;550&nbsp;million supporting committed revolving bank credit facility
expires in July&nbsp;2011.</FONT></I></P>

		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 16 <br>
LONG-TERM DEBT</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">WEIGHTED</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">AVERAGE</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">INTEREST RATE</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MATURITY</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Canada</FONT><SUP><FONT size=2 face="Arial">(a)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debentures</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">1997 trust indenture</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">5.46</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2011&#150;2035</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,100</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,100</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">1976 trust indenture</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">9.59</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2014&#150;2054</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,250</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,584</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Subordinated debentures</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">8.21</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2026&#150;2031</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">275</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">275</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital leases</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">7.63</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2011&#150;2047</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,976</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,929</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">185</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">157</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total &#150; Bell&nbsp;Canada</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8,786</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8,045</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><SUP><FONT size=2 face="Arial">(b)</FONT></SUP><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debentures, notes and bonds</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">5.36</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">%</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2011&#150;2037</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,743</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,740</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">53</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">45</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total &#150; Bell&nbsp;Aliant</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,796</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,785</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total debt</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">11,582</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,830</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized premium</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">52</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">57</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized debt issuance costs</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(42</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(41</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Less: Amount due within one year</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,011</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(547</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">)</FONT><font size="2"> </font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total long-term debt</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=left width=10%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10,581</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,299</FONT><font size="2"> </font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="40%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">112</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">RESTRICTIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Some of the debt agreements:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">require us to meet specific financial ratios
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">impose covenants, maintenance tests and new issue tests
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">require us to make an offer to repurchase certain series of debentures upon the occurrence of a change of control event as defined in the relevant debt
agreements. </FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">We are in compliance with all conditions and restrictions.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">(A) BELL&nbsp;CANADA </FONT></P>
<P align="left">
<FONT face="Arial" size="2">All outstanding debentures are issued under trust indentures and are unsecured. All debentures are issued in series and certain series are redeemable at Bell&nbsp;Canada&#146;s option prior to maturity at the prices, times and
conditions specified in each series.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">On December&nbsp;2,&nbsp;2010, Bell&nbsp;Canada issued 3.60% Series M-21 debentures under its 1997 trust indenture, with a principal amount of &#36;1&nbsp;billion, which mature on December&nbsp;2, 2015.</font><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><font size="2" face="Arial">On June&nbsp;29,&nbsp;2009, Bell&nbsp;Canada issued 4.85% Series M-20 debentures under its 1997 trust indenture for a principal amount of &#36;1&nbsp;billion, which mature on June&nbsp;30, 2014.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">(B) BELL&nbsp;ALIANT</FONT></P>
<P align="left">
<FONT face="Arial" size="2">All outstanding debentures, notes and bonds are issued under trust indentures and are unsecured with the exception of T&eacute;l&eacute;bec&#146;s debentures of &#36;100&nbsp;million, which are secured by a mortgage on a property
located in the province of Qu&eacute;bec. At December&nbsp;31,&nbsp;2010, the carrying value of this property was &#36;6&nbsp;million. All debentures, notes and bonds are issued in series and certain series are redeemable at Bell&nbsp;Aliant&#146;s option prior to
maturity at the prices, times and conditions specified for each series.</FONT><font size="2"><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial">On September&nbsp;13,&nbsp;2010, Bell&nbsp;Aliant Regional Communications, Limited Partnership issued &#36;350&nbsp;million principal amount of 4.37% medium-term notes, which mature on September&nbsp;13, 2017. Net proceeds
were used to partially redeem early its 4.72% medium-term notes with a &#36;345&nbsp;million principal amount, which were due on September&nbsp;26,&nbsp;2011, out of a total outstanding principal amount of
&#36;750&nbsp;million. We incurred an &#36;11&nbsp;million charge for the premium cost of early redemption, which is included in </FONT><I><FONT face="Arial">Other income (expense)</FONT></I></font><font size="2" face="Arial">.</font><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT face="Arial" size="2">On May&nbsp;12,&nbsp;2009, Bell&nbsp;Aliant Regional Communications, Limited Partnership issued 6.29% medium-term notes with a principal amount of &#36;350&nbsp;million, which mature on February&nbsp;17, 2015.</FONT></P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 17 <br>
OTHER LONG-TERM LIABILITIES</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE</FONT><font size="1"> </font>
	</TD>
	<TD width=2%>
<font size="1">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Future income taxes</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,067</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,986</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit liability</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">23</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,823</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,016</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferral account commitment</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3</FONT><font size="2"> </font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">208</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">273</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferred revenue on long-term contracts</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">142</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">154</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring costs payable</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">62</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">82</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">284</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">431</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total other long-term liabilities</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,586</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,942</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=center width="64%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 18 <br>
NON-CONTROLLING INTEREST</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009</FONT><font size="1"> </font>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest in subsidiaries</FONT><font size="2">
</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Bell&nbsp;Aliant</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">966</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,030</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">20</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total non-controlling interest</FONT><font size="2">
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">986</FONT></B><font size="2"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,049</FONT><font size="2"> </font>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>&nbsp;<p>&nbsp;</p>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; </b></font><b><font face="Arial" size="1">113</font></b></P>

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






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


<P align="left">
<FONT face="Arial" color="#0065A4" size="4">NOTE 19<br>
FINANCIAL AND CAPITAL MANAGEMENT</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">FINANCIAL MANAGEMENT</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Management&#146;s objectives are to protect BCE&nbsp;Inc. and its subsidiaries on a consolidated basis against material economic exposures and variability of results against various financial risks that include credit risk, liquidity
risk, interest rate risk, foreign currency risk and equity price risk. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DERIVATIVES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We use derivative instruments to manage our exposure to foreign currency risk, interest rate risk and changes in the price of BCE&nbsp;Inc. common shares that may be issued under our stock-based compensation plans .We do not use
derivative instruments for speculative purposes, and so we are not exposed to any significant liquidity risks relating to them.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following derivative instruments were outstanding at December&nbsp;31,&nbsp;2010: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">foreign currency forward contracts that hedge foreign currency risk on a portion of our long-term debt
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">foreign
currency forward contracts that manage the foreign exchange risk of certain purchase commitments
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">interest rate swaps that hedge interest rate risk on a portion of our long-term debt
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">forward contracts on BCE&nbsp;Inc. common shares that
hedge the fair-value exposure related to stock-based compensation plans.</FONT></P>
	</li>
</ul>
<P align="left">
<font size="2" face="Arial">The amount of hedge ineffectiveness recorded in
</font><font size="2"><I><FONT face="Arial">Other income (expense)</FONT></I></font><font
size="2" face="Arial"> in the statement of operations was not material for the years ended December&nbsp;31,&nbsp;2010 and
2009.</font></P>
<P align="left">
<font color="#0065A4" face="Arial" size="2">CREDIT RISK</font></P>
<P align="left">
<FONT face="Arial" size="2">We are exposed to credit risk from operating activities and certain financing activities, the maximum exposure of which is represented by the carrying amounts reported on the balance sheet.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are exposed to credit risk if counterparties to our accounts receivable and derivative instruments are unable to meet their obligations. The concentration of credit risk from our customers is
minimized because we have a large and diverse customer base. We regularly monitor our credit risk and credit exposure. There was minimal credit risk relating to derivative instruments at December&nbsp;31,&nbsp;2010 and December&nbsp;31,&nbsp;2009. We deal with
institutions that have strong credit ratings and as such we expect that they will be able to meet their obligations.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides the change in allowance for doubtful accounts for trade accounts receivable.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance, beginning of the year </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(105</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(131 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Additions </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(20</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(37 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Use </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">30</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">63 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance, end of the year </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(95</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(105 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">For many of our customers, accounts receivable are written off directly to bad debt expense if the account has not been collected after a predetermined period of time.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following tables provide further details on trade accounts receivable past due but not provisioned.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable not past due </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">942</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">835 </FONT>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable past due and not provisioned </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Under 60 days </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">149</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">91 </FONT>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">60 to 120 days </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">113</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">108 </FONT>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<tr>
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Over 120 days </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">54</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106 </FONT>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Trade accounts receivable, net of allowance for doubtful accounts </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,258</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,140 </FONT>
	</TD>
	<TD align=left width="2%">
&nbsp;</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" color="#0065A4" size="2">LIQUIDITY RISK</FONT></P>
<P align="left">
<FONT face="Arial" size="2">We generate enough cash from our operating activities to fund our operations and fulfill our obligations as they become due. We have sufficient committed bank facilities in place should our cash requirements exceed cash generated
from our operations. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial liabilities that are due within one year have been classified as current and presented as such on the balance sheet.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">114</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">The following table is a maturity analysis for each of the next five years and thereafter for financial liabilities with maturities that are greater than one year, including capital leases, at December&nbsp;31,&nbsp;2010 and December&nbsp;31,
2009.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">THERE- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%" height="17">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width=10% height="17">
<FONT size=1 face="Arial">2011 </FONT>
	</TD>
	<TD align=left width=2% height="17">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" height="17">
<FONT size=1 face="Arial">2012 </FONT>
	</TD>
	<TD align=left width=2% height="17">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" height="17">
<FONT size=1 face="Arial">2013 </FONT>
	</TD>
	<TD align=left width=2% height="17">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" height="17">
<FONT size=1 face="Arial">2014 </FONT>
	</TD>
	<TD align=left width=2% height="17">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" height="17">
<FONT size=1 face="Arial">2015 </FONT>
	</TD>
	<TD align=left width=2% height="17">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" height="17">
<FONT size=1 face="Arial">AFTER </FONT>
	</TD>
	<TD align=left width=2% height="17">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" height="17">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2% height="17">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="16%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">684</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">520</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">77</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,561</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,367</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,348</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">9,557</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Notes payable and bank advances </FONT>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">318</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">318</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital leases </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">461</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">312</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">250</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">214</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">179</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,664</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,080</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest payable on long-term debt, notes payable and bank advances </FONT>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">572</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">522</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">502</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">452</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">397</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5,120</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,565</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net interest receipts on derivatives </FONT>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(23</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(18</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(17</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(12</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(9</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(9</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(88</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT><B><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,012</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,336</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">812</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,215</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,934</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12,123</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">20,432</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%">
<I><FONT face="Arial" size="1">(1) </FONT></I></td>
		<td width="98%"><I><FONT face="Arial" size="1">Imputed interest included in capital leases is &#36;1,055&nbsp;million.</FONT></I></td>
	</tr>
	<tr>
		<td width="2%">
<I><font size="1" face="Arial">(2) </font></I></td>
		<td width="98%"><I><font size="1" face="Arial">Excluded from the table are commitments under contractual obligations (see Note 24,
		</font></I><FONT face="Arial" size="1">Commitments and Contingencies</FONT><I><font
  size="1" face="Arial">).</font></I></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">THERE- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">2010 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2011 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2012 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2013 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2014 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AFTER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">357 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">513 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">73 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,559 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,349 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8,860 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Notes payable and bank advances </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">&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>
	<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>
	<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>
	<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>
	<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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Capital leases </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">332 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">363 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</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">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">225 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">199 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,784 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,127 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest payable on long-term debt, notes payable and bank advances </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">567 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">530 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">470 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">450 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">400 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,516 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,933 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net interest receipts on derivatives </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">(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">(13 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(81 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT><B><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">1,277 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,879 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,194 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">740 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,155 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,647 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19,892 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=15 width="16%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%">
<I><FONT face="Arial" size="1">(1) </FONT></I></td>
		<td width="98%">
<P align="left">
<I><FONT face="Arial" size="1">Imputed interest included in capital leases is
$1,157&nbsp;million.</FONT></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%">
<I><font size="1" face="Arial">(2) </font></I></td>
		<td width="98%">
<I><FONT face="Arial" size="1">Excluded from the table are commitments under
		contractual obligations.</FONT></I></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">MARKET RISK</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2">CURRENCY EXPOSURES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We use cross-currency swaps and forward contracts to hedge debt that is denominated in foreign currencies. We also use foreign currency forward contracts to manage foreign currency risk on anticipated transactions including
certain purchase commitments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2010, the amounts to be received under currency contracts were US&#36;1,280&nbsp;million (2009 &#150; US&#36;967&nbsp;million) and the amounts to be paid were &#36;1,333&nbsp;million (2009 &#150; &#36;1,146
million).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect on net earnings from a 10% increase or decrease in the CAD/USD exchange rate was &#36;14&nbsp;million at December&nbsp;31,&nbsp;2010 and not significant at December&nbsp;31,&nbsp;2009. The effect on other
comprehensive income from a 10% change in the CAD/USD exchange rate was &#36;75&nbsp;million at December&nbsp;31,&nbsp;2010 and &#36;42&nbsp;million at December&nbsp;31,&nbsp;2009. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table provides further details of our outstanding cross-currency swaps and forward contracts at December&nbsp;31,&nbsp;2010 and&nbsp;2009.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AMOUNTS </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AMOUNTS </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="14%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">TYPE OF </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BUY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TO RECEIVE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">SELL </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TO PAY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="14%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">HEDGE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CURRENCY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">IN USD </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CURRENCY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">IN CAD </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MATURITY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="14%">
<FONT size=1 face="Arial">HEDGED ITEM </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="14%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Cash flow</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">USD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">43</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">CAD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">60</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2011</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="14%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Debt due within one year</FONT></B><font size="2"
face="Arial"> </font></font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Cash flow</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">USD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">14</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">CAD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">24</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2013</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="14%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Long-term debt</FONT></B><font size="2"
face="Arial"> </font></font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Cash flow</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">USD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">603</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">CAD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">617</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2011</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="14%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Purchase commitments</FONT></B><font size="2"
face="Arial"> </font></font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Cash flow</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">USD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">485</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">CAD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">496</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2012</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="14%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Purchase commitments</FONT></B><font size="2"
face="Arial"> </font></font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Economic</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">USD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">135</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">CAD</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">136</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2011</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="14%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Purchase commitments</FONT></B><font size="2"
face="Arial"> </font></font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="14%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=10% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,280</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,333</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="14%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="12%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="14%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="12%">
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Fair value </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">200 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">269 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">Debt due within one year </FONT>
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">Debt due within one year </FONT>
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">43 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">60 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2011 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">14 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">24 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2013 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Cash flow </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">575 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">647 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">Purchase commitments </FONT>
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Economic </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">USD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">125 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">CAD </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">132 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="14%">
<FONT size=2 face="Arial">Purchase commitments </FONT>
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=15 width="12%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">967 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,146 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="14%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=15 width="12%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 115</b></font></P>

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






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






<P align="left">
<I><FONT face="Arial" size="2">INTEREST RATE EXPOSURES</FONT></I></P>
<P align="left">
<font size="2" face="Arial">We use interest rate swaps to manage the mix of fixed and floating interest rates on our debt. The effect on net earnings and other comprehensive income of a 1% increase or decrease in interest rates is not significant at
December&nbsp;31,&nbsp;2010 and December&nbsp;31,&nbsp;2009. The following table shows interest rate swaps outstanding at December&nbsp;31,&nbsp;2010 and&nbsp;2009.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=10%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RECEIVE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">PAY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="15%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">TYPE OF </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTIONAL </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">INTEREST </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">INTEREST </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="15%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">HEDGE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AMOUNT </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">RATE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">RATE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">MATURITY </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=1 face="Arial">HEDGED ITEM </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="18%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="15%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="15%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Fair value</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">700</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5.00</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3-month CDOR </FONT><SUP><FONT size=2 face="Arial">(1) </FONT></SUP><FONT size=2 face="Arial">+ 0.42%</FONT></B><font
size="2" face="Arial"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2017</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">Long-term debt</FONT></B><font size="2"
face="Arial"> </font></font>
	</TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
</TR>
<TR>
	<TD colspan=13 width="18%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">At December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Fair value </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">700 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.00 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">3-month CDOR + 0.42% </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2017 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">Fair value </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">USD 200 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">9.50 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">3-month CDOR + 5.34% </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2010 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="15%">
<FONT size=2 face="Arial">Debt due within one year </FONT>
	</TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<tr>
	<TD align=left width="18%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="15%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="15%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="18%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="15%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="15%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">Canadian dollar offered rate</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<I><FONT face="Arial" size="2">EQUITY PRICE EXPOSURES</FONT></I></P>
<P align="left">
<font size="2" face="Arial">We use equity forward contracts on BCE&nbsp;Inc. common shares to hedge the fair-value exposure related to RSUs and DSUs. See Note 21,</font><font
size="2"><I><FONT face="Arial"> Stock-Based Compensation Plans</FONT></I></font><font
size="2" face="Arial">, for
details on our RSU and DSU programs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2010 and December&nbsp;31,&nbsp;2009, the effect on net earnings and other comprehensive income of a 10% change in the market price of the BCE&nbsp;Inc. common share was not significant.</font></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">FAIR VALUE</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">Fair value is the amount that willing parties would accept to exchange a financial instrument based on the current market for instruments with the same risk, principal and remaining maturity.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain fair value estimates are affected by assumptions we make about the amount and timing of estimated future cash flows and discount rates, all of which reflect varying degrees of risk. Income
taxes and other expenses that would be incurred on disposition of financial instruments are not reflected in the fair values. As a result, the fair values are not necessarily the net amounts that would be realized if these instruments were settled.
</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and short-term obligations approximates fair value due to their short-term nature. At December&nbsp;31,&nbsp;2010, the
carrying value of debt is &#36;10,821&nbsp;million (2009 &#150; &#36;9,877&nbsp;million) with a fair value of &#36;12,061&nbsp;million (2009 &#150; &#36;10,928&nbsp;million). Other financial instruments are measured as follows:</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp; </font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3 bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">FAIR VALUE</FONT></B><font size="1" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp; </font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">FAIR VALUE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=center width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0" align="center">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=center width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=center width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% align="center">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=center width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">CARRYING</FONT></B><font size="1" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" align="center">
<font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=center width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CARRYING </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2% align="center">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=center width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VALUE</FONT></B><font size="1" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">LEVEL 1</FONT></B><font
size="1" face="Arial"> </font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0" align="right">
<p align="left">
<font color="#0065A4">
<B><SUP><FONT size=1 face="Arial">(1)</FONT></SUP></B></font><font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">LEVEL 2</FONT></B><font
size="1" face="Arial"> </font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><SUP><FONT size=1 face="Arial">(2)</FONT></SUP></B></font><font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">VALUE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">LEVEL 1 </FONT>
	</TD>
	<TD width=2% align="right">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">LEVEL 2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Assets </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">AFS publicly-traded securities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">126 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">126 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Liabilities </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt due within one year </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">213 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">213 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">771</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">771</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">756 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">756 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Derivative financial instruments, net asset (liability) position </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Forward contracts &#150; BCE&nbsp;Inc. shares </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">114</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">114</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Currency swaps &#150; Cash flow hedge </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(47</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(47</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(73 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(73 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cross-currency swap &#150; Fair value hedge </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Economic hedges </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest rate swaps </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">80</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font></font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">80</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp; </font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">68 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">68 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">Quoted prices in active markets for identical
instruments</FONT></I></P>
		</td>
	</tr>
	<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 face="Arial" size="1">Observable market data such as equity prices,
interest rates, swap rate curves and foreign currency exchange rates</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">At December&nbsp;31,&nbsp;2010 and&nbsp;2009, there were no financial instruments categorized as Level 3 for which valuation techniques using non-observable market inputs were required.</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">CAPITAL MANAGEMENT</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We have various capital policies, procedures and processes which are utilized to achieve our objectives for capital management. These include optimizing our cost of capital and maximizing shareholder return while balancing the
interests of our stakeholders.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">116</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
&nbsp;</P>
<P align="left">
<font size="2" face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our definition of capital includes shareholders&#146; equity, debt, and cash and cash equivalents.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In order to meet our objectives of maintaining a net debt to Adjusted EBITDA ratio of between 1.5 and 2.0 times and an Adjusted EBITDA to net interest expense ratio greater than 7.5 times, we monitor
our capital structure and make adjustments, including to our dividend policy, as required.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2009, the board of directors of BCE&nbsp;Inc. approved increases in the annual dividend on BCE&nbsp;Inc.&#146;s common shares as follows:
</font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"
 face="Arial">5.5%, from &#36;1.46 per common share to &#36;1.54 per common
share in February&nbsp;2009 </font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"
 face="Arial">5.2%, from &#36;1.54 per common share to &#36;1.62 per common share in August&nbsp;2009
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><font size="2"
 face="Arial">7.4%, from &#36;1.62 per common share to &#36;1.74 per common share in December&nbsp;2009.</font></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">In&nbsp;2010, the board of directors of BCE&nbsp;Inc. approved increases in the annual dividend on BCE&nbsp;Inc.&#146;s common shares as follows: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">5.2%, from &#36;1.74 per common share to &#36;1.83 per common share in August&nbsp;2010
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial"
 size="2">7.7%, from &#36;1.83 per common share to &#36;1.97 per common share in December&nbsp;2010.</FONT></P>
	</li>
</ul>
<P align="left">
<FONT face="Arial" size="2">In addition, on December&nbsp;17,&nbsp;2009, BCE&nbsp;Inc. announced plans to repurchase up to &#36;500&nbsp;million of its outstanding common shares through a normal course issuer bid (NCIB) during&nbsp;2010. The program was completed in December&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes some of our key ratios used to monitor and manage Bell&nbsp;Canada&#146;s capital structure. These ratios are calculated for BCE, excluding Bell&nbsp;Aliant.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net debt to EBITDA (earnings before interest, income tax, depreciation and amortization of intangible assets) including Bell&nbsp;Aliant distributions to Bell<sup>
</sup></FONT>
	<SUP><FONT size=2 face="Arial">(1) (2) </FONT></SUP>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.73</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.89 </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">EBITDA to interest, securitization costs and preferred dividends </FONT>
	<B><SUP><FONT size=2 face="Arial">(3)</FONT></SUP></B><font size="2"
face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">10.70</FONT></B><font size="2" face="Arial"> </font>
</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8.79 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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 net debt as debt due within one year
plus long-term debt, securitization of accounts receivable and 50% of preferred shares less cash and cash equivalents. In&nbsp;2009, net debt included 100% of preferred
shares.</FONT></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(2) </font></I></td>
		<td width="98%" valign="top">
<I><FONT face="Arial" size="1">EBITDA is a non-GAAP measure. It therefore is unlikely to be comparable to similar measures presented by other companies. We define EBITDA as operating revenues less cost of revenue and selling, general and administrative
expenses. The most comparable Canadian GAAP financial measure is operating income.</FONT></I></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(3) </font></I></td>
		<td width="98%" valign="top">
<I><FONT face="Arial" size="1">In&nbsp;2010, consistent with our definition of net
debt, 50% of preferred dividends are included (2009 included 100% of preferred
dividends).</FONT></I></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 20 <br>
SHARE CAPITAL</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">PREFERRED SHARES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc.&#146;s articles of amalgamation provide for an unlimited number of First Preferred Shares and Second Preferred Shares. The terms set out in the articles authorize BCE&nbsp;Inc.&#146;s directors to issue the shares in one or
more series and to set the number of shares and conditions for each series.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of the principal terms of BCE&nbsp;Inc.&#146;s First Preferred Shares. There were no Second Preferred Shares issued and outstanding at December&nbsp;31,&nbsp;2010. BCE&nbsp;Inc.&#146;s
articles of amalgamation, as amended, describe the terms and conditions of these shares in detail.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=8%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="11%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="17%" colspan="3">
<p align="center"><font size="1" face="Arial">NUMBER OF SHARES</font></TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="22%" colspan="5" rowspan="3">
<p align="center">
<FONT size=1 face="Arial">STATED<br>
CAPITAL AT <br>
DECEMBER 31 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">&nbsp;</FONT></TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=8%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="11%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD width="5%">
<font size="1">&nbsp;</font></TD>
	<TD width=1%>
<font size="1">&nbsp;</font></TD>
	<TD width="8%">
<p align="right"><font size="1">&nbsp;</font><FONT size=1 face="Arial">ANNUAL</FONT></TD>
	<TD width="3%">
<font size="1">&nbsp;</font></TD>
	<TD width=8%>
<font size="1">&nbsp;</font></TD>
	<TD width=1%>
<font size="1">&nbsp;</font></TD>
	<TD width="11%">
<font size="1">&nbsp;</font></TD>
	<TD width=1%>
<font size="1">&nbsp;</font></TD>
	<TD width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=1%>
<font size="1">&nbsp;</font></TD>
	<TD width="8%">
<p align="right"><font size="1">&nbsp;</font><FONT size=1 face="Arial">REDEMP- </FONT>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;</font></TD>
	<TD width=8%>
<font size="1">&nbsp;&nbsp; </font>
	</TD>
	<TD width=1%>
<font size="1">&nbsp;&nbsp; </font>	</TD>
	<TD width="8%">
<p align="right"><font size="1">&nbsp; </font>
<FONT size=1 face="Arial">ISSUED</FONT></TD>
	<TD width=1%>
<font size="1">&nbsp;&nbsp; </font>	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">DIVIDEND </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">CONVERT- </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=1 face="Arial">CONVERSION </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">REDEMPTION </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TION </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">AND OUT- </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="4%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=1 face="Arial">SERIES </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">RATE </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">IBLE INTO </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=1 face="Arial">DATE </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DATE </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">PRICE </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">AUTHORIZED </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">STANDING </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=1%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="5%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="11%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="4%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">Q </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series R </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">December&nbsp;1, 2015 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">R </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.49 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series Q </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">December&nbsp;1, 2015 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">December&nbsp;1, 2015 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">200</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">200 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">200 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">S </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series T </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">November&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,279,791 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">57</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">57 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">57 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">T </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.502 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series S </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">November&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">November&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">8,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">5,720,209 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">143</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">143 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">143 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">Y </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series Z </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">December&nbsp;1,&nbsp;2012 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">10,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">8,126,330 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">203</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">203 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">203 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">Z </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.331 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series Y </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">December&nbsp;1,&nbsp;2012 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">December&nbsp;1,&nbsp;2012 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">10,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,873,670 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">47</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">47 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">47 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AA </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.80 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AB </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">September&nbsp;1,&nbsp;2012 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">September&nbsp;1,&nbsp;2012 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,081,586 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">257</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">257 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">257 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AB </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AA </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">September&nbsp;1,&nbsp;2012 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">9,918,414 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">253</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">253 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">253 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AC </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.60 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AD </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">March&nbsp;1,&nbsp;2013 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">March&nbsp;1,&nbsp;2013 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">9,244,555 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">236</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">236 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">236 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AD </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AC </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">March&nbsp;1,&nbsp;2013 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">20,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,755,445 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">274</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">274 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<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="5%">
<FONT size=2 face="Arial">AE </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AF </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">February&nbsp;1, 2015 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">24,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,422,900 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">36</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">48 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AF </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.541 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AE </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">February&nbsp;1, 2015 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">February&nbsp;1, 2015 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">24,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,577,100 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">364</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">352 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">352 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AG </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.35 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AH </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">May&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">May&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">10,051,751 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">251</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">251 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">251 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AH </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AG </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">May&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">3,948,249 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">99</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">99 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">99 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AI </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">4.65 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AJ </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">August&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">August&nbsp;1,&nbsp;2011 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.00 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">14,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">350</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">350 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="5%">
<FONT size=2 face="Arial">AJ </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">floating </FONT>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">Series AI </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="11%">
<FONT size=2 face="Arial">August&nbsp;1, 2016 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">At any time </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">$25.50 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">22,000,000 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="5%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="11%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="4%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="5%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=8%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="11%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=8%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,770</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD width=1%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="4%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="5%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="11%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="4%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="5%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="11%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=1%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="4%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 11</b></font><b><font face="Arial" size="1">7</font></b></P>

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






<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">VOTING RIGHTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">All of the issued and outstanding preferred shares at December&nbsp;31,&nbsp;2010 are non-voting, except under special circumstances, when the holders are entitled to one vote per share.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">ENTITLEMENT TO DIVIDENDS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Holders of Series R, T, Z, AA, AC, AF, AG and AI shares are entitled to fixed cumulative quarterly dividends. The dividend rate on these shares is reset every five years, as set out in BCE&nbsp;Inc.&#146;s articles of amalgamation, as
amended. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series S, Y, AB, AD, AE and AH shares are entitled to floating adjustable cumulative monthly dividends. The floating dividend rate on these shares is calculated every month, as set out in
BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series Q and AJ shares are issued, their holders will be entitled to floating adjustable cumulative monthly dividends.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CONVERSION FEATURES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">All of the issued and outstanding preferred shares at December&nbsp;31,&nbsp;2010 are convertible at the holder&#146;s option into another associated series of preferred shares on a one-for-one basis according to the terms set out in BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">REDEMPTION FEATURES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. may redeem each of Series R, T, Z, AA, AC, AF, AG and AI shares at &#36;25.00 per share on the applicable redemption date and every five years after that date.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CONVERSION OF PREFERRED SHARES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">On October&nbsp;12,&nbsp;2010, BCE&nbsp;notified holders of its Cumulative Redeemable First Preferred Shares, Series R (Series R Preferred Shares) that they could elect to convert their shares into Cumulative Redeemable First Preferred Shares,
Series Q (Series Q Preferred Shares) subject to the terms and conditions attached to those shares. Only 71,965 of BCE&#146;s 8,000,000 Series R Preferred Shares were tendered for conversion into Series Q Preferred Shares. As this would have resulted
in less than one&nbsp;million Series Q Preferred Shares outstanding, no Series R Preferred Shares were converted on December&nbsp;1,&nbsp;2010 into Series Q Preferred Shares.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series R Preferred Shares will pay on a quarterly basis, for the five-year period that began on December&nbsp;1,&nbsp;2010, as and when declared by the board of directors of BCE, a fixed dividend based on
an annual dividend rate of 4.490%. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&nbsp;1,&nbsp;2010, 592,772 of BCE&nbsp;Inc.&#146;s 14,085,782 Cumulative Redeemable First Preferred Shares, Series AF (Series AF Preferred Shares) were converted, on a one-for-one basis, into Cumulative
Redeemable First Preferred Shares, Series AE (Series AE Preferred Shares). In addition, on February&nbsp;1,&nbsp;2010, 1,084,090 of BCE&nbsp;Inc.&#146;s 1,914,218 Series AE Preferred Shares were converted, on a one-for-one basis, into Series AF Preferred
Shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Series AE Preferred Shares pay a monthly floating adjustable cash dividend. For the five-year period that began on February&nbsp;1,&nbsp;2010, the Series AF Preferred Shares pay a quarterly fixed dividend
based on the annual dividend rate of 4.541%. Dividends are paid as and when declared by the board of directors of BCE&nbsp;Inc.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&nbsp;1,&nbsp;2008, 10,755,445 of BCE&nbsp;Inc.&#146;s 20,000,000 Cumulative Redeemable First Preferred Shares, Series AC were converted, on a one-for-one basis, into Cumulative Redeemable First Preferred
Shares, Series AD. </FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">COMMON SHARES AND CLASS B SHARES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc.&#146;s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares. The common shares and the Class B shares rank equally in the payment of dividends and in the
distribution of assets if BCE&nbsp;Inc. is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December&nbsp;31,&nbsp;2010,&nbsp;2009 or&nbsp;2008.</FONT></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">118</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">The following table provides details about the outstanding common shares of BCE&nbsp;Inc.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=center width="24%" bgcolor="#C0C0C0" colspan="4">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B></font></TD>
	<TD align=center width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=center width="24%" colspan="4">
<FONT size=1 face="Arial">2009</FONT></TD>
	<TD align=center width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="24%" colspan="4">
<FONT size=1 face="Arial">2008</FONT></TD>
</TR>
<tr>
	<TD align=left width="13%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">NUMBER</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">STATED</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">STATED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">STATED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">OF SHARES</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">CAPITAL</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CAPITAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CAPITAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="13%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1 </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">767,180,429</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12,921</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">803,056,958 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,525 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">805,264,816 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,536 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="13%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares issued under employee stock option plan </FONT>
	<B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">21 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,323,162</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">44</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">130,471 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,785,142 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares repurchased and cancelled </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(16,236,182</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(274</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(36,007,000 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(606 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">&nbsp;</FONT></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,993,000 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(67 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="13%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="13%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31 </FONT>
	</TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">752,267,409</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">12,691</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp; </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">767,180,429 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,921 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">803,056,958 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,525 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="13%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="13%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">Includes a $5&nbsp;million reclassification in&nbsp;2010
(nil in&nbsp;2009 and $6&nbsp;million in&nbsp;2008) from contributed surplus relating to the
exercise of employee stock options. </FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">NCIB</FONT></I></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="52%" colspan="12">
<p align="center">
<FONT size=1 face="Arial">2008/2009 NCIB&nbsp;
	</FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="8%">
&nbsp;</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%" colspan="4" bgcolor="#C0C0C0">
<p align="center"><font color="#0065A4">
<B><FONT size=1 face="Arial">2010 NCIB</FONT></B><font size="1" face="Arial">
	</font>
	</font>
	</TD>
	<TD width="1%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=center width=8% colspan="3">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width=8% colspan="3">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width=8% colspan="3">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">NUMBER</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">TOTAL</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">OF SHARES</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">COST</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=1 face="Arial">OF SHARES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">COST </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares repurchased (millions) </FONT>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">16.2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">500</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width="1%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">32.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">808 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">7.5 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">178 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">40.0 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">986 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares cancelled (millions) </FONT>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(16.2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(500</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="1%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(36.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(894 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(4.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(92 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width=8%>
<FONT size=2 face="Arial">(40.0 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">(986 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="1%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=8%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="8%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">2010 NCIB PROGRAM</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;Inc. repurchased and cancelled a total of 16.2&nbsp;million common shares, for a total cost of &#36;500&nbsp;million in&nbsp;2010. Of the total cost, &#36;274&nbsp;million represents stated capital and &#36;18&nbsp;million represents the reduction of
the contributed surplus attributable to these common shares. The remaining &#36;208&nbsp;million was charged to the deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The program was completed in December&nbsp;2010.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">2008/2009 NCIB PROGRAM</FONT></P>
<P align="left">
<FONT face="Arial" size="2">In December&nbsp;2008, BCE&nbsp;Inc. announced its plan to repurchase up to 5% of its outstanding common shares through a NCIB.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2008, BCE&nbsp;Inc. repurchased a total of 7.5&nbsp;million common shares, of which 4&nbsp;million were cancelled, for a total cost of &#36;92&nbsp;million. Of the total cost, &#36;67&nbsp;million represents stated capital
and &#36;5&nbsp;million represents the reduction of the contributed surplus attributable to these common shares. The remaining &#36;20&nbsp;million was charged to the deficit.<br>
</FONT><font face="Arial">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</font><FONT face="Arial"
size="2">In&nbsp;2009, BCE&nbsp;Inc. repurchased a total of 32.5&nbsp;million common shares and cancelled 36&nbsp;million common shares for a total cost of &#36;894&nbsp;million. Of the total cost, &#36;606&nbsp;million represents stated capital and &#36;44&nbsp;million represents the reduction of the contributed surplus attributable to these common shares. The remaining &#36;244&nbsp;million was charged to the
deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total cost of the program was &#36;986&nbsp;million and the program was completed in May&nbsp;2009.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">DIVIDEND REINVESTMENT PLAN</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The dividend reinvestment plan allows eligible common shareholders to use their dividends to buy additional common shares. A trustee buys BCE&nbsp;Inc. common shares for the participants on the open market, by private purchase or from
treasury. BCE&nbsp;Inc. determines the method the trustee uses to buy the shares.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align="left" width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Shares purchased on open market </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,228,569</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,234,159 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">882,438 </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">Cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">69</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">33 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align="left" width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align="left" width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">CONTRIBUTED SURPLUS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table is a reconciliation of the contributed surplus balance during the year.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at January&nbsp;1 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,490</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,531 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="76%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Repurchase of common shares &#150; NCIB </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(18</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(44 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance at December&nbsp;31 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,470</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,490 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="76%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 119</b></font></P>

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






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






<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 21 <br>
STOCK-BASED COMPENSATION PLANS </FONT></P>
<P align="left">
<font size="2" face="Arial">The following stock-based compensation amounts are included in the consolidated statements of operations as selling, general and administrative expenses</font><font
size="2"><B><SUP><FONT face="Arial">(1)</FONT></SUP></B></font><font size="2"
face="Arial">.</font></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Employee savings plans </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(26</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(37 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(39 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Stock options </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(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">Restricted share units </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(83</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(91 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(36 </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">Deferred share units </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(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">Deferred unit plan &#150; Bell&nbsp;Aliant </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(6</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total stock-based compensation expense </FONT>
	<B><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(121</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(142 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(97 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income tax benefit arising from stock-based compensation </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">34</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&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">&nbsp;
	</font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(87</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(101 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(72 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">The&nbsp;2008 expense also includes $44&nbsp;million
recorded as restructuring and other.</FONT></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(2) </font></I></td>
		<td width="98%" valign="top">
<I><font size="1" face="Arial">The cash outflows in respect of stock-based
compensation plans were $217&nbsp;million in&nbsp;2010, &#36;46&nbsp;million in&nbsp;2009 and &#36;212&nbsp;million in&nbsp;2008. In&nbsp;2008,
&#36;79&nbsp;million related to going-private costs.</font></I></td>
	</tr>
</table>
<P align="left">
<I><FONT face="Arial" color="#0065A4">DESCRIPTION OF THE PLANS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">ESPs</FONT></P>
<P align="left">
<FONT face="Arial" size="2">ESPs are designed to encourage employees of BCE&nbsp;Inc. and its participating subsidiaries to own shares of BCE&nbsp;Inc. Each year, employees can choose to have a certain percentage of their eligible annual earnings withheld through
regular payroll deductions in order to buy BCE&nbsp;Inc. common shares. In some cases, the employer also will contribute up to a maximum percentage of the employee&#146;s eligible annual earnings to the plan. Beginning in July&nbsp;2010, employer
contributions to the plan are subject to employees keeping their shares for a two-year vesting period. Dividends are credited to the participant&#146;s account on each dividend payment date and are equivalent in value to the dividends paid on BCE&nbsp;Inc. common shares. Dividends related to employer contributions are also subject to the two-year vesting period.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each participating company decides on its maximum percentage contribution. For Bell&nbsp;Canada, employees can contribute up to 12% of their annual earnings. Bell&nbsp;Canada contributes up to 2%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trustee of the ESP buys BCE&nbsp;Inc. common shares for the participants on the open market, by private purchase or from treasury. BCE&nbsp;Inc. determines the method the trustee uses to buy the
shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There were 24,625 employees participating in the plan at December&nbsp;31,&nbsp;2010. The total number of common shares bought for employees was 3,678,932 in&nbsp;2010, 4,717,877 in&nbsp;2009 and 4,058,498 in
2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2010, 13,513,812 common shares were authorized for issuance under the ESP.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of the status of ESPs that have not vested.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER OF ESPs </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="88%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unvested contributions, January&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Contributions </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">368,413</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,721</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Vested </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2,933</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Forfeited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(7,120</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="88%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unvested contributions, December&nbsp;31,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">360,081</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</tr>
<tr>
	<TD align=left width="88%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="88%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%">
<I><FONT face="Arial" size="1">(1) </FONT></I></td>
		<td width="98%">
<P align="left">
<I><FONT face="Arial" size="1">The weighted average fair value of the total ESPs contributed in&nbsp;2010 was &#36;12&nbsp;million.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">STOCK OPTIONS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Under BCE&nbsp;Inc.&#146;s long-term incentive plans, BCE&nbsp;Inc. may grant options to key employees to buy BCE&nbsp;Inc. common shares. Prior to&nbsp;2008, the subscription price was equal to the market value of the shares on the last trading day
before the grant came into effect. Since&nbsp;2008, the subscription price of a grant is based on the higher of: (1) the volume-weighted average of the trading price on the trading day immediately prior to the effective date of the grant, and (2) the
volume-weighted average of the trading price for the last five consecutive trading days ending immediately on the trading day prior to the effective date of the grant. At December&nbsp;31,&nbsp;2010, 31,848,845 common shares were authorized for issuance under
these plans.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most options granted in March&nbsp;2007 vest evenly over a four-year period of continuous employment from the date of grant, unless a special vesting period applies. Options granted in December&nbsp;2008 vested
fully after two years of continuous employment from the date of the grant. All options become exercisable when they vest and generally can be exercised for a period of up to six years from the date of grant.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Special vesting provisions may apply if:</FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">there is a change in control of BCE&nbsp;Inc. and the option holder&#146;s employment ends
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0"><FONT face="Arial" size="2">the option holder is employed by a designated subsidiary of BCE&nbsp;Inc. and BCE&nbsp;Inc.&#146;s ownership interest in that subsidiary
falls below the percentage set out in the plan.</FONT></P></li>
</ul>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">120</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
&nbsp;</P>
<P align="left">
<FONT face="Arial" size="2">The following table summarizes BCE&nbsp;Inc.&#146;s outstanding stock options as at December&nbsp;31,&nbsp;2010.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=7%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="7%" colspan=3>
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="7%">
<font size="1">&nbsp;</font></TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font size="1">&nbsp;</font></TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=7%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="7%" colspan=3>
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=center width="25%" colspan="5">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=7%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width=7%>
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="7%" colspan=3>
<FONT size=1 face="Arial">GRANT DATE </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=center width="25%" colspan="5">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=7%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width=7%>
<FONT size=1 face="Arial">OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="7%" colspan=3>
<FONT size=1 face="Arial">FAIR VALUE (&#36;) </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=center width="16%" colspan=5>
<FONT size=1 face="Arial">EXERCISE PRICE (&#36;) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=left width="6%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
	<TD align=right width=7%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=7%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
&nbsp;</TD>
	<TD align=right width="7%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="6%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=1 face="Arial">NON- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=7%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">NON- </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">NON- </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="7%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="6%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7%>
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=7%>
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">VESTED </FONT>
	</TD>
	<TD width="2%">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="7%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1,&nbsp;2010 </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,500,000</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8,798,239</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">11,298,239</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$28</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$34</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$32</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Vested </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,635,000</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,635,000</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$3</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$3</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$27</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$27</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Exercised </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="6%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,323,162</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,323,162</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$29</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$29</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expired </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,088,438</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,088,438</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$40</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$40</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Forfeited </FONT>
	</TD>
	<TD align=left width="6%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(56,250</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(339,163</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(395,413</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$31</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$36</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$36</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="16%" valign="bottom">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31,&nbsp;2010 </FONT><B><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=left width="6%" valign="bottom">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%" valign="bottom">
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">808,750</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,682,476</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8,491,226</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width="2%" bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$31</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$32</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width="2%" bgcolor="#C0C0C0" valign="bottom">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0" valign="bottom">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$32</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width=2% bgcolor="#C0C0C0" valign="bottom">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</tr>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="6%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">The aggregate intrinsic value of options
exercised was $5&nbsp;million.</FONT></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(2) </font></I></td>
		<td width="98%" valign="top">
<I><FONT face="Arial" size="1">The aggregate intrinsic values of options
outstanding were $4&nbsp;million for non-vested options and $34&nbsp;million for vested
options.</FONT></I></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">The following table provides additional information about BCE&nbsp;Inc.&#146;s stock option plans at December&nbsp;31,&nbsp;2010.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="26%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="12%" colspan=6>
<p align="center">
<FONT size=1 face="Arial">STOCK OPTIONS EXERCISABLE&nbsp;	</FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" colspan=6>
<p align="center">
<FONT size=1 face="Arial">STOCK OPTIONS OUTSTANDING </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<FONT size=1 face="Arial">RANGE OF&nbsp; </FONT>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">REMAINING </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">EXERCISE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">REMAINING </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">EXERCISE </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<FONT size=1 face="Arial">EXERCISE PRICES&nbsp;&nbsp; </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">LIFE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PRICE (&#36;) </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">LIFE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PRICE (&#36;) </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<FONT size=2 face="Arial">$20&#150;&#36;29&nbsp; </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,397,718</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$26</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,397,718</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2.8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$26</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<FONT size=2 face="Arial">$30&#150;&#36;39&nbsp; </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,014,545</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.6</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$33</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,823,295</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$32</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<FONT size=2 face="Arial">$40 or more&nbsp;&nbsp; </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,270,213</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$41</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,270,213</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">0.2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$41</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=right width="26%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,682,476</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$32</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8,491,226</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1.8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">$32</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The following table summarizes stock options outstanding at December&nbsp;31,&nbsp;2009 and&nbsp;2008.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="24%" colspan="4">
<p align="center">
<FONT size=1 face="Arial">2009</FONT></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="24%" colspan="4">
<p align="center">
<FONT size=1 face="Arial">2008</FONT></TD>
</TR>
<tr>
	<TD align=left width="38%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">EXERCISE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NUMBER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">EXERCISE </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PRICE (&#36;) </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OF OPTIONS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PRICE ($</FONT></TD>
	<TD width="2%">
<FONT size=1 face="Arial">)</FONT></TD>
</TR>
<TR>
	<TD colspan=12 width="38%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1 </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15,026,888 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$33 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17,697,380 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$33 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Granted </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">790,000 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$23 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Exercised </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">20 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(130,471 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$18 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,785,142 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$28 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expired/forfeited </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3,598,178 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$36 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,675,350 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$34 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=12 width="38%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31 </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,298,239 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$32 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">15,026,888 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$33 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=12 width="38%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%" height="12">
	</TD>
	<TD align=left width="10%" height="12">
	</TD>
	<TD width=2% height="12">
	</TD>
	<TD align=right width="10%" height="12">
	</TD>
	<TD align=left width=2% height="12">
	</TD>
	<TD align=right width="10%" height="12">
	</TD>
	<TD width=2% height="12">
	</TD>
	<TD width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" height="12">
	</TD>
	<TD align=left width=2% height="12">
	</TD>
	<TD align=right width="10%" height="12">
	</TD>
	<TD width="2%" height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Exercisable, December&nbsp;31 </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8,798,239 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$34 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,550,638 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">$34 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=12 width="38%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">The aggregate intrinsic value of options
exercised was $1&nbsp;million and $16&nbsp;million in&nbsp;2009 and&nbsp;2008, respectively.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<I><FONT face="Arial" size="2">ASSUMPTIONS USED IN STOCK OPTION PRICING MODEL</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows the weighted average assumptions used to determine the stock-based compensation expense using the Black-Scholes option pricing model in&nbsp;2008.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="87%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=3%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="87%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="87%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Weighted average fair value per option granted (&#36;) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=3%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="87%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividend yield </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6.5 </FONT>
	</TD>
	<TD align=left width=3%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="87%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected volatility </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">30 </FONT>
	</TD>
	<TD align=left width=3%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="87%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Risk-free interest rate </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1.9 </FONT>
	</TD>
	<TD align=left width=3%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="87%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Expected life (years) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.5 </FONT>
	</TD>
	<TD align=left width=3%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=3 width="87%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 1</b></font><b><font face="Arial" size="1">21</font></b></P>

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






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






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






<P align="left">
<FONT face="Arial" size="2" color="#0065A4">RSUs</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table summarizes RSUs outstanding at December&nbsp;31,&nbsp;2010,&nbsp;2009 and&nbsp;2008.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% align="left">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1">&nbsp; </font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">NON-</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">NUMBER OF RSUs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VESTED</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">VESTED</FONT></B><font size="1" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">TOTAL</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,215,338</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,215,338</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,033,924 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">633,143 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Granted </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">120,399</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">120,399</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,282,755 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,033,924 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">415,511</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">415,511</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">435,875 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,074 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Vested </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7,428,970</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(7,428,970</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<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="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Settled </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3,568,839</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3,568,839</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(561,859 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Forfeited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(225,712</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(225,712</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(537,216 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(77,358 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,860,131</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font size="2"
face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">96,566</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,956,697</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,215,338 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,033,924 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">In&nbsp;2010, RSUs were settled fully in shares or DSUs. The RSUs outstanding at December&nbsp;31,&nbsp;2010 were partially cash settled in December&nbsp;2010. The balance of the cash settlement, &#36;6&nbsp;million, was paid in February&nbsp;2011.</FONT></I></P>
		</td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">RSUs are granted to executives and other key employees. The value of an RSU is equal to the value of one BCE&nbsp;Inc. common share. Dividends in the form of additional RSUs are credited to the participant&#146;s account on each
dividend payment date and are equivalent in value to the dividend paid on BCE&nbsp;Inc. common shares. Executives and other key employees are granted a specific number of RSUs for a given performance period based on their position and level of
contribution.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of the proposed privatization transaction, in&nbsp;2007 the board approved the implementation of a retention policy, in lieu of the RSU plan. RSUs held by executives who became eligible for a
retention incentive were forfeited in&nbsp;2007. Retention payments were paid in&nbsp;2008 and were greater than the value of the original RSUs. The difference between what would have been paid under the original RSU plan and what was paid under the retention
policy was expensed as restructuring and other over the retention period.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">DSUs</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Eligible bonuses and RSUs may be paid in the form of DSUs when executives or other key employees elect to or are required to participate in the plan. For non-management directors, their compensation is paid in DSUs until the
minimum share ownership requirement is met or as elected by the directors thereafter. DSUs are settled when the holder leaves the company.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The value of a DSU is equal to the value of one BCE&nbsp;Inc. common share. Dividends in the form of additional DSUs are credited to the participant&#146;s account on each dividend payment date and are
equivalent in value to the dividends paid on BCE&nbsp;Inc. common shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of the status of DSUs.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">NUMBER OF DSUs </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, January&nbsp;1 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,183,695</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,098,978 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,538,640 </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">Issued </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,444,720</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">337,478 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">72,880 </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">Dividends credited </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">75,934</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">76,652 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">29,946 </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">Settled </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(226,984</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(329,413 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(542,488 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Outstanding, December&nbsp;31 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,477,365</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,183,695 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,098,978 </FONT>
	</TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>&nbsp;<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">122</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 22 <br>
ACCUMULATED OTHER COMPREHENSIVE INCOME </FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table summarizes the changes in the balance of each classification within accumulated other comprehensive income (loss).</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVAILABLE- </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DERIVATIVES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ACCUMULATED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<font face="Arial" size="1">FOR-SALE</font></TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">DESIGNATED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">CUMULATIVE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OTHER </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">FINANCIAL </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AS CASH FLOW </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TRANSLATION </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">COMPREHENSIVE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ASSETS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">HEDGES </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ADJUSTMENT </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">INCOME (LOSS) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance in accumulated other comprehensive income (loss) at January&nbsp;1,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">41 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">39 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive income (net of non-controlling interest) </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Unrealized gains (losses) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">106 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(25 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">81 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on unrealized gains (losses) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Gains realized in earnings </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(24 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(12 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(36 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on amounts realized in earnings </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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive income (loss) for the year ended December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</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">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance in accumulated other comprehensive income (loss) at December&nbsp;31,&nbsp;2009 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">123 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">92 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=9 width="52%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>&nbsp;<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive income (net of non-controlling interest) </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Unrealized gains (losses) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(49</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(44</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on unrealized gains (losses) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">(Gains) losses realized in earnings </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(125</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">45</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(80</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income taxes on amounts realized in earnings </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(11</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(11</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other comprehensive (loss) income for the year ended December&nbsp;31,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(121</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(122</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Balance in accumulated other comprehensive income (loss) at December&nbsp;31,&nbsp;2010 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(31</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(30</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="52%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The estimated net amount of unrealized gains reported in accumulated other comprehensive income that is expected to be realized in earnings within the next 12 months as a result of the maturity of&nbsp;2011 cash flow hedges is a
pre-tax loss of &#36;36&nbsp;million. The market value of the hedge will be realized in earnings when the corresponding U.S. dollar-denominated expenditure is incurred.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 1</b></font><b><font face="Arial" size="1">23</font></b></P>

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






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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 23 <br>
EMPLOYEE BENEFIT PLANS </FONT></P>
<P align="left">
<FONT face="Arial" size="2">We provide pension and other post-employment benefits for most of our employees. These include DB pension plans and DC pension plans.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Pension benefits </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</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: 24px">
<FONT size=2 face="Arial">DB plans cost </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(109</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(239 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(102 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">DC plans cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(47</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(45 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(45 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other future benefits cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(70</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(71 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(103 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net benefit plans cost </FONT><B><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(226</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(355 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </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>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<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">Includes a reversal of a pension valuation
allowance of $51&nbsp;million in&nbsp;2010.</FONT></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(2) </font></I></td>
		<td width="98%" valign="top">
<I><FONT face="Arial" size="1">Net benefit plans cost is included as part of
selling, general and administrative expenses in the statement of operations.</FONT></I></td>
	</tr>
</table>
<P align="left">
<I><FONT face="Arial" color="#0065A4">COMPONENTS OF DB PLANS COST</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows the DB plans cost before and after recognizing its long-term nature. The recognized net benefit plans cost reflects the amount reported in our statements of operations and is calculated according to our
accounting policy.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="34%" colspan="5">
<p align="center">
<FONT size=1 face="Arial">PENSION BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=center width="34%" colspan="5">
<FONT size=1 face="Arial">OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Current service cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(184</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(175 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(252 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(6</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<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="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest cost on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(887</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(892 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(864 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(97</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(99 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(99 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Actual return (loss) on plan assets </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,438</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,566 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,610 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">20</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">28 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Actuarial (loss) gain on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,497</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,043 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,295 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(208</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">323 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Elements of employee future benefit plans cost before recognizing its long-term nature </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,130</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(544 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,431 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(291</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</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">207 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">(Excess) deficiency of actual return over expected return </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(473</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(685 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,634 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(7</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">18 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Deferral of amounts arising during period </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial loss (gain) on accrued benefit obligation </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,497</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,043 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,295 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">208</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&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">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(323 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Amortization of previously deferred amounts </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net past service (costs) credits </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">24</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">28 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net actuarial losses </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(33</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(84 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(3</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(3 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(32 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Transitional asset (obligation) </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Adjustments to recognize long-term nature of employee future benefit plans cost </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">986</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">272 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,308 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">221</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">101 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(310 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Decrease in valuation allowance </FONT><B><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">35</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">33 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="26%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">DB plans cost, recognized </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(109</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(239 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(102 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(70</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(71 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(103 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="26%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%" valign="top">
<I><FONT face="Arial" size="1">(1) </FONT></I></td>
		<td width="98%" valign="top">
<I><FONT face="Arial" size="1">The expected return on plan assets for a given
year is calculated based on the market-related value of plan assets at the
beginning of that year. The market-related value of pension plan assets was
$14,206&nbsp;million at January&nbsp;1,&nbsp;2010, $12,612&nbsp;million at January&nbsp;1,&nbsp;2009 and
$14,775&nbsp;million at January&nbsp;1,&nbsp;2008.</FONT></I></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font size="1" face="Arial">(2) </font></I></td>
		<td width="98%" valign="top">
<I><FONT face="Arial" size="1">Includes a reversal of a pension valuation
allowance of $51&nbsp;million in&nbsp;2010.</FONT></I></td>
	</tr>
</table>
<p>&nbsp;</p>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">124</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">COMPONENTS OF ACCRUED BENEFIT ASSET (LIABILITY)</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows the change in benefit obligations, change in fair value of plan assets and the funded status of the DB plans.</FONT></P>
<TABLE border=0 width=100% cellpadding=0 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px"><font face="Arial" size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">PENSION BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" colspan=3>
<p align="center">
<FONT size=1 face="Arial">OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1">&nbsp;</font></TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NOTE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit obligation, beginning of the year </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(14,680</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(13,602 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,622</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,518 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Current service cost </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(184</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(175 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(6</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest cost on accrued benefit obligation </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(887</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(892 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(97</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(99 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actuarial loss on accrued benefit obligation </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,497</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,043 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(208</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</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="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Benefit payments </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">947</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,038 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">100</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee contributions </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(6</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit obligation, end of the year </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(16,307</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(14,680 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,833</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,622 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of plan assets, beginning of the year </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">13,069</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11,510 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">191</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">163 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Actual return on plan assets </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,438</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,566 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">20</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">28 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Benefit payments </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(947</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,038 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(100</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employer contributions </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1,271</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,025 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">98</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee contributions </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Transfers to DC pension plans </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</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>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Fair value of plan assets, end of the year </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">14,835</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,069 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">209</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">191 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="38%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Plan deficit </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,472</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,611 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,624</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,431 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized net actuarial losses </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">4,347</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,358 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">345</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">144 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized net past service costs (credits) </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">51</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(96</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Unamortized transitional obligation </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Valuation allowance </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(65</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(100 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit asset (liability), end of the year </FONT>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">2,862</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,704 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,373</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,404 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="38%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit asset included in other long-term assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3,312</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,316 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="38%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit liability included in other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">17 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(450</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(612 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,373</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,404 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="38%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">For DB pension plans with an accrued benefit obligation that was more than plan assets: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the accrued benefit obligation was &#36;16,151&nbsp;million at December&nbsp;31,&nbsp;2010 and &#36;14,553&nbsp;million at December&nbsp;31,&nbsp;2009
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">the
fair value of plan assets was &#36;14,574&nbsp;million at December&nbsp;31,&nbsp;2010 and &#36;12,811&nbsp;million at December&nbsp;31,&nbsp;2009.</FONT></P>
	</li>
</ul>
<P align="left">
<font size="2" face="Arial">For DB pension plans with an accrued benefit obligation that was less than plan assets: </font></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">the accrued benefit obligation was &#36;156&nbsp;million at December&nbsp;31,&nbsp;2010 and &#36;127&nbsp;million at December&nbsp;31,&nbsp;2009
	</font></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<font size="2" face="Arial">the fair
value of plan assets was &#36;261&nbsp;million at December&nbsp;31,&nbsp;2010 and &#36;258&nbsp;million at December&nbsp;31,&nbsp;2009.</font></P>
	</li>
</ul>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 1</b></font><b><font face="Arial" size="1">25</font></b></P>

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






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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">SIGNIFICANT ASSUMPTIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We used the following key assumptions to measure the accrued benefit obligation and the net benefit plans cost for the DB pension plans and plans that provide other employee future benefits. These assumptions are long-term, which
is consistent with the nature of employee benefit plans.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" colspan=3>
<FONT size=1 face="Arial">PENSION BENEFITS </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width="3%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">At December&nbsp;31 </FONT>
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accrued benefit obligation </FONT>
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discount rate, end of year </FONT>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5.5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6.4 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5.5</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6.4 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Rate of compensation increase, end of year </FONT>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%" height="12">
	</TD>
	<TD align=left width=8% height="12" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="3%" height="12" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%" height="12">
	</TD>
	<TD align=left width="3%" height="12">
	</TD>
	<TD align=left width="10%" height="12">
	</TD>
	<TD align=left width="3%" height="12">
	</TD>
	<TD align=left width=2% height="12">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" height="12" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="3%" height="12" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=left width="10%" height="12">
	</TD>
	<TD align=left width="3%" height="12">
	</TD>
	<TD align=left width="10%" height="12">
	</TD>
	<TD align=left width="3%" height="12">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">For the year ended December&nbsp;31 </FONT>
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net benefit plans cost </FONT>
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="3%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discount rate, end of preceding year </FONT>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6.4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6.4</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5.6 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Expected return on plan assets, end of preceding year </FONT>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7.00</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.25 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.25 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7.00</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.25 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7.25 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Rate of compensation increase, end of preceding year </FONT>
	</TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">3.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3.0 </FONT>
	</TD>
	<TD align=left width="3%">
<FONT size=2 face="Arial">% </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width="3%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">We assumed the following trend rates in healthcare costs: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an annual rate of increase of 4.5% in the cost per person of covered healthcare benefits for&nbsp;2010 and the foreseeable future
	</FONT></P></li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">an annual rate of increase in the
cost of medication: <br>
	&#150; for retirees under age 65 of 7.0% for&nbsp;2010 with a gradual decline to 4.5% over ten years
	<br>
	&#150; for retirees over age 65 of 4.5%. </FONT></P></li>
</ul>
<P align="left">
<FONT face="Arial" size="2">Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table shows the effect of a 1% change in the assumed trend rates in healthcare costs.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD width="76%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">1% INCREASE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">1% DECREASE </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Effect on other benefits &#150; total service and interest cost </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(6 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Effect on other benefits &#150; accrued obligation </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">139 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(120 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">PENSION PLAN ASSETS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The investment strategy for the major pension plans is to maintain a diversified portfolio of assets, invested in a prudent manner to maintain the security of funds while taking into account the liability structure of the pension
plan and maximizing returns within our guidelines. The expected rate of return assumption is based on our target asset allocation policy and the expected future rates of return on these assets.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the allocation of our pension plan assets at December&nbsp;31,&nbsp;2010 and&nbsp;2009, target allocations for&nbsp;2010 and the expected long-term rate of return by asset class.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">WEIGHTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AVERAGE </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">EXPECTED </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TARGET </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" colspan=3 rowspan="2">
<p align="center">
<FONT size=1 face="Arial">PERCENTAGE OF PLAN ASSETS<br>
AT DECEMBER 31 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">FAIR VALUE OF PLAN ASSETS </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font 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 size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">ALLOCATION </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=center width="10%" colspan=3>
<FONT size=1 face="Arial">AT DECEMBER 31 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<FONT size=1 face="Arial">RATE OF RETURN </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">ASSET CATEGORY </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Equity securities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">35%&#150;55%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">
&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">45</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">44 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">6,665</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,789 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">9.1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Debt securities </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">45%&#150;65%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">
&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">55</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">56 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">8,170</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">7,280 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">5.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="22%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total/average </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">100</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">100 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">% </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">14,835</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,069 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">7.0</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">%</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="22%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<font size="2" face="Arial">Equity securities included approximately &#36;19&nbsp;million of BCE&nbsp;Inc. common shares and Bell&nbsp;Aliant units, or 0.1% of total plan assets at December&nbsp;31,&nbsp;2010, and approximately &#36;34&nbsp;million of BCE&nbsp;Inc. common shares and Bell&nbsp;Aliant units, or 0.3% of total plan assets at December&nbsp;31,&nbsp;2009.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2010, debt securities included approximately &#36;6&nbsp;million of BCE&nbsp;companies&#146; debentures or 0.04% of total plan assets. At December&nbsp;31,&nbsp;2009, the amount of BCE&nbsp;companies&#146;
debentures included in debt securities was not significant.</font></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">ESTIMATED FUTURE BENEFIT PAYMENTS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows the estimated future payments to pensioners for the next ten years at December&nbsp;31,&nbsp;2010.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">PENSION </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">OTHER </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BENEFITS </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">BENEFITS </FONT>
	</TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2011 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(975 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(114 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2012 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(999 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(118 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2013 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,024 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(123 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2014 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,050 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(128 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2015 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,076 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(133 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">2016&#150;2020 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(5,752 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(715 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total estimated future benefit payments </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(10,876 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,331 </FONT>
	</TD>
	<TD align=left width="2%">
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR>
	<TD colspan=5 width="76%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>

<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">126</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






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






<P align="left">
<I><FONT face="Arial" color="#0065A4">CASH FLOWS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods that are permitted by pension regulatory bodies. Contributions reflect actuarial assumptions about future investment returns, salary projections and future service benefits.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We contribute to the DC pension plans as employees provide service.
</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table shows the amounts we contributed to the DB and DC pension plans and the payments made to beneficiaries under other employee future benefit plans.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width=26%>
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=center width="34%" colspan="5">
<FONT size=1 face="Arial">PENSION BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=center width="34%" colspan="5">
<FONT size=1 face="Arial">OTHER BENEFITS </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width=26%>
&nbsp;</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width=26%>
<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%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width=26%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width=26%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Bell&nbsp;Canada </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,168</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(933 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(120 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(90</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(88 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(89 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<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">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(147</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(135 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(112 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(8</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(8 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width=26%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width=26%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,315</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,068 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(232 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(98</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width=26%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width=26%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width=26%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
</tr>
<TR valign="bottom">
	<TD align=left width=26%>
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprised of: </FONT>
	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Contributions to DB plans </FONT><B><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font
size="2" face="Arial"> </font>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1,271</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,025 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(189 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(98</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(96 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=26%>
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Contributions to DC plans </FONT>
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(44</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(43 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(43 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">&#150;</FONT></B><font size="2" face="Arial">
</font>
	</font>
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&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>
	<TD align=left width=26%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width=26%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="2%">
<I><FONT face="Arial" size="1">(1) </FONT></I></td>
		<td width="98%">
<I><FONT face="Arial" size="1">Includes a voluntary contribution of $750&nbsp;million
in&nbsp;2010 and $500&nbsp;million in&nbsp;2009.</FONT></I></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2">We expect to contribute approximately &#36;550&nbsp;million to all of our DB pension plans in&nbsp;2011, subject to actuarial valuations being completed. We expect to pay approximately &#36;110&nbsp;million to beneficiaries under other employee
benefit plans in&nbsp;2011. We expect to contribute approximately &#36;50&nbsp;million to the DC pension plans in&nbsp;2011.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 1</b></font><b><font face="Arial" size="1">27</font></b></P>

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






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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 24 <br>
COMMITMENTS AND CONTINGENCIES</FONT></P>
<P align="left">
<I><FONT face="Arial" size="2" color="#0065A4">CONTRACTUAL OBLIGATIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">The following table is a summary of our contractual obligations at December&nbsp;31,&nbsp;2010 that are due in each of the next five years and thereafter.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="8%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">THERE- </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="8%">
<FONT size=1 face="Arial">2011 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2012 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2013 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2014 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2015 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">AFTER </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="18%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Operating leases </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">189 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">148 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">131 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">115 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">97 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">346 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,026 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Commitments for capital expenditures </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">227 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">190 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">110 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">104 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">82 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">823 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,536 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase obligations </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,111 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">692 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">396 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">375 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">334 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">766 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,674 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="18%">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="8%">
<FONT size=2 face="Arial">1,527 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,030 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">637 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">594 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">513 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,935 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6,236 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR>
	<TD colspan=15 width="18%">
<HR noshade size=1 color="#000000">
<HR noshade size=1 color="#000000">
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">Rental expense relating to operating leases was &#36;226&nbsp;million in&nbsp;2010, &#36;236&nbsp;million in&nbsp;2009 and &#36;233&nbsp;million in&nbsp;2008.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist of contractual obligations under service and product contracts. Our commitments for capital expenditures include investments to expand and update our networks, and to meet
customer demand.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&nbsp;31,&nbsp;2010, we had other long-term liabilities that are not included in the table, including an accrued employee benefit liability, future income tax liabilities, deferred revenue and gains
on assets and various other long-term liabilities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The accrued employee benefit liability and future income tax liabilities are excluded as we cannot accurately determine the timing and cash requirements as: </FONT></P>
<ul>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">future contributions to the pension
plans depend largely on how well they are funded. This varies based on the results of actuarial valuations that are performed periodically and on the investment performance of the pension fund assets.</FONT></P>
	</li>
	<li>
	<P align="left" style="margin-top: 0; margin-bottom: 0">
	<FONT face="Arial" size="2">future payments of income taxes depend on the amount of taxable earnings and on whether there are tax loss carryforwards available to reduce income tax liabilities. </FONT></P></li>
</ul>
<P align="left" style="margin-top: 0; margin-bottom: 0">
<FONT face="Arial" size="2">Deferred revenue and gains on assets are excluded as they
do not represent future cash payments.</FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">ACQUISITION OF CTV</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&nbsp;has agreed to acquire the remaining 85% interest in CTV that it does not already own for &#36;1.3&nbsp;billion in equity value. Including the value of BCE&#146;s present 15% ownership stake, the transaction has an equity value of
approximately &#36;1.5&nbsp;billion. Together with &#36;1.7&nbsp;billion in proportionate debt, the total transaction value is approximately &#36;3.2&nbsp;billion.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">LITIGATION</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">We become involved in various legal proceedings as a part of our business. This section describes important legal proceedings. While we cannot predict the final outcome of the legal proceedings pending at December&nbsp;31,&nbsp;2010, based
on the information currently available and management&#146;s assessment of the merits of such legal proceedings, management believes that the resolution of these legal proceedings will not have a material and negative effect on our consolidated
financial position or results of operations. We believe that we have strong defences and we intend to vigorously defend our position. </FONT></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">TELEGLOBE LAWSUITS</FONT></P>
<P align="left">
<font size="2" face="Arial">BCE&nbsp;Inc. and certain former directors and/or officers of Teleglobe&nbsp;Inc. and certain of its subsidiaries were defendants in three lawsuits referred to as the
</font><font size="2"><I><FONT face="Arial">Kroll Restructuring Lawsuit</FONT></I><FONT face="Arial">, </FONT><I><FONT face="Arial">Teleglobe&nbsp;Inc. Unsecured Creditors Lawsuit</FONT></I><FONT face="Arial"> and </FONT><I><FONT face="Arial">Teleglobe&nbsp;Inc. Plan Administrator Lawsuit</FONT></I><FONT face="Arial">. On April&nbsp;7,&nbsp;2010, the
parties agreed to settle these lawsuits, subject to approval by the U.S. Bankruptcy Court of the District of Delaware, which approval was obtained on August&nbsp;12,&nbsp;2010. In addition, BCE&nbsp;Inc. was defendant in a lawsuit referred to as the
</FONT><I><FONT face="Arial">Teleglobe Lending Syndicate Lawsuit</FONT></I><FONT face="Arial">. On November&nbsp;3,&nbsp;2010, the parties agreed to settle that lawsuit, subject to execution by all parties of customary releases and discharges, which were all
executed by November&nbsp;10,&nbsp;2010. In advance of these settlements, BCE</FONT></font><font face="Arial" size="2">&nbsp;Inc. and its insurers settled related coverage issues and, as a result, the settlement of these lawsuits had no material effect
on the consolidated financial position or results of operations of BCE.</font></P>
<P align="left">
<FONT face="Arial" size="2" color="#0065A4">CLASS ACTION CONCERNING BELL&nbsp;CANADA AND BELL&nbsp;MOBILITY&nbsp;INC. (BELL&nbsp;MOBILITY) LATE PAYMENT CHARGES</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Bell&nbsp;Canada and Bell&nbsp;Mobility were defendants in a class action instituted on April&nbsp;11,&nbsp;2008 seeking the repayment of certain late payment charges and the payment of punitive damages. On March&nbsp;29,&nbsp;2010, the parties agreed to
settle this lawsuit, subject to approval by the Qu&eacute;bec Superior Court. On June&nbsp;17,&nbsp;2010, the Qu&eacute;bec Superior Court approved the settlement. The settlement had no material effect on the consolidated financial position or results of
operations of BCE.</FONT></P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">128</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp;
|&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 25 <br>
GUARANTEES </FONT></P>
<P align="left">
<FONT face="Arial" size="2">As a regular part of our business, we enter into agreements that provide for indemnifications and guarantees to counterparties that may require us to pay for costs and losses incurred in various types of transactions. We cannot
reasonably estimate the maximum potential amount we could be required to pay counterparties. While some of the agreements specify a maximum potential exposure, many do not specify a maximum amount or limited period. The amount also depends on the outcome of future events and conditions, which cannot be predicted. Historically, we have
not made any significant payments under these indemnifications or guarantees.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The following table represents guarantees that BCE&nbsp;has entered into that have a fixed maximum potential exposure, and their respective terms. BCE&nbsp;also has entered into guarantees for which no maximum potential amount is
specified.</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">INDEFI- </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="10%">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2011 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2012 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2013 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2014 </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2015 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=1 face="Arial">+ </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">NITE </FONT>
	</TD>
	<TD width=2%>
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">TOTAL </FONT>
	</TD>
	<TD width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Sale of assets and businesses </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,607 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,609 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Sale of services </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">77 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">30 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">148 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Purchase and development of assets </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">&#150; </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">6 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">27 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">53 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="16%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">8 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">81 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">67 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,650 </FONT>
	</TD>
	<TD width=2%>
<font size="2" face="Arial">&nbsp;	</font>	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,813 </FONT>
	</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="16%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD width="2%">
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>
<P align="left">
<I><FONT face="Arial" color="#0065A4">SALE OF ASSETS AND BUSINESSES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As part of transactions involving business dispositions and sales of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses or damages to
property, environmental liabilities, changes in or in the interpretation of laws and regulations including tax legislation, valuation differences, earn-out guarantees if the disposed business does not meet specific targets, contingent liabilities of
a disposed business, or reassessments of previous tax filings of the corporation that carries on the business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A nominal amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2010. Historically, we have not made any significant payments
under this type of indemnification or guarantee.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">SALE OF SERVICES</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">In transactions involving sales of services, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, or changes in or in the interpretation of laws and
regulations including tax legislation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2010. Historically, we have not made any significant payments under
such indemnifications or guarantees.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">PURCHASE AND DEVELOPMENT OF ASSETS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As part of transactions involving purchases and development of assets, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses of or damages to
property, or changes in or in the interpretation of laws and regulations including tax legislation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2010. Historically, we have not made any significant payments under
such indemnifications or guarantees.</FONT></P>
<P align="left">
<I><FONT face="Arial" color="#0065A4">OTHER TRANSACTIONS</FONT></I></P>
<P align="left">
<FONT face="Arial" size="2">As part of other transactions, we may be required to pay counterparties for costs and losses incurred as a result of breaches of representations and warranties, losses of or damages to property, or changes in or in the
interpretation of laws and regulations including tax legislation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;No amount has been accrued in the consolidated balance sheet relating to this type of indemnification or guarantee at December&nbsp;31,&nbsp;2010. Historically, we have not made any significant payments under
such indemnifications or guarantees.</FONT></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 1</b></font><b><font face="Arial" size="1">29</font></b></P>

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






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






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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">NOTE 26 <br>
SUPPLEMENTAL DISCLOSURE FOR STATEMENTS OF CASH FLOWS</FONT></P>
<TABLE border=0 width=100% cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=1 face="Arial">FOR THE YEAR ENDED DECEMBER 31 </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=1 face="Arial">2010</FONT></B><font size="1" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2009 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=1 face="Arial">2008 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash (used in) from non-cash operating assets and liabilities is as follows: </FONT>
	</TD>
	<TD align=left width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%">
<font size="2" face="Arial">&nbsp;
	</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: 24px">
<FONT size=2 face="Arial">Accounts receivable </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(129</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">124 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">52 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Inventory </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(76</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(149 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(40 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Prepaid expenses </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">27</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">25 </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: 24px">
<FONT size=2 face="Arial">Other current assets </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(51</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</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>
	<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%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(40</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(52 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">86 </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: 24px">
<FONT size=2 face="Arial">Accounts payable and accrued liabilities </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">358</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;
	</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">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">263 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest payable </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(1</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(24 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(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: 24px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(16</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">141 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29 </FONT>
	</TD>
	<TD align=left width=2%>
<FONT size=2 face="Arial">) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(117</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">96 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</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">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Total cash (used in) from non-cash operating assets and liabilities </FONT>
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">(45</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<font color="#0065A4">
<B><FONT size=2 face="Arial">)</FONT></B><font size="2" face="Arial"> </font>
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">40 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">364 </FONT>
	</TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp;
	</font>
	</TD>
</TR>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
<tr>
	<TD align=left width="64%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%" bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2% bordercolor="#C0C0C0" bgcolor="#C0C0C0">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=right width="10%">
<HR noshade size=1 color="#000000">
	</TD>
	<TD align=left width=2%>
<HR noshade size=1 color="#000000">
	</TD>
</tr>
</TABLE>

<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">130</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






<P align="left">
<FONT face="Arial" size="4" color="#0065A4">GLOSSARY</FONT></P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="48%" valign="top">
		<P align="left">
<B><I><FONT face="Arial" size="2">Adjusted EPS <br>
</FONT></I></B><FONT face="Arial" size="2">This is earnings per share before restructuring and other and net (gains) losses on investments.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">ARPU<br>
</FONT></I></B><FONT face="Arial" size="2">Average revenue per unit expressed as a rate per month for the year.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Black-Scholes Option Pricing Model<br>
</FONT></I></B><FONT face="Arial" size="2">The Black-Scholes option pricing model is the financial model we use to calculate the weighted-average fair value of a stock option granted using four key assumptions: stock dividend yield, expected stock volatility, risk-free
interest rate and expected life of the stock option.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Book Value Per Share<br>
</FONT></I></B><FONT face="Arial" size="2">This is common shareholders&#146; equity divided by the number of common shares outstanding.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Capital Intensity<br>
</FONT></I></B><FONT face="Arial" size="2">This is capital expenditures divided by operating revenues.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Churn<br>
</FONT></I></B><FONT face="Arial" size="2">This is the rate at which existing subscribers cancel their services. Churn is calculated as the number of subscribers disconnected divided by the average subscriber base.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Cost of Acquisition (COA)<br>
</FONT></I></B><FONT face="Arial" size="2">COA is also referred to as subscriber acquisition costs. This measure is expressed per gross activation. It includes costs associated with acquiring a customer such as hardware subsidies, marketing and distribution
costs.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Curtailment<br>
</FONT></I></B><FONT face="Arial" size="2">A curtailment is a significant reduction in plan benefits that can result when a defined benefit pension plan is amended or restructured. Types of curtailments include a reduction in the expected number of years of future service
of active employees or the elimination of the right to earn defined benefits for some or all of the future service of employees.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">EBITDA<br>
</FONT></I></B><FONT face="Arial" size="2">We define EBITDA (earnings before interest, taxes, depreciation and amortization of intangible assets) as operating revenues less cost of revenue and selling, general and administrative expenses, meaning it represents operating
income before depreciation, amortization of intangible assets and restructuring and other.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">EBITDA Margin<br>
</FONT></I></B><FONT face="Arial" size="2">This is EBITDA divided by operating revenues.</FONT></P>
		</td>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="48%" valign="top">
<P align="left">
<B><I><FONT face="Arial" size="2">Free Cash Flow<br>
</FONT></I></B><FONT face="Arial" size="2">We define free cash flow as cash flows from operating activities and distributions received from Bell&nbsp;Aliant less capital expenditures, preferred share dividends, dividends/distributions paid by subsidiaries to non-controlling
interest, other investing activities and Bell&nbsp;Aliant free cash flow.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Goodwill<br>
</FONT></I></B><FONT face="Arial" size="2">Goodwill may be created when we acquire a business. It is calculated by deducting the fair value of the net assets acquired from the consideration given and represents the value of factors that contribute to greater earning power,
such as a good reputation, customer loyalty or intellectual capital.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Long-Term Debt to Total Shareholders&#146; Equity
<br>
</FONT></I></B><FONT face="Arial" size="2">This is long-term debt (including any portion due within one year) divided by shareholders&#146; equity.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Market Capitalization
<br>
</FONT></I></B><FONT face="Arial" size="2">This is BCE&nbsp;Inc.&#146;s share price at the end of the year multiplied by the number of common shares outstanding.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Operating Margin<br>
</FONT></I></B><FONT face="Arial" size="2">Operating income divided by operating revenues.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Price to Book Ratio
<br>
</FONT></I></B><FONT face="Arial" size="2">BCE&nbsp;Inc.&#146;s share price at the end of the year divided by the book value per share.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Price to Cash Flow Ratio
<br>
</FONT></I></B><FONT face="Arial" size="2">BCE&nbsp;Inc.&#146;s share price at the end of the year divided by the cash flow per share. Cash flow per share is cash flow from operating activities less capital expenditures divided by the average number of common shares
outstanding.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Price to Earnings Ratio<br>
</FONT></I></B><FONT face="Arial" size="2">BCE&nbsp;Inc.&#146;s share price at the end of the year divided by earnings per share.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Return on Equity
<br>
</FONT></I></B><FONT face="Arial" size="2">Return on common shareholders&#146; equity is net earnings available to common shares as a percentage of average common shareholders&#146; equity.</FONT></P>
<P align="left">
<B><I><FONT face="Arial" size="2">Total Debt to Total Assets
<br>
</FONT></I></B><FONT face="Arial" size="2">Total long-term debt (including debt due within one year) divided by total assets.</FONT></P>
		</td>
	</tr>
</table>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 1</b></font><b><font face="Arial" size="1">31</font></b></P>

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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.3
<SEQUENCE>4
<FILENAME>exhibit_993.htm
<DESCRIPTION>REPORTS OF BCE INC.???S MANAGEMENT AND OF BCE INC.???S EXTERNAL AUDITORS CONCERNING INTERNAL CONTROL OVER FINANCIAL REPORTING
<TEXT>
<HTML>
<HEAD>
   <TITLE>Reports of BCE Inc.&#146;s management and of BCE Inc.&#146;s external auditors concerning internal control over financial reporting</TITLE>
<meta equiv="Content-Type" content="text/html; charset=windows-1252">
</HEAD>

<BODY bgcolor="#ffffff">



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

<p align="right"><b><font face="Arial" size="2">Exhibit 99.3</font></b></p>

<P align="left">
<FONT face="Arial" size="4" color="#0065A4">REPORTS ON INTERNAL CONTROL</FONT></P>
<P align="left">
<FONT face="Arial" color="#0065A4">MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></P>
<P align="left">
<FONT face="Arial" size="2">The management of BCE&nbsp;Inc. (BCE) is responsible for establishing and maintaining adequate internal control over financial reporting. Our internal control over financial reporting is a process designed under the supervision of the
President and Chief Executive Officer and the Executive Vice-President and Chief Financial Officer of BCE&nbsp;to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Due to its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely basis. Also, projections of any evaluation of the effectiveness to future
periods are subject to the risk that the controls may become inadequate because of changes in conditions or that the degree of compliance with the policies or procedures may deteriorate.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management evaluated, under the supervision of and with the participation of the President and Chief Executive Officer and the Executive Vice-President and Chief Financial Officer, the effectiveness
of our internal control over financial reporting as of December&nbsp;31,&nbsp;2010, based on the framework and criteria established in
</FONT><font size="2"><I><FONT face="Arial">Internal Control &#150; Integrated Framework</FONT></I></font><font size="2" face="Arial"> issued by the
Committee of Sponsoring Organizations of the Treadway Commission (COSO). Based on that evaluation, the President and Chief Executive Officer and the Executive Vice-President and
Chief Financial Officer concluded that our internal control over financial reporting was effective as of December&nbsp;31,&nbsp;2010. There were no material weaknesses that have been identified by management as at December&nbsp;31,&nbsp;2010.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our internal control over financial reporting as of December&nbsp;31,&nbsp;2010 has been audited by Deloitte &amp; Touche LLP, Independent Registered Chartered Accountants, who also audited our consolidated
financial statements for the year ended December&nbsp;31,&nbsp;2010. Deloitte &amp; Touche issued an unqualified opinion on the effectiveness of our internal control over financial reporting.</font></P>
<P align="left">
<font size="2" face="Arial">(signed) George A. Cope<BR>
</font>
<I><font size="2" face="Arial">President and Chief Executive Officer</font></I></P>
<P align="left">
<font size="2" face="Arial">(signed) Siim A. Vanaselja<BR>
</font>
<I><font size="2" face="Arial">Executive Vice-President and Chief Financial Officer
</font></I></P>
<P align="left">
<font size="2" face="Arial">(signed) Karyn A. Brooks<BR>
</font><font size="2">
<I><FONT face="Arial">Senior Vice-President and Controller</FONT></I></font><font size="2" face="Arial"><BR>
<BR>
March&nbsp;10,&nbsp;2011</font></P>

<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="1">88</font></b><font face="Arial" size="1"><b>&nbsp;&nbsp; |&nbsp;&nbsp;
<font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT</font></P>

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






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






<P align="left">
<FONT face="Arial" color="#0065A4">REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</FONT></P>
<P align="left">
<FONT face="Arial" size="2">To the board of directors and shareholders of BCE&nbsp;Inc.</FONT></P>
<P align="left">
<font size="2" face="Arial">We have audited the internal control over financial reporting of BCE&nbsp;Inc. and subsidiaries (the &#147;Company&#148;) as of December&nbsp;31,&nbsp;2010, based on the criteria established in
</font><font size="2"><I><FONT face="Arial">Internal Control
&#150; Integrated Framework</FONT></I></font><font size="2" face="Arial"> issued by the Committee of Sponsoring Organizations of the Treadway Commission. The Company&#146;s management is responsible for maintaining effective internal control over financial
reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the
Company&#146;s internal control over financial reporting based on our audit.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain
reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit
provides a reasonable basis for our opinion. <br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A company&#146;s internal control over financial reporting is a process designed by, or under the supervision of, the company&#146;s principal executive and principal financial officers, or persons
performing similar functions, and effected by the company&#146;s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for
external purposes in accordance with generally accepted accounting principles. A company&#146;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable
detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide
reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are
being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company&#146;s assets
that could have a material effect on the financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to
error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become
inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December&nbsp;31,&nbsp;2010, based on the criteria established in
</font><font size="2"><I><FONT face="Arial">Internal Control &#150; Integrated Framework</FONT></I></font><font size="2" face="Arial"> issued by the Committee of Sponsoring Organizations of the Treadway Commission.
<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have also audited, in accordance with Canadian generally accepted auditing standards and the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial
statements as of and for the year ended December&nbsp;31,&nbsp;2010 of the Company and our report dated March&nbsp;10,&nbsp;2011 expressed an unqualified opinion on those financial statements.</font></P>
<P align="left">
<font size="2" face="Arial">(signed) Deloitte &amp; Touche LLP</font><font size="2"><SUP><FONT face="Arial">(1)</FONT></SUP><font face="Arial"><BR>
</font></font>
<I><font size="2" face="Arial">Independent Registered Chartered Accountants</font></I></P>
<P align="left">
<font size="2" face="Arial">Montr&eacute;al,&nbsp;Canada<BR>
March&nbsp;10,&nbsp;2011<BR>
</font>
<I><font size="1" face="Arial">(1) Chartered accountant auditor permit no. 9335</font></I></P>

<P align="right" style="margin-bottom: 0">
<font face="Arial" size="1"><b><font color="#0065A4">BCE&nbsp;INC.&nbsp;&nbsp; </font></b>2010 ANNUAL REPORT<b>&nbsp;&nbsp;
|&nbsp;&nbsp; 8</b></font><b><font face="Arial" size="1">9</font></b></P>

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

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

</HEAD>

<BODY bgcolor="#ffffff">





<p align="right"><B><font size="2" face="Times New Roman">Exhibit 99.4</font></B><font
size="2" face="Times New Roman"> </font></p>
<P align="left">
<B><FONT face="Times New Roman">CONSENT OF INDEPENDENT REGISTERED
CHARTERED ACCOUNTANTS </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">We consent to the incorporation by
reference in Registration Statements No. 333-12130 on Form F-3 and No. 333-12780
and 333-12802 on Form S-8 and to the use of our reports dated March 10, 2011
relating to the financial statements of BCE Inc., the reconciliation of Canadian
GAAP to United States GAAP (which report includes an explanatory paragraph
relating to changes in accounting principles), and to BCE Inc.&#146;s internal
control over financial reporting appearing in and incorporated by reference in
the annual report on Form 40-F of BCE Inc. for the year ended December 31, 2010. </FONT></P>
<P align="left">
<I><font size="2" face="Times New Roman">(signed) Deloitte &amp; Touche LLP</font></I><font
size="2"><I><SUP><FONT face="Times New Roman">1</FONT></SUP></I></font><I><font
size="2" face="Times New Roman"> <br>
</font></I><FONT face="Times New Roman" size="2">Independent Registered Chartered
Accountants </FONT></P>
<P align="left">
<FONT face="Times New Roman" size="2">Montr&#233;al, Canada <br>
March 10, 2011 </FONT></P>
<P align="left">
<font size="2" face="Times New Roman">______________________________ </font>
<font size="2"><SUP><FONT face="Times New Roman"><br>
1</FONT></SUP></font><font
size="2" face="Times New Roman"> Chartered accountant auditor permit no 9335
</font></P>






<P align="right">
&nbsp;</P>
<P align="center" style="margin-bottom: 0">
<font size="2">1</font></P>

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</HTML>

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

<HTML>
<HEAD>
   <TITLE>Reconciliation of Canadian GAAP to United States GAAP</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

</HEAD>

<BODY bgcolor="#ffffff">



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



<A name="page_1"></A>

</font>

<P align="right">
<b><font face="Arial" size="2">Exhibit 99.5</font></b></P>
<P align="left">
<B><FONT face="Arial" size="4">Reconciliation of Canadian GAAP to United States GAAP </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">We, our and BCE means BCE Inc., its subsidiaries and joint ventures. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Our annual consolidated financial statements are prepared in accordance with Canadian generally accepted accounting principles (&#147;GAAP&#148;). This reconciliation of Canadian GAAP to United States GAAP should be read in
conjunction with our annual consolidated financial statements for the year ended December 31, 2010. We believe that this reconciliation reflects all adjustments (consisting of normal recurring adjustments) necessary to present fairly the results for
the year shown. Material differences between Canadian GAAP and United States GAAP are quantified and described below: </FONT></P>
<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">1</font></P>

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




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




<A name="page_2"></A>

</font>

<P align="left">
<B><FONT face="Arial">Consolidated Statements of Operations </FONT></B></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">For the year ended December 31</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">(in &#36; millions, except share amounts)</FONT></I></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2010</FONT></B><font face="Arial" size="2"> </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">2009 </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">2008 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Earnings from continuing operations&nbsp;&#150;&nbsp;Canadian GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2,277</FONT></B><font face="Arial" size="2"> </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">1,749 </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">1,033 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Differences </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cost of revenue, exclusive of depreciation and amortization </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Leases </FONT><SUP><FONT size=2 face="Arial">(i)</FONT></SUP><font face="Arial" size="2">
</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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(19) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Selling, general and administrative expenses </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee benefit plans <sup>(b) (c)</sup> </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">
<B><FONT size=2 face="Arial">(207)</FONT></B><font face="Arial" size="2"> </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">(253) </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">39 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Depreciation and amortization expense </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Deferred costs and finite-life intangible assets </FONT><SUP><FONT size=2 face="Arial">(a)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(5)</FONT></B><font face="Arial" size="2"> </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">3 </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">12 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capitalized interest </FONT><SUP><FONT size=2 face="Arial">(g)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(76)</FONT></B><font face="Arial" size="2"> </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">(76) </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">(67) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Leases </FONT><SUP><FONT size=2 face="Arial">(i)</FONT></SUP><font face="Arial" size="2">
</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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">- </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">15 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Restructuring and other </FONT><SUP><FONT size=2 face="Arial">(a)</FONT></SUP><font face="Arial" size="2">
</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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">7 </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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other income (expense) </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Income from joint ventures </FONT><SUP><FONT size=2 face="Arial">(d)</FONT></SUP><font face="Arial" size="2">
</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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">- </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">(7) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Business combinations </FONT><SUP><FONT size=2 face="Arial">(f)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(29)</FONT></B><font face="Arial" size="2"> </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">103 </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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Other </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">
<B><FONT size=2 face="Arial">(1)</FONT></B><font face="Arial" size="2"> </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">(2) </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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Interest expense </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capitalized interest </FONT><SUP><FONT size=2 face="Arial">(g)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">75</FONT></B><font face="Arial" size="2"> </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">100 </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">108 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Income taxes </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cumulative tax effect of the above items </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">
<B><FONT size=2 face="Arial">34</FONT></B><font face="Arial" size="2"> </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">77 </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">(26) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Unrecognized tax benefits </FONT><SUP><FONT size=2 face="Arial">(h)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(202)</FONT></B><font face="Arial" size="2"> </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">(93) </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">(58) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Non-controlling interest </FONT><SUP><FONT size=2 face="Arial">(d)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">299</FONT></B><font face="Arial" size="2"> </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">333 </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">323 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Earnings from continuing operations&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2,165</FONT></B><font face="Arial" size="2"> </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">1,948 </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">1,353 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations&nbsp;&#150;&nbsp;Canadian GAAP </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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(11) </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">(90) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Difference <sup>(d) (f)</sup> </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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(9) </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">(3) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Discontinued operations&nbsp;&#150;&nbsp;U.S. GAAP </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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(20) </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">(93) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2,165</FONT></B><font face="Arial" size="2"> </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">1,928 </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">1,260 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net earnings attributable to the non-controlling interest </FONT><SUP><FONT size=2 face="Arial">(d)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(296)</FONT></B><font face="Arial" size="2"> </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">(317) </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">(318) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings attributable to BCE</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">1,869</FONT></B><font face="Arial" size="2"> </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">1,611 </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">942 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Dividends on preferred shares&nbsp;&#150;&nbsp;Canadian and U.S. GAAP </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">
<B><FONT size=2 face="Arial">(112)</FONT></B><font face="Arial" size="2"> </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">(107) </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">(124) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings attributable to BCE common shareholders&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">1,757</FONT></B><font face="Arial" size="2"> </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">1,504 </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">818 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings per common share&nbsp;&#150;&nbsp;basic and diluted, U.S. GAAP</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Continuing operations </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">
<B><FONT size=2 face="Arial">2.31</FONT></B><font face="Arial" size="2"> </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">1.97 </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">1.13 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Discontinued operations </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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(0.02) </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">(0.11) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net earnings </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">
<B><FONT size=2 face="Arial">2.31</FONT></B><font face="Arial" size="2"> </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">1.95 </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">1.02 </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">&nbsp;</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px">
&nbsp;</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px">
&nbsp;</TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Average number of common shares outstanding&nbsp;&#150;&nbsp;basic (millions) </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">
<B><FONT size=2 face="Arial">759.0</FONT></B><FONT size=2 face="Arial"> </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">772.9 </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">805.8 </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

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

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




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




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

</font>

<P align="left">
<B><font face="Arial">Consolidated Statements of Comprehensive Income</font></B><font face="Arial">
</font></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">For the year ended December 31</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2010</FONT></B><font face="Arial" size="2"> </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">2009 </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">2008 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Other comprehensive (loss) income, net of income taxes and non-controlling interest&nbsp;&#150;&nbsp;Canadian GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(122)</FONT></B><font face="Arial" size="2"> </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">53 </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">(29) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Differences </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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 width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net change in unrealized gains and losses on derivatives designated as cash flow hedges<sup> (d) (e)</sup> </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">
<B><FONT size=2 face="Arial">5</FONT></B><font face="Arial" size="2"> </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">9 </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">(3) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee benefit plans <sup>(b) (c) (d)</sup> </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">
<B><FONT size=2 face="Arial">(749)</FONT></B><font face="Arial" size="2"> </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">(121) </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">(725) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Other comprehensive loss, net of income taxes&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(866)</FONT></B><font face="Arial" size="2"> </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">(59) </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">(757) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Net earnings&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2,165</FONT></B><font face="Arial" size="2"> </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">1,928 </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">1,260 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Comprehensive income&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">1,299</FONT></B><font face="Arial" size="2"> </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">1,869 </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">503 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Comprehensive income attributable to non-controlling interest </FONT><SUP><FONT size=2 face="Arial">(d)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(177)</FONT></B><font face="Arial" size="2"> </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">(345) </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">(183) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Comprehensive income attributable to BCE</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">1,122</FONT></B><font face="Arial" size="2"> </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">1,524 </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">320 </FONT>
	</TD>
</TR>
</TABLE>&nbsp;<P align="left">
<B><FONT face="Arial">Consolidated Statements of Accumulated Other Comprehensive Loss </FONT></B></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">For the year ended December 31</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<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: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2010</FONT></B><font face="Arial" size="2"> </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">2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Currency translation adjustment </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">
<B><FONT size=2 face="Arial">(1)</FONT></B><font face="Arial" size="2"> </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">(2) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Available-for-sale financial assets and derivatives designated as cash flow hedges
<sup>(d) (e)</sup> </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">
<B><FONT size=2 face="Arial">(38)</FONT></B><font face="Arial" size="2"> </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">80 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Benefit plans <sup>(b) (c) (d)</sup> </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net actuarial losses </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">
<B><FONT size=2 face="Arial">(2,923)</FONT></B><font face="Arial" size="2">
</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">(2,186) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net past service costs </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">
<B><FONT size=2 face="Arial">31</FONT></B><font face="Arial" size="2"> </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">43 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Net transitional obligations </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">
<B><FONT size=2 face="Arial">(2)</FONT></B><font face="Arial" size="2"> </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">(2) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Accumulated other comprehensive loss&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(2,933)</FONT></B><font face="Arial" size="2">
</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">(2,067) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Accumulated other comprehensive loss attributable to non-controlling interest </FONT><SUP><FONT size=2 face="Arial">(d)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">601</FONT></B><font face="Arial" size="2"> </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">482 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Accumulated other comprehensive loss attributable to BCE&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(2,332)</FONT></B><font face="Arial" size="2">
</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">(1,585) </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

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

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




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




<A name="page_4"></A>

</font>

<P align="left">
<B><FONT face="Arial">Consolidated Balance Sheets </FONT></B></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="40%" 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">At December 31</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font 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">
<B><FONT size=2 face="Arial">2010</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=center width="10%" 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>
	<TD align=center width="10%" 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">
<FONT size=2 face="Arial">2009 </FONT>
	</TD>
	<TD align=center width="10%" 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="40%" 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=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">Canadian</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">U.S.</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=center width="10%">
<FONT size=2 face="Arial">Canadian </FONT>
	</TD>
	<TD align=center width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=center 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">U.S. </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">GAAP</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">Differences</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width="10%" 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">GAAP</FONT></B><font face="Arial" size="2"> </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">
<FONT size=2 face="Arial">GAAP </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">
<FONT size=2 face="Arial">Differences </FONT>
	</TD>
	<TD align=center 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">GAAP </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">ASSETS</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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%" 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="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%" 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="40%" 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 face="Arial">Current assets</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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%" 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="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%" 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="40%" 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 face="Arial">Cash and cash equivalents </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">687 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">687 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Accounts receivable </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">1,785</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">1,785</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,605 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">1,605 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Future income taxes </FONT><SUP><FONT size=2 face="Arial">(f)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">99</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(12)</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">87</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">110 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(7) </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">103 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Inventory </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">437</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">437</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">448 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">448 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Prepaid expenses </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">231</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">231</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">296 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">296 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Other current assets </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">205</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">205</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">138 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">138 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total current assets</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">3,531</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: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">(12)</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">3,519</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: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">3,284 </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">(7) </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">3,277 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Capital assets</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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%" 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="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%" 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="40%" 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 face="Arial">Property, plant and equipment <sup>(f) (g)</sup> </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">19,699</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">626</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">20,325</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">19,441 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">624 </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">20,065 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Finite-life intangible assets <sup>(a) (f) (g)</sup> </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">2,375</FONT></B><font face="Arial" size="2"> </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=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">2,478</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,541 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">110 </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">2,651 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Indefinite-life intangible assets </FONT><SUP><FONT size=2 face="Arial">(f)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">3,906</FONT></B><font face="Arial" size="2"> </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=right width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">3,910</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,803 </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">3,807 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total capital assets</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">25,980</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: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">733</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">26,713</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: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">25,785 </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">738 </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">26,523 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Other long-term assets </FONT></B><FONT size=2 face="Arial">
<sup>(f) (m)</sup> </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">3,963</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(3,009)</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">954</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,207 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(2,276) </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">931 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Goodwill </FONT></B><SUP><FONT size=2 face="Arial">(f)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">5,802</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">96</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">5,898</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5,774 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">94 </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">5,868 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total assets</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">39,276</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: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">(2,192)</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">37,084</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: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">38,050 </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">(1,451) </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">36,599 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">LIABILITIES</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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%" 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="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%" 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="40%" 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 face="Arial">Current liabilities</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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%" 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="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%" 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="40%" 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 face="Arial">Accounts payable and accrued liabilities </FONT><SUP><FONT size=2 face="Arial">(f)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">4,088</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(11)</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">4,077</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">3,719 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(29) </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">3,690 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Interest payable </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">112</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">112</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">113 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">113 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Dividends payable </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">387</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">387</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">354 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">354 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Debt due within one year </FONT><SUP><FONT size=2 face="Arial">(k)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">1,329</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">11</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">1,340</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">600 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">11 </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">611 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total current liabilities</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">5,916</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: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">0</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">5,916</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: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">4,786 </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">(18) </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">4,768 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Long-term debt </FONT></B><FONT size=2 face="Arial">
<sup>(e) (k)</sup> </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">10,581</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">26</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">10,607</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">10,299 </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">10,324 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Other long-term liabilities </FONT></B><FONT size=2 face="Arial">
<sup>(f) (m)</sup> </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">4,586</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">516</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">5,102</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">4,942 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">115 </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">5,057 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total liabilities</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">21,083</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: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">542</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">21,625</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: 1px solid #000000; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">20,027 </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">122 </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">20,149 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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">Non-controlling interest in subsidiaries </FONT></B><SUP><FONT size=2 face="Arial">(d)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">986</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">
<B><FONT size=2 face="Arial">(986)</FONT></B><font face="Arial" size="2"> </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">
<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">1,049 </FONT>
	</TD>
	<TD 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">(1,049) </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">- </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">EQUITY <sup>(d) (f) (l)</sup></FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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%" 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="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%" 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="40%" 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">BCE shareholders&#146; equity </FONT>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<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%" 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="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%" 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="40%" 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 face="Arial">Preferred shares </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">2,770</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">2,770</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">- </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">2,770 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Common shares </FONT><SUP><FONT size=2 face="Arial">(j)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">12,691</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(65)</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">12,626</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,921 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(65) </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">12,856 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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 face="Arial">Contributed surplus </FONT><SUP><FONT size=2 face="Arial">(f)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">2,470</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(1,537)</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">933</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,490 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,538) </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">952 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=center width="40%" 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" align="left">
<FONT size=2 face="Arial">Accumulated other comprehensive (loss) income </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">(30)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(2,302)</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(2,332)</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">92 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,677) </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">(1,585) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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: 24px">
<FONT size=2 face="Arial">(Deficit) retained earnings </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">(694)</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">
<B><FONT size=2 face="Arial">1,774</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">1,080</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">(1,299) </FONT>
	</TD>
	<TD 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">2,182 </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">883 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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">Total BCE shareholders&#146; equity </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">17,207</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<B><FONT size=2 face="Arial">(2,130)</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">15,077</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">16,974 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,098) </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">15,876 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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">Non-controlling interest in subsidiaries </FONT><SUP><FONT size=2 face="Arial">(d)</FONT></SUP><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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">
<B><FONT size=2 face="Arial">382</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">382</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">- </FONT>
	</TD>
	<TD 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">574 </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">574 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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">Total equity</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">17,207</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">
<B><FONT size=2 face="Arial">(1,748)</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">15,459</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">16,974 </FONT>
	</TD>
	<TD 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">(524) </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">16,450 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" 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">Total liabilities and equity</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">39,276</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">
<B><FONT size=2 face="Arial">(2,192)</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">37,084</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">38,050 </FONT>
	</TD>
	<TD 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">(1,451) </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">36,599 </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

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

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




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




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

</font>

<P align="left">
<B><font face="Arial">Consolidated Statements of Cash Flows</font></B><font face="Arial">
</font></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">For the year ended December 31</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2010</FONT></B><font face="Arial" size="2"> </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">2009 </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">2008 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash flows from operating activities&nbsp;&#150;&nbsp;Canadian GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">4,724</FONT></B><font face="Arial" size="2"> </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">4,884 </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">5,909 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Difference </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capitalized interest </FONT><SUP><FONT size=2 face="Arial">(g)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">75</FONT></B><font face="Arial" size="2"> </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">100 </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">107 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash flows from operating activities&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">4,799</FONT></B><font face="Arial" size="2"> </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">4,984 </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">6,016 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash flows used in investing activities&nbsp;&#150;&nbsp;Canadian GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(2,976)</FONT></B><font face="Arial" size="2">
</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">(3,217) </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">(3,948) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Difference </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Capitalized interest </FONT><SUP><FONT size=2 face="Arial">(g)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(75)</FONT></B><font face="Arial" size="2"> </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">(100) </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">(107) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash flows used in investing activities&nbsp;&#150;&nbsp;U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(3,051)</FONT></B><font face="Arial" size="2">
</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">(3,317) </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">(4,055) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash flows used in financing activities&nbsp;&#150;&nbsp;Canadian and U.S. GAAP</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(1,662)</FONT></B><font face="Arial" size="2">
</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">(4,044) </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">(1,559) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from (used in) continuing operations&nbsp;&#150;&nbsp;U.S. GAAP </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">
<B><FONT size=2 face="Arial">86</FONT></B><font face="Arial" size="2"> </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">(2,377) </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">402 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash flows from discontinued operations activities&nbsp;&#150;&nbsp;Canadian and U.S. GAAP </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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">2 </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">3 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Net increase (decrease) in cash and cash equivalents </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">
<B><FONT size=2 face="Arial">86</FONT></B><font face="Arial" size="2"> </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">(2,375) </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">405 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Cash and cash equivalents at beginning of period </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">
<B><FONT size=2 face="Arial">688</FONT></B><font face="Arial" size="2"> </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">3,063 </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">2,658 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Cash and cash equivalents at end of period</FONT></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </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">688 </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">3,063 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Consists of: </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="10%" 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="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash and cash equivalents of continuing operations </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">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </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">687 </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">3,052 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cash and cash equivalents of discontinued operations </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">
<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: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">1 </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">11 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="70%" style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Total</FONT></B><font face="Arial" size="2"> </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">
<B><FONT size=2 face="Arial">774</FONT></B><font face="Arial" size="2"> </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">688 </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">3,063 </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

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

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




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




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

</font>

<P align="left">
<B><FONT face="Arial" size="4">Description of United States GAAP Differences </FONT></B></P>
<P align="left">
<I><FONT face="Arial" size="2">All amounts are in millions of Canadian dollars, except where noted. </FONT></I></P>
<P align="left">
<B><FONT face="Arial">(a) Deferred Costs and Finite-life Intangible Assets </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, certain development costs, are deferred and amortized if they meet specified criteria. Under United States GAAP, these costs are expensed as incurred. </FONT></P>
<P align="left">
<B><FONT face="Arial">(b) Employee Benefit Plans</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under United States GAAP, we recognize the funded status of benefit plans in the balance sheet by aggregating overfunded plans separately from underfunded plans and recording the resulting amounts as an asset and a liability,
respectively. We also recognize as a component of other comprehensive income, net of tax, the actuarial gains or losses and past service costs or credits that arise during the period. Under Canadian GAAP, these amounts are not recorded on the
balance sheet until the period in which they affect earnings. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Also, under Canadian GAAP, we recognize a pension valuation allowance for any excess of the accrued benefit asset over the related expected future benefit. Changes in the pension valuation allowance are recognized in the
consolidated statement of operations. United States GAAP does not permit pension valuation allowances. Differences also arise from the use of the corridor method to amortize actuarial gains and losses for Canadian GAAP purposes. </FONT></P>
<P align="left">
<B><FONT face="Arial">(c) Post-Employment Benefits </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">In 2007, we announced the phase-out of other post-employment benefits for future retirees over the next 10 years. Under Canadian GAAP, this plan amendment reduces the unamortized transitional obligation and increases past service
credits amortized over the expected average remaining service lives (EARSL) of affected employees. Under United States GAAP, this plan amendment was reflected as an increase in other comprehensive income of &#36;209 million in June 2007.</FONT></P>
<P align="left">
<B><FONT face="Arial">(d) Consolidation </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, net earnings and other comprehensive income exclude amounts attributable to the non-controlling interest. Under United States GAAP these amounts are included in net earnings and other comprehensive income.
Also under United States GAAP, non-controlling interest in subsidiaries is presented in the balance sheet as a separate component of equity. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Certain joint venture interests have been accounted for as discontinued operations under Canadian GAAP. Under United States GAAP, we must continue to reflect these investments in continuing operations. Our proportionate interest
in joint venture results of operations and any gain or loss on disposal are reclassified from discontinued operations under Canadian GAAP to continuing operations under United States GAAP. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, we account for our interests in joint ventures using the proportionate consolidation method. Under United States GAAP, these interests would be accounted for using the equity method. This difference is not
reflected in our United States GAAP reconciliation for those joint venture interests that qualify for the related accommodation provided by the United States Securities and Exchange Commission. Our joint venture interests accounted for using the
proportionate consolidation method are not material to our financial position or results of operations. </FONT></P>

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

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




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

</font>

<P align="left">
<B><FONT face="Arial" size="4">Description of United States GAAP Differences </FONT></B></P>
<P align="left">
<B><FONT face="Arial">(e) Derivative Instruments and Hedging Activities </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, foreign-currency derivatives embedded in a non-financial instrument host contract are not bifurcated and separately accounted for when specified conditions are met.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Differences may also arise with respect to the measurement of hedge ineffectiveness recorded in earnings. </FONT></P>
<P align="left">
<B><FONT face="Arial">(f) Sale of Businesses, Business Combinations and Goodwill </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Beginning January 1, 2009 under United States GAAP, we remeasure to fair value our previously held equity interest in an entity when we acquire control and recognize a corresponding gain or loss in income. Acquisition-related
transaction costs are expensed as incurred and restructuring costs are accrued and included in the purchase price allocation only if they are an acquired liability. Under Canadian GAAP, there is no remeasurement of our previously held equity
interest, and transaction costs and restructuring provisions directly related to the acquisition are included in the purchase price allocation.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Also beginning January 1, 2009 under United States GAAP, we recognize a bargain purchase gain relating to an acquisition for any excess of the fair value of net assets acquired over the purchase price paid. Under Canadian GAAP,
any excess generally reduces the carrying amounts attributed to the net assets acquired. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">During the year ended December 31, 2010, under United States GAAP, we recorded a charge to income of &#36;29 million relating to business combinations, including &#36;9 million of transaction costs and &#36;15 million of
restructuring costs (income of &#36;103 million, net of transaction costs of &#36;7 million and directly related restructuring costs of &#36;5 million for the year ended December 31, 2009).</FONT></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, certain business combinations have been accounted for at the carrying value of the underlying assets and liabilities exchanged, whereas under United States GAAP such transactions were recorded on a fair value
basis. Also, differences between Canadian GAAP and United States GAAP may cause corresponding differences in the carrying values of the net assets of businesses sold, including those classified as discontinued operations. Changes in our ownership
interest in these businesses will cause a corresponding difference in any resulting gains or losses. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE&#146;s ownership interest in Bell Aliant was reduced through a distribution of trust units by way of a return of capital to holders of BCE Inc. common shares on July 10, 2006. This distribution resulted in an increase in
contributed surplus of &#36;1,547 million for Canadian GAAP. For United States GAAP purposes, the distribution of trust units is deemed to have occurred at fair value, with the resulting gain recognized in earnings. Therefore, the increase in
contributed surplus under Canadian GAAP, adjusted for previously existing United States and Canadian GAAP differences, was recorded as a gain on distribution of trust units in earnings from continuing operations for United States GAAP purposes.
</FONT></P>
<P align="left">
<B><FONT face="Arial">(g) Capitalized Interest </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under Canadian GAAP, we capitalize interest for significant assets under construction. Under United States GAAP, borrowing costs must be capitalized for all qualifying assets under construction. </FONT></P>
<P align="left">
<B><FONT face="Arial">(h) Income Taxes </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under United States GAAP, an income tax position is recognized when it is more likely than not that it will be sustained upon examination based on its technical merits, and is measured as the largest amount that is greater than
50% likely to be realized upon settlement. Under Canadian GAAP, we recognize and measure income tax positions, including any related accruals for interest and penalties, based on our best estimate of the amount that is more likely than not to be
realized.</FONT></P>

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

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




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

</font>

<P align="left">
<B><FONT face="Arial" size="4">Description of United States GAAP Differences </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">BCE and its subsidiaries are subject to either Canadian federal and provincial income tax, United States federal, state or local income tax. BCE has substantially concluded all Canadian federal and provincial income tax matters
for the years through 2000. Canadian federal income tax returns for taxation years ended December 31, 2001 through December 31, 2009 are currently under examination by the Canada Revenue Agency, which to date has not proposed any significant
adjustments. No material matters pertaining to United States federal, state or local income tax matters are currently outstanding. </FONT></P>
<P align="left">
<FONT face="Arial" size="2">A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows: </FONT></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="90%" style="border-top:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-top:1px solid #000000; border-left-width: 1px; border-right: 1px solid #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="90%" 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">Balance at January 1, 2010 </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">711</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="90%" 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 face="Arial">Increases based on tax positions related to the current year </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">2</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="90%" 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 face="Arial">Increase for tax positions of prior years </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">211</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="90%" 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 face="Arial">Decrease for tax positions of prior years </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">(179)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="90%" 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 face="Arial">Settlements </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">(12)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="90%" style="border-top:1px solid #000000; border-left:1px solid #000000; border-right-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Balance at December 31, 2010</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border:1px solid #000000; ">
<B><FONT size=2 face="Arial">733</FONT></B><font face="Arial" size="2"> </font>
	</TD>
</TR>
</TABLE>
<P align="left">
<FONT face="Arial" size="2">The balance of &#36;733 million at December 31, 2010 includes &#36;274 million of tax positions for which the ultimate deductibility is highly certain but for which there is uncertainty as to the timing of such deductibility. The
disallowance of a shorter deductibility period would not affect the effective tax rate, except with respect to interest and penalties and the impact of declining income tax rates.  The remaining &#36;459 million of unrecognized tax benefits would,
if recognized, favourably affect the effective income tax rate in future periods. Subject to the results of audit examinations by taxing authorities and to legislative amendments, BCE does not anticipate adjustments to the amount of unrecognized tax
benefits during the next twelve months that would have a material impact on its financial statements.</FONT></P>
<P align="left">
<FONT face="Arial" size="2">BCE records interest and penalties related to income tax positions in income tax expense. For the year ended December 31, 2010, BCE recorded &#36;20 million of interest and penalties, (2009&nbsp;&#150;&nbsp;&#36;2 million and 2008&nbsp;&#150;&nbsp;&#36;31
million). BCE had accrued &#36;193 million for interest and &#36; nil for penalties at December 31, 2010 (&#36;173 million and &#36; nil respectively at December 31, 2009 and &#36;175 million and &#36; nil respectively, at December 31,
2008).</FONT></P>
<P align="left">
<B><FONT face="Arial">(i) Leases </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under United States GAAP, leases entered into during the last 25% of the total estimated economic life of the leased asset are classified as operating leases unless we expect to obtain ownership of the leased asset by the end of
the lease term. Under Canadian GAAP, we account for such leases as capital leases when we obtain substantially all of the benefits and risks incident to ownership of the leased asset. </FONT></P>
<P align="left">
<B><FONT face="Arial">(j) Share Issue Costs </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under United States GAAP, share issue costs are recorded as a reduction of the proceeds raised from the issuance of capital stock, whereas under Canadian GAAP we charge share issue costs to deficit. </FONT></P>
<P align="left">
<B><FONT face="Arial">(k) Debt Issue Costs </FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">Under United States GAAP, debt issue costs incurred in connection with the issuance of debt securities or other long-term borrowings are recorded as deferred charges and amortized over the term of the debt. Under Canadian GAAP,
these costs are classified with the corresponding debt on the balance sheet. </FONT></P>

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

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




<A name="page_9"></A>

</font>

<P align="left">
<B><FONT face="Arial" size="4">Description of United States GAAP Differences </FONT></B></P>
<P align="left">
<B><FONT face="Arial">(l) Changes in Shareholders&#146; Equity </FONT></B></P>
<TABLE border=0 width=100% cellpadding=2 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">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<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-width: 1px">
<FONT size=2 face="Arial">Accumulated </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<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">
<B><FONT size=2 face="Arial">For the year ended</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; 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="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Common </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">other </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">Non- </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">
<B><FONT size=2 face="Arial">December 31, 2010</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; 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="10%">
<FONT size=2 face="Arial">Preferred </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">shares, </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Contributed </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">comprehensive </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Retained </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">controlling </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><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">Total </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=2 face="Arial">shares </FONT>
	</TD>
	<TD 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">net </FONT>
	</TD>
	<TD 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">surplus </FONT>
	</TD>
	<TD 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">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">
<FONT size=2 face="Arial">earnings </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">interest </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">Beginning balance </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">16,450 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">12,856 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">952 </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(1,585) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">883 </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">574 </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">Net earnings </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">2,165 </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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,869 </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">296 </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">Other comprehensive loss </FONT>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; 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="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>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" 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="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: 24px">
<FONT size=2 face="Arial">Net change in unrealized gains (losses) on available-for-sale financial assets </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(121) </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=right width=10%>
<FONT size=2 face="Arial">(121) </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">- </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: 24px">
<FONT size=2 face="Arial">Net change in gains (losses) on derivatives designated as cash flow hedges </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">3 </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=right width=10%>
<FONT size=2 face="Arial">(2) </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">5 </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: 24px">
<FONT size=2 face="Arial">Net change in currency translation adjustment </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">1 </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=right width=10%>
<FONT size=2 face="Arial">1 </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">- </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: 24px">
<FONT size=2 face="Arial">Benefit plans </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(749) </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=right width=10%>
<FONT size=2 face="Arial">(625) </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">(124) </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">Other comprehensive loss </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(866) </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>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" 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="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">Net repurchase of BCE common shares </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(500) </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">(274) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(18) </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">(208) </FONT>
	</TD>
	<TD align=left width="10%" 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="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">Dividends on BCE common and preferred shares </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(1,464) </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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,464) </FONT>
	</TD>
	<TD align=left width="10%" 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="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">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(370) </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>
	<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">(370) </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">Other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">44 </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">44 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1) </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=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 </FONT>
	</TD>
</TR>
<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: 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: 1px solid #000000">
<FONT size=2 face="Arial">15,459 </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">2,770 </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">12,626 </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">933 </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">(2,332) </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">1,080 </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">382 </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>
</font>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD width="30%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<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-width: 1px">
<FONT size=2 face="Arial">Accumulated </FONT>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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">
<B><FONT size=2 face="Arial">For the year ended</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; 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="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Common </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">other </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">Non- </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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">
<B><FONT size=2 face="Arial">December 31, 2009</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; 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="10%">
<FONT size=2 face="Arial">Preferred </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">shares, </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Contributed </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">comprehensive </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">Retained </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">controlling </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">Total </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=2 face="Arial">shares </FONT>
	</TD>
	<TD 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">net </FONT>
	</TD>
	<TD 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">surplus </FONT>
	</TD>
	<TD 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">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">
<FONT size=2 face="Arial">earnings </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">interest </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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">Beginning balance </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">17,071 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">2,770 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">13,374 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">991 </FONT>
	</TD>
	<TD align=right width=10%>
<FONT size=2 face="Arial">(1,498) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">841 </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">593 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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">Net earnings </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">1,928 </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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">1,611 </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">317 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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">Other comprehensive loss </FONT>
	</TD>
	<TD align=left width="10%" style="border-left: 1px solid #000000; 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="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>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" 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 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: 24px">
<FONT size=2 face="Arial">Net change in gains (losses) on derivatives designated as cash flow hedges </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">62 </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=right width=10%>
<FONT size=2 face="Arial">53 </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">9 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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: 24px">
<FONT size=2 face="Arial">Benefit plans </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">(121) </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=right width=10%>
<FONT size=2 face="Arial">(140) </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">19 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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">Other comprehensive loss </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(59) </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>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width="10%" 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 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">Net repurchase of BCE common shares </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(808) </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">(520) </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(44) </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">(244) </FONT>
	</TD>
	<TD align=left width="10%" 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 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">Dividends on BCE common and preferred shares </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(1,325) </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>
	<TD align=right width="10%">
<FONT size=2 face="Arial">(1,325) </FONT>
	</TD>
	<TD align=left width="10%" 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 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">Cash dividends/distributions paid by subsidiaries to non-controlling interest </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(369) </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>
	<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">(369) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD 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">Other </FONT>
	</TD>
	<TD align=right width="10%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">12 </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">2 </FONT>
	</TD>
	<TD align=right width="10%">
<FONT size=2 face="Arial">5 </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=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">5 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD width="30%" style="border-left: 1px solid #000000; border-right-width: 1px; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width="10%" style="border: 1px solid #000000">
<FONT size=2 face="Arial">16,450 </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">2,770 </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">12,856 </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">952 </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">(1,585) </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">883 </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">574 </FONT>
	</TD>
</TR>
</TABLE><font face="Arial" size="2"><BR>

</font>

<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">9</font></P>

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




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




<A name="page_10"></A>

</font>

<P align="left">
<B><FONT face="Arial" size="4">Description of United States GAAP Differences </FONT></B></P>
<P align="left">
<B><font face="Arial">(m) Other Long-Term Assets and Other Long-Term Liabilities</font></B><font face="Arial">
</font></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width="80%" style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">At December 31, (in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2010</FONT></B><font face="Arial" size="2"> </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">2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term assets </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Deferred costs <sup>(a) (f)</sup> </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">
<B><FONT size=2 face="Arial">(11)</FONT></B><font face="Arial" size="2"> </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">(3) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee benefit plans </FONT><SUP><FONT size=2 face="Arial">(b)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">(4,166)</FONT></B><font face="Arial" size="2">
</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">(3,213) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Future income taxes <sup>(f) (h)</sup> </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">
<B><FONT size=2 face="Arial">1,126</FONT></B><font face="Arial" size="2"> </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">899 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Debt issue costs </FONT><SUP><FONT size=2 face="Arial">(k)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">42</FONT></B><font face="Arial" size="2"> </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">41 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border: 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: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">(3,009)</FONT></B><font face="Arial" size="2">
</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">(2,276) </FONT>
	</TD>
</TR>
<tr>
	<TD align=left width="80%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
	<TD align=right width="10%">
&nbsp;</TD>
</tr>
<TR valign="bottom">
	<TD align=left width="80%" style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">At December 31, (in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">2010</FONT></B><font face="Arial" size="2"> </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">2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Other long-term liabilities </FONT>
	</TD>
	<TD align=left width="10%" 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="10%" 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="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Employee benefit plans </FONT><SUP><FONT size=2 face="Arial">(b)</FONT></SUP><font face="Arial" size="2">
</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">
<B><FONT size=2 face="Arial">418</FONT></B><font face="Arial" size="2"> </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">138 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Future income taxes and unrecognized tax benefits <sup>(f) (h)</sup> </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">
<B><FONT size=2 face="Arial">98</FONT></B><font face="Arial" size="2"> </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">(23) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border: 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: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">516</FONT></B><font face="Arial" size="2"> </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">115 </FONT>
	</TD>
</TR>
</TABLE>
<P align="left">
<B><FONT face="Arial">(n) Guarantees </FONT></B></P>
<P align="left">
<font size="2" face="Arial">Under Canadian GAAP, guarantees do not include indemnifications against intellectual property right infringement. Under United States GAAP, these indemnifications are included in guarantees. At December 31, 2010, such
indemnifications amounted to &#36;15 million of which &#36;5 million expires in 2011, &#36;5 million in 2013, and &#36;5 million with an indefinite term.</font><font size="2"><B><FONT face="Arial"> </FONT></B>
</font><font size="2" face="Arial">We also have guarantees where no
maximum potential amount is specified. </font></P>
<P align="left">
<B><FONT face="Arial">(o) Fair Value of Financial Instruments</FONT></B></P>
<P align="left">
<FONT face="Arial" size="2">The carrying value of our cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities and short-term obligations approximates fair value due to their short-term nature. Other financial instruments are
measured as follows: </FONT></P>
<TABLE border=0 width=100% cellpadding=2 style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=center width=32% colspan=3 style="border-left-width: 1px; border-right: 1px solid #000000; border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">December 31, 2010</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width=26% colspan=3 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">December 31, 2009 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=12% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">Carrying</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width=18% colspan=2>
<p align="center">
<B><FONT size=2 face="Arial">Fair value</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">Carrying</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width=17% colspan=2 style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p align="center">
<B><FONT size=2 face="Arial">Fair value</FONT></B><font face="Arial" size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<B><I><FONT size=2 face="Arial">(in &#36; millions)</FONT></I></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=right width=12% 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">value</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=center width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">Level 1 </FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">Level 2 </FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right">
<B><FONT size=2 face="Arial">value</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=center width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<B><FONT size=2 face="Arial">Level 1 </FONT><SUP><FONT size=2 face="Arial">(1)</FONT></SUP></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=center width=7% 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">Level 2 </FONT><SUP><FONT size=2 face="Arial">(2)</FONT></SUP></B><font face="Arial" size="2">
</font>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Assets</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=12% 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=8% 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=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7% style="border-left: 1px solid #000000; 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=8% 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=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">AFS publicly-traded securities </FONT>
	</TD>
	<TD align=right width=12% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">12</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">12</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8%>
<B><FONT size=2 face="Arial">-</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">126 </FONT>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">126 </FONT>
	</TD>
	<TD align=right width=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Liabilities</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=12% 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=8% 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=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7% style="border-left: 1px solid #000000; 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=8% 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=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt due within one year </FONT>
	</TD>
	<TD align=right width=12% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">692</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">696</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8%>
<B><FONT size=2 face="Arial">-</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">367 </FONT>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">374 </FONT>
	</TD>
	<TD align=right width=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<FONT size=2 face="Arial">Long-term debt </FONT>
	</TD>
	<TD align=right width=12% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">8,912</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">9,793</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8%>
<B><FONT size=2 face="Arial">-</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">8,545 </FONT>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">9,147 </FONT>
	</TD>
	<TD align=right width=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 12px">
<B><FONT size=2 face="Arial">Derivative financial instruments, net asset (liability) position</FONT></B><font face="Arial" size="2">
</font>
	</TD>
	<TD align=left width=12% 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=8% 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=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=left width=7% style="border-left: 1px solid #000000; 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=8% 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=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Forward contracts &#150; BCE Inc. shares </FONT>
	</TD>
	<TD align=right width=12% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">114</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">-</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8%>
<B><FONT size=2 face="Arial">114</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">35 </FONT>
	</TD>
	<TD align=right width=8% 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=7% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">35 </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Currency swaps&nbsp;&#150;&nbsp;Cash flow hedge </FONT>
	</TD>
	<TD align=right width=12% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">(47)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">-</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8%>
<B><FONT size=2 face="Arial">(47)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(73) </FONT>
	</TD>
	<TD align=right width=8% 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=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Cross-currency swap&nbsp;&#150;&nbsp;Fair value hedge </FONT>
	</TD>
	<TD align=left width=12% 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=8% 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=8%>
<font face="Arial" size="2">&nbsp;
	</font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(56) </FONT>
	</TD>
	<TD align=right width=8% 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=7% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">(56) </FONT>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Economic hedges </FONT>
	</TD>
	<TD align=right width=12% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">(1)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<B><FONT size=2 face="Arial">-</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8%>
<B><FONT size=2 face="Arial">(1)</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width=8% 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=7% 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=34% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<FONT size=2 face="Arial">Interest rate swaps </FONT>
	</TD>
	<TD align=right width=12% 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">80</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=8% 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">-</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">
<B><FONT size=2 face="Arial">80</FONT></B><font face="Arial" size="2"> </font>
	</TD>
	<TD align=right width=7% style="border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">68 </FONT>
	</TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">- </FONT>
	</TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right: 1px solid #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<FONT size=2 face="Arial">68 </FONT>
	</TD>
</TR>
</TABLE>
<P align="left" style="margin-top: 0">
<font size="1" face="Arial">(1) Quoted prices in active markets for identical instruments<br>
(2) Observable market data such as interest rates, swap rate curves and foreign currency exchange rates</font></P>
<P align="center" style="margin-bottom: 0">
<font face="Arial" size="2">10</font></P>

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




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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.6
<SEQUENCE>7
<FILENAME>exhibit_996.htm
<DESCRIPTION>REPORT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS ON RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP
<TEXT>

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

</HEAD>

<BODY bgcolor="#ffffff">






<P align="right">
<B><font size="2" face="Times New Roman">Exhibit 99.6</font></B><font size="2"
face="Times New Roman"> </font></P>
<P align="left">
<B><FONT face="Times New Roman">REPORT OF INDEPENDENT REGISTERED
CHARTERED ACCOUNTANTS ON RECONCILIATION OF CANADIAN GAAP TO UNITED STATES GAAP </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2">To the Board of Directors and Shareholders
of BCE Inc. </FONT></P>
<P align="left">
<FONT face="Times New Roman" size="2">We have audited the consolidated financial
statements of BCE Inc. and subsidiaries (the &#147;Company&#148;) as at December 31, 2010
and 2009 and for each of the years in the three year period ended December 31,
2010, and the Company&#146;s internal control over financial reporting as of December
31, 2010, and have issued our reports thereon dated March 10, 2011; such
consolidated financial statements and reports are contained in Exhibit 99.2 and
Exhibit 99.3 of Form 40-F. Our audits also included the reconciliation from
Canadian GAAP to United States GAAP of the Company contained in Exhibit 99.5 of
Form 40-F. This reconciliation from Canadian GAAP to United States GAAP is the
responsibility of the Company&#146;s management. Our responsibility is to express an
opinion based on our audits. In our opinion, such reconciliation from Canadian
GAAP to United States GAAP, when considered in relation to the basic
consolidated financial statements taken as a whole, presents fairly, in all
material respects, the information set forth therein. </FONT></P>
<P align="left">
<FONT face="Times New Roman" size="2">As disclosed in note (f) to the
reconciliation from Canadian GAAP to United States GAAP, the Company changed its
method of accounting for business combinations and non-controlling interests
effective January 1, 2009.
</FONT></P>
<P align="left">
<I><font size="2" face="Times New Roman">(signed) Deloitte &amp; Touche LLP</font></I><font
size="2"><I><SUP><FONT face="Times New Roman">1</FONT></SUP></I></font><I><font
size="2" face="Times New Roman"> <br>
</font></I><FONT face="Times New Roman" size="2">Independent Registered Chartered
Accountants </FONT></P>
<P align="left">
<FONT face="Times New Roman" size="2">Montr&#233;al, Canada <br>
March 10, 2011 </FONT></P>
<P align="left">
<font size="2" face="Times New Roman">______________________________ <br>
</font>
<font size="2"><SUP><FONT face="Times New Roman">1</FONT></SUP></font><font
size="2" face="Times New Roman"> Chartered accountant auditor permit no 9335
</font></P>

<p>&nbsp;</p>


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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.31
<SEQUENCE>8
<FILENAME>exhibit_9931.htm
<DESCRIPTION>CERTIFICATIONS OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

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

</HEAD>

<BODY bgcolor="#ffffff">






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

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






<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table2">
	<tr>
		<td width="2%" valign="top"><font size="2" face="Times New Roman">5.</font></td>
		<td width="98%" valign="top" colspan="2">
<font size="2" face="Times New Roman">The issuer&#146;s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the issuer&#146;s auditors and the audit committee of
the issuer&#146;s board of directors (or persons performing the equivalent
functions):<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2" face="Times New Roman">(a)</font></td>
		<td width="96%" valign="top">
<font size="2" face="Times New Roman">All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability
to record, process, summarize and report financial information; and<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2" face="Times New Roman">(b)</font></td>
		<td width="96%" valign="top">
<font size="2" face="Times New Roman">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
issuer&#146;s internal control over financial reporting. </font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table3">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left">
<FONT face="Times New Roman" size="2">Date: March 15, 2011 </FONT></P>
<P align="left">
<I><font size="2" face="Times New Roman">(signed) George A. Cope   </font></I>
		</P>

		</td>
	</tr>
	<tr>
		<td>
		&nbsp;<p><font size="2"><FONT face="Times New Roman">George A. Cope</FONT><BR>
<FONT face="Times New Roman">President and Chief Executive Officer</FONT><BR>
</font><font size="2" face="Times New Roman">BCE Inc. </font></td>
	</tr>
</table>
<P align="left">
<FONT face="Arial" size="2"> &nbsp;</FONT></P>

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






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

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






<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table5">
	<tr>
		<td width="2%" valign="top"><font size="2" face="Times New Roman">5.</font></td>
		<td width="98%" valign="top" colspan="2">
<font size="2" face="Times New Roman">The issuer&#146;s other certifying officer(s)
and I have disclosed, based on our most recent evaluation of internal control
over financial reporting, to the issuer&#146;s auditors and the audit committee of
the issuer&#146;s board of directors (or persons performing the equivalent
functions): <br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2" face="Times New Roman">(a)</font></td>
		<td width="96%" valign="top">
<font size="2" face="Times New Roman">All significant deficiencies and material
weaknesses in the design or operation of internal control over financial
reporting which are reasonably likely to adversely affect the issuer&#146;s ability
to record, process, summarize and report financial information; and
<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2" face="Times New Roman">(b)</font><FONT face="Arial" size="2"> </FONT>
		</td>
		<td width="96%" valign="top">
<font size="2" face="Times New Roman">Any fraud, whether or not material, that
involves management or other employees who have a significant role in the
issuer&#146;s internal control over financial reporting.</font></td>
	</tr>
</table>
<P align="left">
&nbsp;</P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table6">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P align="left">
<FONT face="Times New Roman" size="2">Date: March 15, 2011 </FONT></P>
<P align="left">
<I><font size="2" face="Times New Roman">(signed) Siim A. Vanaselja     </font></I>
		</P>

		</td>
	</tr>
	<tr>
		<td>
		&nbsp;<p><font size="2"><FONT face="Times New Roman">Siim A. Vanaselja</FONT><BR>
<FONT face="Times New Roman">Executive Vice-President and Chief Financial
Officer</FONT><BR>
</font><font size="2" face="Times New Roman">BCE Inc. </font> </td>
	</tr>
</table>

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






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</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.32
<SEQUENCE>9
<FILENAME>exhibit_9932.htm
<DESCRIPTION>CERTIFICATION OF THE CHIEF EXECUTIVE OFFICER AND THE CHIEF FINANCIAL OFFICER PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

<HTML>
<HEAD>
   <TITLE>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</TITLE>
  <meta equiv="Content-Type" content="text/html; charset=windows-1252">

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<BODY bgcolor="#ffffff">






<P align="right">
<B><FONT face="Times New Roman" size="2">Exhibit 99.32 </FONT></B></P>
<P align="center">
<B><FONT face="Times New Roman">CERTIFICATION PURSUANT TO 18 U.S.C.
SECTION 1350, AS ADOPTED PURSUANT TO <br>
SECTION 906 OF THE SARBANES-OXLEY ACT OF
2002 </FONT></B></P>
<P align="left">
<FONT face="Times New Roman" size="2"> &nbsp;&nbsp;&nbsp;&nbsp; Pursuant to Section 1350 of Chapter 63 of
Title 18 of the United States Code (18 U.S.C. Section 1350), as adopted pursuant
to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned
officers of BCE Inc. (the &#147;Company&#148;), does hereby certify that: the annual
report on Form 40-F for the year ended December 31, 2010 of the Company (the
&#147;Form 40-F&#148;) fully complies with the requirements of Section 13(a) or 15(d) of
the Securities Exchange Act of 1934 and the information contained in the Form
40-F fairly presents, in all material respects, the financial condition and
results of operations of the Company. </FONT></P>
<P align="left">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td width="50%">
		<P align="left">
<FONT face="Times New Roman" size="2">Date: March 15, 2011  </FONT>  </P></td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="left">
<I><font size="2" face="Times New Roman">(signed) George A. Cope  </font></I>
		</td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%"> <font size="2"> <br>
<FONT face="Times New Roman">George A. Cope</FONT><BR>
<FONT face="Times New Roman">President and Chief Executive Officer</FONT><BR>
		</font><font size="2" face="Times New Roman">BCE Inc. </font> </td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%">&nbsp;</td>
	</tr>
	<tr>
		<td width="50%">
<FONT face="Times New Roman" size="2">Date: March 15, 2011 </FONT> </td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<I><font size="2" face="Times New Roman">(signed) Siim A. Vanaselja    </font></I>
		</td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%"> <font size="2"> <br>
<FONT face="Times New Roman">Siim A. Vanaselja</FONT><BR>
<FONT face="Times New Roman">Executive Vice-President and Chief Financial
Officer</FONT><BR>
		</font><font size="2" face="Times New Roman">BCE Inc. </font> </td>
	</tr>
</table>

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


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</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>10
<FILENAME>bcelogo.jpg
<TEXT>
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
