<SEC-DOCUMENT>0000718940-12-000004.txt : 20120314
<SEC-HEADER>0000718940-12-000004.hdr.sgml : 20120314
<ACCEPTANCE-DATETIME>20120314085602
ACCESSION NUMBER:		0000718940-12-000004
CONFORMED SUBMISSION TYPE:	40-F
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20120314
FILED AS OF DATE:		20120314
DATE AS OF CHANGE:		20120314

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:		12688968

	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_ann11.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 style="text-align: center;">
<B>UNITED STATES<br>
SECURITIES AND EXCHANGE COMMISSION<br>
WASHINGTON, D.C. 20549</B></P>
<P style="text-align: center;">
<B>FORM 40-F</B></P>
<P style="text-align: center;">
&nbsp;</P>
<div align="center">
	<table border="0" width="75%" cellpadding="0" style="border-collapse: collapse" id="table1">
		<tr>
			<td width="3%" style="border: 1px solid #000000">&nbsp;</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
<P align="left">
<B>REGISTRATION STATEMENT PURSUANT TO SECTION 12 OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
			</td>
		</tr>
		<tr>
			<td width="3%">&nbsp;</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
			<p align="center"><B><br>
			OR<br>
&nbsp;</B></td>
		</tr>
		<tr>
			<td width="3%" style="border: 1px solid #000000">
			<p align="center">X</td>
			<td width="3%">&nbsp;</td>
			<td width="94%" valign="top">
<P align="left">
<B>ANNUAL REPORT PURSUANT TO SECTION 13(A) OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934</B></P>
			</td>
		</tr>
	</table>
</div>
<P style="text-align: center;">
&nbsp;</P>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2">For the fiscal year ended:&nbsp;&nbsp;&nbsp; </font> <B>
<font size="2">December&nbsp;31, 2011</font></B></TD>
	<TD align=left width="50%">
<p align="right"><font size="2">Commission File Number:&nbsp;&nbsp;&nbsp; </font> <B>
<font size="2">1-8481</font></B></TD>
</TR>
</TABLE></div>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: center;">
<B>BCE&nbsp;INC.<br>
</B><I><font size="2">(Exact name of Registrant as specified in its charter)</font></I></P>
<P style="text-align: center;">
<B>Canada<br>
</B><I><font size="2">(Province or other jurisdiction of incorporation or organization)</font></I></P>
<P style="text-align: center;">
<B>4813<br>
</B><I><font size="2">(Primary Standard Industrial Classification Code Number (if applicable))</font></I></P>
<P style="text-align: center;">
<B>98-0134477<br>
</B><I><font size="2">(I.R.S. Employer Identification Number (if applicable))</font></I></P>
<P style="text-align: center;">
<B>1, carrefour Alexander-Graham-Bell, Building A, 8</B><B><SUP>th </SUP></B><B>Floor,
<br>
Verdun, Qu&#233;bec, Canada H3E 3B3, (514) 870-8777<br>
</B><I><font size="2">(Address and telephone number of Registrant&#146;s principal executive offices)</font></I></P>
<P style="text-align: center;">
<B>CT Corporation System, 111 Eighth Avenue, 13th Floor, New York, N.Y. 10011, (212) 894-8940<br>
</B><I><font size="2">(Name, address (including zip code) and telephone number (including area code) of agent for service in the United States)</font></I></P>
<P style="text-align: center;">
<font size="2">Copies of all correspondence should be sent to:</font></P>
<P style="text-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">Ildo Ricciuto<BR>
Assistant General Counsel,<BR>
Financings and Compliance<BR>
BCE&nbsp;Inc.<BR>
1, carrefour Alexander-Graham-Bell<BR>
Building A, 7<SUP>th </SUP>Floor<BR>
Verdun, Qu&#233;bec H3E 3B3<BR>
Canada<BR>
Tel: (514) 786-3931</font></td>
		<td width="50%" valign="top"><font size="2">Donald R. Crawshaw<BR>
Sullivan &amp; Cromwell LLP<BR>
125 Broad Street<BR>
New York, New York 10004-2498<BR>
Tel: (212) 558-4000</font></td>
	</tr>
</table>
</div>
<P align="center" style="margin-bottom: 0">
&nbsp;</P>
<P align="center" style="margin-bottom: 0">
<font size="2">1</font></P>

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






<P style="text-align: center;">
<font size="2">Securities registered pursuant to Section 12(b) of the Act:</font></P>
<P style="text-align: center;">
&nbsp;</P>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=center width="50%">
<font size="2">Title of each class<BR>
</font>
<B><font size="2">Common shares</font></B></TD>
	<TD align=center width="50%">
<font size="2">Name of each exchange on which registered<BR>
</font>
<B><font size="2">New York Stock Exchange</font></B></TD>
</TR>
</TABLE></div>
<P style="text-align: center;">
<font size="2">Securities registered pursuant to Section 12(g) of the Act:
</font> <B><font size="2">None</font></B></P>
<P style="text-align: left;">
<font size="2">Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
</font> <B><font size="2">None</font></B></P>
<P style="text-align: left;">
<font size="2">For annual reports, indicate by check mark the information filed with this form:</font></P>
<div align="center">
<TABLE border=0 width="75%" cellspacing=0 cellpadding=0>
<TR valign="bottom">
	<TD align=left width="3%" style="border: 1px solid #000000">
<p align="center">X</TD>
	<TD align=left width="47%">
<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;
Annual Information Form</FONT></TD>
	<TD width="3%" style="border: 1px solid #000000">
<p align="center">X</TD>
	<TD align=left width="47%">
<FONT size=2>&nbsp;&nbsp;&nbsp;&nbsp;
Audited Annual Financial Statements</FONT></TD>
</TR>
</TABLE></div>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2">Indicate the number of outstanding shares of each of the issuer&#146;s classes of capital or common stock as of the close of the period covered by the annual report:</font></P>

<div align="center">

<TABLE border=0 style="width:50%" cellspacing=0>
<TR valign="bottom">
	<TD align=center width="25%">
<p align="left"><font size="2">Common Shares</font></TD>
	<TD align=right width="25%">
<font size="2">775,444,200</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">First Preferred Shares</font></TD>
	<TD align=left width="25%">
<font size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series R</font></TD>
	<TD align=right width="25%">
<font size="2">8,000,000</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series S</font></TD>
	<TD align=right width="25%">
<font size="2">3,606,225</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series T</font></TD>
	<TD align=right width="25%">
<font size="2">4,393,775</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series Y</font></TD>
	<TD align=right width="25%">
<font size="2">8,126,330</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series Z</font></TD>
	<TD align=right width="25%">
<font size="2">1,873,670</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AA</font></TD>
	<TD align=right width="25%">
<font size="2">10,081,586</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AB</font></TD>
	<TD align=right width="25%">
<font size="2">9,918,414</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AC</font></TD>
	<TD align=right width="25%">
<font size="2">9,244,555</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AD</font></TD>
	<TD align=right width="25%">
<font size="2">10,755,445</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AE</font></TD>
	<TD align=right width="25%">
<font size="2">1,422,900</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AF</font></TD>
	<TD align=right width="25%">
<font size="2">14,577,100</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AG</font></TD>
	<TD align=right width="25%">
<font size="2">10,841,056</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AH</font></TD>
	<TD align=right width="25%">
<font size="2">3,158,944</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AI</font></TD>
	<TD align=right width="25%">
<font size="2">10,754,990</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AJ</font></TD>
	<TD align=right width="25%">
<font size="2">3,245,010</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<p style="margin-left: 24px"><font size="2">Series AK</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="2">13,800,000</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2">Total First Preferred Shares</font></TD>
	<TD align=right width="25%">
<font size="2">123,800,000</font></TD>
</TR>
</TABLE>

</div>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font size="2">Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the <I>Exchange Act </I>during the preceding 12 months (or for such shorter period that the registrant was required to file such reports); and (2) has been subject to such filing requirements for the past 90 days.</font></P>
<div align="center">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table3">
		<tr>
			<td width="30%">
			<p align="right">YES:</td>
			<td width="2%">&nbsp;</td>
			<td width="5%" style="border: 1px solid #000000">
			<p align="center">X</td>
			<td width="26%">&nbsp;</td>
			<td width="30%">
			<p align="right">NO:</td>
			<td width="2%">&nbsp;</td>
			<td width="5%" style="border: 1px solid #000000">&nbsp;</td>
		</tr>
	</table>
</div>
<P align="center" style="margin-bottom: 0">
<font size="2">2</font></P>

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




<P style="text-align: center;">
<B>PRIOR FILINGS MODIFIED AND SUPERSEDED</B></P>
<P style="text-align: left;">
<font size="2">The annual report on Form 40-F of BCE&nbsp;Inc. (&#147;BCE&#148;) for the year ended December&nbsp;31,&nbsp;2011, at the time of filing with the U.S. Securities and Exchange Commission (the &#147;SEC&#148; or &#147;Commission&#148;), modifies and supersedes all prior documents filed pursuant to Sections 13, 14 and 15(d) of the <I>Exchange Act </I>for purposes of any offers or sales of any securities after the date of such filing pursuant to any registration statement or prospectus filed pursuant to the <I>Securities Act of 1933 </I>which incorporates by reference such annual report on Form 40-F.</font></P>
<P style="text-align: center;">
<B>ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS AND MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</B></P>
<P style="text-align: left;">
<B>A. Annual Audited Consolidated Financial Statements</B></P>
<P style="text-align: left;">
<font size="2">For the BCE&nbsp;annual audited consolidated financial statements for the year ended December&nbsp;31,&nbsp;2011 (the &#147;BCE&nbsp;2011 Financial Statements&#148;), see pages 78 to 120 of the BCE&nbsp;2011 Annual Report to Shareholders (the &#147;BCE&nbsp;2011 Annual Report&#148;), which BCE&nbsp;2011 Financial Statements are contained in Exhibit 99.2 and are incorporated herein by reference.</font></P>
<P style="text-align: left;">
<B>B. Management&#146;s Discussion and Analysis</B></P>
<P style="text-align: left;">
<font size="2">For the BCE&nbsp;management&#146;s discussion and analysis of financial condition and results of operations for the year ended December&nbsp;31,&nbsp;2011 (the &#147;BCE&nbsp;2011 MD&amp;A&#148;), see pages 22 to 75 and page 121 of the BCE&nbsp;2011 Annual Report, which BCE&nbsp;2011 MD&amp;A is contained in Exhibit 99.2 and is incorporated herein by reference.</font></P>
<P style="text-align: center;">
<B>DISCLOSURE CONTROLS AND PROCEDURES</B></P>
<P style="text-align: left;">
<font size="2">Our disclosure controls and procedures are designed to provide reasonable assurance that information required to be disclosed by us is recorded, processed, summarized and reported within the time periods specified under Canadian and U.S. securities laws and include controls and procedures that are designed to ensure that the information is accumulated and communicated to management, including BCE&#146;s President and Chief Executive Officer (CEO) and Executive Vice-President and Chief Financial Officer (CFO), to allow timely decisions regarding required disclosure.</font></P>
<P style="text-align: left;">
<font size="2">As at December&nbsp;31,&nbsp;2011, 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 <I>U.S. Securities Exchange Act of 1934 </I>and under <I>National Instrument 52-109 </I>- <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings. </I>The CEO and CFO have limited the scope of their design and evaluation of our disclosure controls and procedures to exclude the disclosure controls and procedures of BCE&#146;s wholly-owned subsidiary, Bell&nbsp;Media&nbsp;Inc. (Bell&nbsp;Media), previously known as CTV&nbsp;Inc., which BCE&nbsp;acquired on April 1,&nbsp;2011. Bell&nbsp;Media&#146;s contribution to our consolidated financial statements for the year ended December&nbsp;31,&nbsp;2011 was 7% of consolidated revenues and had no material impact on consolidated earnings. Additionally, at December&nbsp;31,&nbsp;2011, Bell&nbsp;Media&#146;s current assets and current liabilities were approximately 12% and 5% of BCE&#146;s consolidated current assets and current liabilities, respectively, and its non-current assets and non-current liabilities were approximately 3% and 5% of BCE&#146;s consolidated non-current assets and non-current liabilities, respectively. The design and evaluation of the operating effectiveness of Bell&nbsp;Media&#146;s disclosure controls and procedures will be completed in the first half of 2012. Further details related to the acquisition of CTV&nbsp;Inc. are disclosed in Note 4 entitled &#147;Acquisitions&#148; of the BCE&nbsp;2011 Financial Statements contained in Exhibit 99.2 (which Note is incorporated by reference in this annual report on Form 40-F).</font></P>
<P style="text-align: left;">
<font size="2">Based on that evaluation, which excluded Bell&nbsp;Media&#146;s disclosure controls and procedures, the CEO and CFO concluded that our disclosure controls and procedures were effective as at December&nbsp;31,&nbsp;2011.</font></P>


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

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





<P style="text-align: center;">
<B>INTERNAL CONTROL OVER FINANCIAL REPORTING</B></P>
<P style="text-align: left;">
<B>A. Management&#146;s report on internal control over financial reporting</B></P>
<P style="text-align: left;">
<font size="2">The report of BCE&#146;s management entitled &#147;Management&#146;s Report On Internal Control Over Financial Reporting&#148; appearing at page 76 of the BCE&nbsp;2011 Annual Report, which report is contained in Exhibit 99.3, is incorporated herein by reference.</font></P>
<P style="text-align: left;">
<B>B. Auditors&#146; report on internal control over financial reporting</B></P>
<P style="text-align: left;">
<font size="2">The report of BCE&#146;s external auditors concerning BCE&#146;s internal control over financial reporting appearing at page 77 of the BCE&nbsp;2011 Annual Report, which report is contained in Exhibit 99.3, is incorporated herein by reference.</font></P>
<P style="text-align: left;">
<B>C. Changes in internal control over financial reporting</B></P>
<P style="text-align: left;">
<font size="2">There have been no changes during the year ended December&nbsp;31,&nbsp;2011 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 style="text-align: center;">
<B>STATEMENT REGARDING CONTROLS AND PROCEDURES</B></P>
<P style="text-align: left;">
<font size="2">There can be no assurance that our disclosure controls and procedures will detect or uncover all failures to disclose all material information otherwise required to be set forth in our disclosure. Furthermore, a control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance with respect to the reliability of financial reporting and financial statement preparation. Accordingly, BCE&nbsp;does not expect that BCE&#146;s internal control over financial reporting will prevent or detect all errors and all fraud. BCE&nbsp;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 style="text-align: center;">
<B>AUDIT COMMITTEE FINANCIAL EXPERT</B></P>
<P style="text-align: left;">
<font size="2">In respect of the current members of the Audit Committee, the board determined that at least one of the members, being the current Chair of the Audit Committee, Mr. P.R. Weiss, is qualified as an &#147;audit committee financial expert&#148;, and that all members of the audit committee are independent under the listing standards of the New York Stock Exchange.</font></P>
<P style="text-align: center;">
<B>CODE OF ETHICS</B></P>
<P style="text-align: left;">
<font size="2">All employees, directors and officers must follow Bell&nbsp;Canada&#146;s Code of Business Conduct (the &#147;Code of Conduct&#148;), which provides guidelines for ethical behaviour. The Code of Conduct includes additional guidelines for executive officers, including the CEO, CFO, Controller and Treasurer. The Code of Conduct is available in the governance section of BCE&#146;s website at <U>www.bce.ca</U>.</font></P>


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

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





<P style="text-align: center;">
<B>PRINCIPAL ACCOUNTANT FEES AND SERVICES</B></P>
<P style="text-align: left;">
<B>External auditors&#146; fees</B></P>
<P style="text-align: left;">
<font size="2">The table below shows the fees that BCE&#146;s external auditors, Deloitte &amp; Touche LLP, billed to BCE&nbsp;and its subsidiaries for various services in each of the past two fiscal years.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse">
<TR valign="bottom">
	<TD align=left width=34% style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px"><font size="2">&nbsp;</font></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">2011<br>
(in &#36;&nbsp;millions)</font></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">2010<br>
(in &#36;&nbsp;millions)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px"><font size="2">Audit fees</font><SUP><font
size="2">(1)</font></SUP></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;9.5</font></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;9.1</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px"><font size="2">Audit-related fees</font><SUP><font
size="2">(2)</font></SUP></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;1.6</font></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;1.4</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px"><font size="2">Tax fees</font><SUP><font
size="2">(3)</font></SUP></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;0.7</font></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;0.7</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px"><font size="2">All other fees</font><SUP><font
size="2">(4)</font></SUP></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">-</font></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;0.3</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=34% style="border: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px"><font size="2">Total</font><SUP><font
size="2">(5)</font></SUP></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;11.8</font></TD>
	<TD align=center width="33%" style="border: 1px solid #000000">
<font size="2">&#36;11.5</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&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">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 reports, 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 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 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">These fees include any other
		fees for permitted services not included in any of the above-stated
		categories. In 2010, the fees are solely for services related to
		compliance with the Payment Card Industry Data Security Standard.</font></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">The amounts of $11.8&nbsp;million
		for 2011 and $11.5&nbsp;million for 2010 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 $9.7&nbsp;million in 2011 and $10.5&nbsp;million in 2010.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<B>Auditor Independence Policy</B></P>
<P style="text-align: left;">
<font size="2">BCE&#146;s Auditor Independence Policy is a comprehensive policy governing all aspects of BCE&#146;s relationship with the external auditors, including:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">establishing a process for determining whether various audit and other services provided by the external auditors affect their independence;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">identifying the services that the external auditors may and may not provide to BCE&nbsp;and its subsidiaries;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">pre-approving all services to be provided by the external auditors of BCE&nbsp;and its subsidiaries; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">establishing a process outlining procedures when hiring current or former personnel of the external auditors in a financial oversight role to ensure auditor independence is maintained.</font></LI>
</UL>


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

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





<P style="text-align: left;">
<font size="2">In particular, the policy specifies that:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">the external auditors cannot be hired to provide any services falling within the prohibited services category, such as bookkeeping, financial information system design and implementation and legal services;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">for all audit or non-audit services falling within the permitted services category (such as prospectus work, due diligence and non-statutory audits), a request for approval must be submitted to the audit committee prior to engaging the external auditors;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">specific permitted services however are pre-approved annually and quarterly by the audit committee and consequently only require approval by the CFO prior to engaging the external auditors; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2">at each regularly scheduled audit committee meeting, a consolidated summary of all fees paid to the external auditors by service type is presented. This summary includes a breakout of fees incurred within the pre-approved amounts.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2">The Auditor Independence Policy is available in the governance section of BCE&#146;s website at www.bce.ca.</font></P>
<P style="text-align: left;">
<font size="2">In 2011 and 2010, 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 style="text-align: center;">
<B>OFF-BALANCE SHEET ARRANGEMENTS</B></P>
<P style="text-align: left;">
<font size="2">Please see the section entitled &#147;Guarantees&#148; at page 53 of the BCE&nbsp;2011 MD&amp;A contained in Exhibit 99.2 (which section is incorporated by reference in this annual report on Form 40-F) for a discussion of off-balance sheet arrangements, namely, guarantees.</font></P>
<P style="text-align: center;">
<B>TABULAR DISCLOSURE OF CONTRACTUAL OBLIGATIONS</B></P>
<P style="text-align: left;">
<font size="2">Please see the section entitled &#147;Contractual Obligations&#148; at page 53 of the BCE&nbsp;2011 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 style="text-align: center;">
<B>IDENTIFICATION OF THE AUDIT COMMITTEE</B></P>
<P style="text-align: left;">
<font size="2">BCE&nbsp;has a separately designated standing audit committee established in accordance with section 3(a)(58)(A) of the <I>Exchange Act</I>. BCE&#146;s audit committee is comprised of six independent members: Mr. P.R. Weiss (Chair), Mr. A. B&#233;rard, Ms. S. Brochu, Mr. A.S. Fell, Mr. J. Prentice, and Mr. R.C. Simmonds.</font></P>
<P style="text-align: center;">
<B>UNDERTAKING</B></P>
<P style="text-align: left;">
<font size="2">BCE&nbsp;undertakes to make available, in person or by telephone, representatives to respond to inquiries made by the Commission staff, and to furnish promptly, when requested to do so by the Commission staff, information relating to: the securities in relation to which the obligation to file this annual report on Form 40-F arises; or transactions in said securities.</font></P>


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

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





<P style="text-align: center;">
<B>WEBSITE INFORMATION</B></P>
<P style="text-align: left;">
<font size="2">Notwithstanding any reference to BCE&#146;s website or other websites on the World Wide Web in this annual report on Form 40-F or in the documents attached as Exhibits hereto, the information contained in BCE&#146;s website or any other site on the World Wide Web referred to in this annual report on Form 40-F or in the documents attached as Exhibits hereto, or referred to in BCE&#146;s website, is not a part of this annual report on Form 40-F and, therefore, is not filed with the Commission.</font></P>
<P style="text-align: center;">
<B>STATEMENT REGARDING FORWARD-LOOKING STATEMENTS</B></P>
<P style="text-align: left;">
<font size="2">BCE&nbsp;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&nbsp;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&nbsp;2011 MD&amp;A, contained in Exhibit 99.2, including, in particular, to the risk factors discussed in the sections of the BCE&nbsp;2011 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&nbsp;2011 MD&amp;A, including, in particular, to the assumptions discussed in the section of the BCE&nbsp;2011 MD&amp;A entitled &#147;Business Outlook and Assumptions&#148;.</font></P>
<P style="text-align: center;">
<B>SUMMARY OF SIGNIFICANT DIFFERENCES FROM NYSE CORPORATE GOVERNANCE RULES</B></P>
<P style="text-align: left;">
<font size="2">A summary of significant differences between corporate governance practices followed by BCE&nbsp;and corporate governance practices required to be followed by U.S. domestic companies under the New York Stock Exchange&#146;s Listing Standards (disclosure required by section 303A.11 of the NYSE Listed Company Manual) is available in the governance section of BCE&#146;s website at <U>www.bce.ca</U>.</font></P>






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

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





<P style="text-align: center;">
<B>SIGNATURES</B></P>
<P style="text-align: left;">
<font size="2">Pursuant to the requirements of the Exchange Act, the registrant certifies that it meets all of the requirements for filing on Form 40-F and has duly caused this annual report to be signed on its behalf by the undersigned, thereto duly authorized.</font></P>
<div align="right">
	<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse" id="table5">
		<tr>
			<td width="100%" colspan="2">
			<B>BCE&nbsp;Inc.</B><p>&nbsp;</td>
		</tr>
		<tr>
			<td width="8%">
<font size="2">By: </font></td>
			<td width="92%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
			<font size="2"><I>(signed) Siim A. Vanaselja</I></font></td>
		</tr>
		<tr>
			<td width="8%">&nbsp;</td>
			<td width="92%"><font size="2">Siim A. Vanaselja<BR>
Executive Vice-President and Chief<BR>
Financial Officer</font></td>
		</tr>
		<tr>
			<td width="100%" colspan="2">
<font size="2"><br>
Date: March&nbsp;14,&nbsp;2012</font></td>
		</tr>
	</table>
</div>






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

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




<P style="text-align: center;">
<B>LIST OF EXHIBITS<br>
TO FORM 40-F</B></P>

<TABLE border=0 style="width:100%" cellspacing=0>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Annual Information Form of BCE&nbsp;Inc. for the year ended December&nbsp;31,&nbsp;2011</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD align=right width="15%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Exhibit 99.1</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Annual audited consolidated financial statements of BCE&nbsp;Inc. for the year ended
December&nbsp;31,&nbsp;2011 and the related management&#146;s discussion and analysis of
financial condition and results of operations</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD align=right width="15%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Exhibit 99.2</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Reports of BCE&nbsp;Inc.&#146;s management and of BCE&nbsp;Inc.&#146;s external auditors concerning
internal control over financial reporting</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD align=right width="15%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Exhibit 99.3 </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Consent of Independent Registered Chartered Accountants</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD align=right width="15%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Exhibit 99.4</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Certifications of the Chief Executive Officer and the Chief Financial Officer
pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD align=right width="15%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Exhibit 99.31 </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="85%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Certification of the Chief Executive Officer and the Chief Financial Officer pursuant
to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley
Act of 2002</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</TD>
	<TD align=right width="15%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Exhibit 99.32 </font></TD>
</TR>
</TABLE>

<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_an11.htm
<DESCRIPTION>ANNUAL INFORMATION FORM OF BCE INC. FOR THE YEAR ENDED DECEMBER 31, 2011
<TEXT>

<HTML>
<HEAD>
   <TITLE>BCE&nbsp;Annual Information Form 2011</TITLE>
   <meta equiv="Content-Type" content="text/html; charset=windows-1252">
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<p align="right"><font face="Arial" size="2">EXHIBIT 99.1</font></p>
<p align="center"><img border="0" src="aif_cover.jpg" width="676" height="783"></p>


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<P style="text-align: left;">
<font size="1" face="Arial">In this Annual Information Form, Bell&nbsp;Canada is,
unless otherwise indicated, referred to as Bell, and comprises our Bell&nbsp;Wireline,
Bell&nbsp;Wireless and Bell&nbsp;Media segments. Bell&nbsp;Aliant means,
collectively, Bell Aliant&nbsp;Inc. and its subsidiaries.</font></P>
<P style="text-align: left;">
<font size="1" face="Arial">All dollar figures are in Canadian dollars, unless
stated otherwise. The information in this Annual Information Form is as of
March&nbsp;8,&nbsp;2012, unless stated otherwise, and except for information in documents
incorporated by reference that have a&nbsp;different date.</font></P>


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





<P style="text-align: left;">
<B><font size="4" face="Arial">TABLE OF CONTENTS</font></B></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;
</font> </TD>
	<TD align=left width="20%">
<p align="right"><font size="1" face="Arial">ANNUAL<br>
INFORMATION<br>
FORM</font></TD>
	<TD align=right width="20%">
<font size="1" face="Arial">PARTS OF MANAGEMENT&#146;S DISCUSSION<br>
&amp; ANALYSIS AND FINANCIAL STATEMENTS<br>
INCORPORATED BY REFERENCE<br>
(REFERENCE TO PAGES OF THE BCE&nbsp;INC.<br>
2011 ANNUAL REPORT)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Caution Regarding Forward-Looking Statements</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">2</font></TD>
	<TD align=right width="20%">
<font face="Arial" size="2">32-34; 54-69</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Corporate Structure</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">4</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Incorporation and Registered Offices</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">4</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Subsidiaries</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">4</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Description of Our Business</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">5</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
General Summary</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">5</font></TD>
	<TD align=right width="20%">
<font face="Arial" size="2">23-28; 32-36; 41-47</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Strategic Imperatives</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">6</font></TD>
	<TD align=right width="20%">
<font face="Arial" size="2">29-31</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">Our
Competitive Strengths</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">6</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Marketing and Distribution Channels</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">8</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">Our
Networks</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">9</font></TD>
	<TD align=right width="20%">
<font face="Arial" size="2">32-34; 54-69</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">Our
Employees</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">12</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Corporate Responsibility</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">13</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Competitive Environment</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">15</font></TD>
	<TD align=right width="20%">
<font face="Arial" size="2">54-57</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Regulatory Environment</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">15</font></TD>
	<TD align=right width="20%">
<font face="Arial" size="2">58-61</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Intangible Properties</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">15</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
General Development of Our Business</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">17</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font face="Arial">
<font size="2">Three-Year History</font></font><font size="-2" face="Arial"><sup>(1)</sup></font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">17</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">Our
Capital Structure</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">20</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
BCE&nbsp;Inc. Securities</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">20</font></TD>
	<TD align=right width="20%">
<font face="Arial" size="2">112-114</font></TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Bell&nbsp;Canada Debt Securities</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">21</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Ratings for BCE&nbsp;Inc. and Bell&nbsp;Canada Securities</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">21</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Ratings for Bell&nbsp;Canada Debt Securities</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">22</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Ratings for BCE&nbsp;Inc. Preferred Shares</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">22</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Outlook</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">22</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
General Explanation</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">22</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Explanation of Rating Categories Received for our Securities</font></TD>
	<TD align=left width="20%">
<p align="right"><font size="2" face="Arial">&nbsp; 24</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Market for our Securities</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">24</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Trading of our Securities</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">25</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">Our
Dividend Policy</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">27</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">Our
Directors and Executive Officers</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">28</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Directors</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">28</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Executive Officers</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">30</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Directors&#146; and Executive Officers&#146; Share Ownership</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">30</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Legal Proceedings</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">31</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Lawsuits Instituted by BCE&nbsp;Inc.</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">31</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Lawsuits Instituted Against BCE&nbsp;Group Companies</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">31</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Other</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">33</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Interest of Management and Others in Material Transactions</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">34</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Experts</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">34</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Transfer Agent and Registrar</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">34</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">For
More Information</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">35</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Documents You Can Request</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">35</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 24px"><font size="2" face="Arial">
Other Information About BCE&nbsp;Inc.</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">35</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Schedule 1 &#150; Audit Committee Information</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">36</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Schedule 1A &#150; Audit Committee Charter</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">39</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="60%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">
Schedule 2 &#150; Glossary</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">44</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table1">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
		<P style="text-align: left;">
<font size="1" face="Arial">This section of the Annual Information Form also
incorporates by reference BCE&nbsp;Inc.&#146;s material change reports dated September&nbsp;20,
2010 and April&nbsp;1,&nbsp;2011 with respect to the acquisition by BCE&nbsp;Inc. of the
remaining 85% interest in CTV&nbsp;Inc. (formerly CTVglobemedia&nbsp;Inc. and now named
Bell&nbsp;Media&nbsp;Inc.) it did not already own filed by BCE&nbsp;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>
		</td>
	</tr>
</table>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM </FONT><b>
<FONT face="Arial" size="2">1</FONT></b></P>


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






<P style="text-align: left;">
<B><font size="4" face="Arial">CAUTION REGARDING FORWARD-LOOKING STATEMENTS</font></B></P>
<div align="center">
	<table border="0" width="95%" cellpadding="15" style="border-collapse: collapse; border-left: 1px solid #000000; border-right: 1px solid #000000; border-top-width: 1px; border-bottom-width: 1px" id="table15">
		<tr>
			<td>
		<p align="justify">
<font face="Arial">Certain statements made in this Annual
		Information Form including, but not limited to, our Fourth Generation
		(4G) Long-Term Evolution (LTE) wireless network and fibre-optic
		deployment plans, BCE&nbsp;Inc.&#146;s dividend policy, BCE&nbsp;Inc.&#146;s proposed
		acquisition of an ownership position in Maple Leaf Sports &amp;
		Entertainment Ltd. and other statements that are not historical facts,
		such as our objectives, plans and strategic priorities, are
		forward-looking statements. A&nbsp;statement we make is forward-looking when
		it uses what we know and expect today to make a&nbsp;statement about the
		future. Forward-looking statements may include words such as <I>aim,
		anticipate, assumption, believe, could, expect, goal, guidance, intend,
		may, objective, outlook, plan, project, seek, should, strategy, strive,
		target </I>and <I>will</I>. All such forward-looking statements are made
		pursuant to the &#145;safe harbour&#146; provisions of applicable Canadian
		securities laws and of the United States
<I>Private Securities Litigation Reform Act of 1995.</I></font></td>
		</tr>
	</table>
</div>
<P style="text-align: left;">
<font face="Arial">
<B><font size="2">Unless otherwise indicated by us, forward-looking statements
in this Annual Information Form describe our expectations at&nbsp;March&nbsp;8,&nbsp;2012 and,
accordingly, are subject to change after such date.
</font> </B><font size="2">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&nbsp;result of new information, future events or otherwise.</font></font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Forward-looking statements, by their very nature,
are subject to inherent risks and uncertainties and are based on several
assumptions, both general and specific, 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 objectives,
plans and strategic priorities may not be achieved. As a&nbsp;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 presented in this Annual Information Form for the
purpose of assisting investors and others in understanding our objectives,
strategic priorities and business outlook, as well as our anticipated operating
environment. Readers are cautioned, however, that&nbsp;such information may not be
appropriate for other purposes.</font></P>
<P style="text-align: left;">
<font face="Arial"><font size="2">Forward-looking statements made in this Annual
Information Form are based on a&nbsp;number of assumptions that we believed were
reasonable on March&nbsp;8,&nbsp;2012. Refer in particular to the section of BCE&nbsp;Inc.&#146;s
2011 management&#146;s discussion and analysis of financial condition and results of
operations (BCE&nbsp;2011 MD&amp;A) entitled
</font> <I><font size="2">Business Outlook and Assumptions </font></I>
<font size="2">at pages 32 to 34<b> </b>of the BCE&nbsp;Inc. 2011 annual report (BCE&nbsp;2011 Annual Report), for a&nbsp;discussion of
certain key economic,
</font></font><font size="2" face="Arial">market and operational assumptions we
have used in making forward-looking statements, which section is incorporated by
reference herein. If our assumptions turn out to&nbsp;be inaccurate, our actual
results could be materially different from what we expect.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">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:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the intensity of competitive activity, including the
increase in wireless competitive activity resulting from Industry Canada&#146;s
licensing of advanced wireless services (AWS) spectrum to new wireless entrants
and their ability to launch or expand services, and the resulting impact on our
ability to retain existing customers and attract new ones, as well as on our
pricing strategies, average revenue per unit and financial results;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the level of technological substitution contributing
to reduced utilization of traditional wireline voice services and the increasing
number of households that have only wireless telephone services;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the increased adoption by customers of alternative
TV services;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">variability in subscriber acquisition and retention
costs based on subscriber acquisitions, retention volumes, smartphone sales and
subsidy levels;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">regulatory initiatives or proceedings (including
possible changes to foreign ownership restrictions), litigation, changes in laws
or&nbsp;regulations and tax matters;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">general economic and financial market conditions,
the level of consumer confidence and spending, and the demand for, and prices
of, our products and services;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our ability to implement our strategies and plans in
order to produce the expected benefits, including our ability to continue
to&nbsp;implement our cost reduction initiatives and contain capital intensity while
seeking to improve customer&nbsp;service;</font></LI>
</UL>


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


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

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






<P style="text-align: right; margin-top:0"><B><font size="1" face="Arial">CAUTION REGARDING
FORWARD-LOOKING STATEMENTS</font></B></P>
<P style="text-align: right;">&nbsp;</P>





<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">our
ability to anticipate and respond to technological change, upgrade our networks
and rapidly offer new products and&nbsp;services;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our failure to maintain network operating
performance including as a&nbsp;result of the significant increase in broadband
demand and in the volume of wireless data driven traffic;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">events affecting the functionality of, and our
ability to protect, maintain and replace, our networks, equipment, facilities,
information technology (IT) systems, software and other assets;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our failure to implement, on a&nbsp;timely basis, or
maintain effective IT systems and the complexity and costs of our
IT&nbsp;environment;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the complexity of our product offerings and pricing
plans;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">events affecting the ability of third-party
suppliers to provide to us, and our ability to purchase, essential products
and&nbsp;services;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the quality of our network and customer equipment
and the extent to which they may be subject to manufacturing&nbsp;defects;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">ineffective management of changes resulting from
restructurings and other corporate initiatives and from the integration of
business units and business acquisitions;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">increased contributions to employee benefit plans;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">labour disruptions;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">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 BCE&nbsp;Inc.&#146;s dividend payments and share buyback
program and to fund capital and other expenditures and generally meet our
financial obligations;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our ability to discontinue certain traditional
services as necessary to improve capital and operating efficiencies;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">launch and in-orbit risks of satellites used by
Bell&nbsp;ExpressVu Limited Partnership;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the theft of our satellite television services;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Bell&nbsp;Media&nbsp;Inc.&#146;s significant dependence on
continued demand for advertising, and the potential adverse effect thereon from
economic conditions, cyclical and seasonal variations and competitive pressures,
and on securing commercially favourable distribution arrangements with
broadcasting distribution undertakings;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the adverse effect of new technology and increasing
fragmentation in Bell&nbsp;Media&nbsp;Inc.&#146;s television and radio markets;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">royalties payable by Bell&nbsp;Media&nbsp;Inc. under licences
pursuant to the <I>Copyright Act </I>may increase;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">health concerns about radio frequency emissions from
wireless devices;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our ability to maintain customer service and our
networks operational in the event of the occurrence of environmental disasters
or epidemics, pandemics and other health risks;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">employee retention and performance;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">BCE&nbsp;Inc.&#146;s dependence on the ability of its
subsidiaries, joint ventures and other companies in which it has an interest
to&nbsp;pay dividends and make other distributions;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">there can be no certainty that dividends will be
declared by BCE&nbsp;Inc.&#146;s board of directors or that BCE&nbsp;Inc.&#146;s dividend policy
will be maintained;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">stock market volatility; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the expected timing and completion of the proposed
acquisition by BCE&nbsp;Inc. of an interest in Maple Leaf Sports &amp; Entertainment Ltd.
is subject to closing conditions, termination rights and other risks and
uncertainties including, without limitation, any required regulatory and sports
league approvals.</font></LI>
</UL>
<P style="text-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&nbsp;implied by, our forward-looking statements are discussed throughout this
Annual Information Form and the BCE&nbsp;2011 MD&amp;A and, in particular, in the
sections of the BCE&nbsp;2011 MD&amp;A entitled <I>Our Competitive Environment, Our
Regulatory Environment </I>and <I>Risks that Could Affect Our Business and
Results</I>, at pages 54 to 57, pages 58 to 61,
and pages 62 to 69, respectively, of the BCE&nbsp;2011
Annual&nbsp;Report, which sections are incorporated by reference herein.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">We caution readers that the risks described above
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&nbsp;material adverse effect on our business, financial position or financial
performance.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">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;8,&nbsp;2012. 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&nbsp;meaningful way or in the same way we present known risks affecting
our&nbsp;business.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT>
<b>
<FONT face="Arial" size="2">3</FONT></b></P>


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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">CORPORATE STRUCTURE</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">INCORPORATION AND REGISTERED OFFICES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">BCE&nbsp;Inc. was incorporated in 1970 and was continued
under the <I>Canada Business Corporations Act </I>in 1979. It is governed by
a&nbsp;certificate and articles of amalgamation dated August&nbsp;1,&nbsp;2004, by
a&nbsp;certificate and articles of arrangement dated July&nbsp;10,&nbsp;2006, by a&nbsp;certificate
and articles of amendment dated January&nbsp;25,&nbsp;2007 and by a&nbsp;certificate and
articles of amendment dated June&nbsp;29,&nbsp;2011. BCE&nbsp;Inc.&#146;s head and registered
offices are at 1 Carrefour Alexander-Graham-Bell, Building A, 8th Floor, Verdun,
Qu&#233;bec H3E 3B3.</font></P>
<P style="text-align: left;">
<B><font face="Arial">SUBSIDIARIES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below shows BCE&nbsp;Inc.&#146;s main subsidiaries,
where they are incorporated or registered, and the percentage of voting and
non-voting securities that BCE&nbsp;Inc. beneficially owns or directly or indirectly
exercises control or direction over. BCE&nbsp;Inc. has other subsidiaries, but they
have not been included in the table because each represents 10% or less of our
total consolidated assets and 10% or less of our total consolidated operating
revenues. These other subsidiaries together represented 20% or less of our total
consolidated assets and 20% or less of our total consolidated operating revenues
at&nbsp;December&nbsp;31,&nbsp;2011.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="60%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="19%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="19%">
<font size="1" face="Arial">PERCENTAGE OF VOTING SECURITIES</font></TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="19%">
<font size="1" face="Arial">WHERE IT IS INCORPORATED</font></TD>
	<TD align=right width="19%">
<font size="1" face="Arial">THAT BCE&nbsp;INC. BENEFICIALLY HELD</font></TD>
	<TD align=left width=2%>
<font size="1" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SUBSIDIARY</font></TD>
	<TD align=right width="19%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">OR REGISTERED</font></TD>
	<TD align=right width="19%" style="border-bottom: 1px solid #000000">
<font face="Arial"><font size="1">AT DECEMBER 31,&nbsp;2011</font></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" valign="top">
<p style="margin-top: -6px"><font size="-2" face="Arial"><sup>(1)</sup></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="2" face="Arial">Bell&nbsp;Canada</font></TD>
	<TD align=right width="19%">
<font size="2" face="Arial">Canada</font></TD>
	<TD align=right width="19%">
<font size="2" face="Arial">100%</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="2" face="Arial">Bell&nbsp;Mobility&nbsp;Inc. (Bell&nbsp;Mobility)</font></TD>
	<TD align=right width="19%">
<font size="2" face="Arial">Canada</font></TD>
	<TD align=right width="19%">
<font size="2" face="Arial">100%</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%">
<font size="2" face="Arial">Bell&nbsp;ExpressVu Limited Partnership (Bell&nbsp;ExpressVu)</font></TD>
	<TD align=right width="19%">
<font size="2" face="Arial">Ontario</font></TD>
	<TD align=right width="19%">
<font size="2" face="Arial">100%</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;Media&nbsp;Inc. (Bell&nbsp;Media)</font></TD>
	<TD align=right width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Canada</font></TD>
	<TD align=right width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">100%</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table3">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
		<P style="text-align: left;">
<font size="1" face="Arial">BCE&nbsp;Inc. does not own any outstanding non-voting
securities issued by these subsidiaries.</font></P>
		</td>
	</tr>
</table>
<P style="text-align: left;">
<font size="2" face="Arial">As at December&nbsp;31,&nbsp;2011, BCE&nbsp;Inc. and its
subsidiaries also owned 44.1% of the issued and outstanding voting securities of
Bell&nbsp;Aliant&nbsp;Inc. with the remaining interest publicly held.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Pursuant to an Amended and Restated Securityholder&#146;s
Agreement dated January&nbsp;1,&nbsp;2011, entered into between Bell&nbsp;Aliant&nbsp;Inc., Bell&nbsp;Aliant
Regional Communications, Limited Partnership, Bell&nbsp;Aliant Regional
Communications&nbsp;Inc., 6583458 Canada&nbsp;Inc., BCE&nbsp;Inc. and Bell&nbsp;Canada, BCE&nbsp;Inc. has
the following rights with respect to Bell&nbsp;Aliant&nbsp;Inc. or Bell&nbsp;Aliant Regional
Communications&nbsp;Inc.:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">For so long as BCE&nbsp;Inc. and its subsidiaries own
a&nbsp;30% or greater interest in Bell&nbsp;Aliant&nbsp;Inc., and provided that certain major
commercial agreements are in place, BCE&nbsp;Inc. has the right to direct Bell&nbsp;Aliant
Inc. with respect to the nomination of up to a&nbsp;majority of the directors of
Bell&nbsp;Aliant&nbsp;Inc. and has the right to appoint a&nbsp;majority of the directors of
Bell&nbsp;Aliant Regional Communications&nbsp;Inc.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">For so long as BCE&nbsp;Inc. and its subsidiaries own
a&nbsp;20% or greater interest in Bell&nbsp;Aliant&nbsp;Inc., BCE&nbsp;Inc. also has the ability to
veto certain actions of Bell&nbsp;Aliant&nbsp;Inc. (such as certain material business
plans and corporate transactions, material changes in business, leverage in
excess of 2.5 times debt to earnings before interest, taxes, depreciation and
amortization, the appointment and change of the chief executive officer and
entering into material commercial agreements with our competitors).</font></LI>
</UL>


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


<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>4</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">GENERAL SUMMARY</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">BCE&nbsp;Inc. is Canada&#146;s largest communications company,
providing residential, business and wholesale customers with a&nbsp;wide range of
solutions to all their communications needs, including the following:
Bell&nbsp;Mobility wireless, high-speed Bell&nbsp;Internet, Bell&nbsp;Satellite&nbsp;TV and Bell&nbsp;Fibe&nbsp;TV,
Bell&nbsp;Home Phone local and long distance, and Bell&nbsp;Business Markets Internet
protocol (IP)-broadband and information and communications technology (ICT)
services. In 2011, we reported the results of our operations in four segments:
Bell&nbsp;Wireline, Bell&nbsp;Wireless, Bell&nbsp;Media and Bell&nbsp;Aliant. Bell, which
encompasses our core operations, is the largest local exchange carrier in
Ontario and Qu&#233;bec, and is comprised of our Bell&nbsp;Wireline, Bell&nbsp;Wireless and
Bell&nbsp;Media segments. Bell&nbsp;Media is a&nbsp;diversified Canadian multimedia company that, as
described in more detail below, holds assets in television, radio and
digital media. We also own a&nbsp;44.1% interest in Bell&nbsp;Aliant&nbsp;Inc., the
subsidiaries of which include the incumbent carrier in Canada&#146;s Atlantic
provinces and in rural areas of Ontario and Qu&#233;bec.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On April&nbsp;1,&nbsp;2011, BCE&nbsp;Inc. acquired the remaining
85% interest in CTV&nbsp;Inc. (formerly CTVglobemedia&nbsp;Inc.) it did not already own
and launched Bell&nbsp;Media, a&nbsp;new business segment encompassing all CTV properties
and other Bell&nbsp;content assets. Bell&nbsp;Media holds conventional television, specialty television, radio
broadcasting and digital media assets. More specifically, Bell&nbsp;Media owns 28
conventional television stations across Canada, including CTV, Canada&#146;s leading
television network based on viewership, and owns and operates 30 specialty
television channels, including TSN and RDS. Bell&nbsp;Media also owns 33
radio stations throughout Canada, numerous websites including CTV.ca, TSN.ca,
RDS.ca, MuchMusic.com, MTV.ca, TheComedyNetwork.ca and the Sympatico.ca portal,
and Dome Productions Partnership, a&nbsp;provider of
sports and other event production and broadcast facilities. As at the
acquisition date, Bell&nbsp;transferred the portal assets from its wireline business
to the new Bell&nbsp;Media segment.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On January&nbsp;1,&nbsp;2011, Bell&nbsp;acquired xWave, a&nbsp;division
of Bell&nbsp;Aliant, specializing in IT professional services and advanced technology
solutions. Our reportable segments and consolidated results did not change as
a&nbsp;result of this acquisition by&nbsp;Bell.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">In addition to our operating segments, we also hold
minority equity interests in entities that operate the Montr&#233;al Canadiens Hockey
Club and the Bell&nbsp;Centre in Montr&#233;al.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On December&nbsp;9,&nbsp;2011, BCE&nbsp;Inc. announced it had, in
a&nbsp;joint ownership arrangement with Rogers Communications&nbsp;Inc. (Rogers), agreed
to purchase a&nbsp;net 75% ownership position in Maple Leaf Sports &amp; Entertainment
Ltd. (MLSE) from Ontario Teachers&#146; Pension Plan Board (Teachers&#146;).</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">More information with respect to the proposed
acquisition of an interest in MLSE and with respect to the above-mentioned
acquisitions of CTV&nbsp;Inc. and xWave can be found under <I>General Development of
Our Business &#150; Three-Year History</I>.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">For the year ended December&nbsp;31,&nbsp;2011, we generated
consolidated operating revenues of $19,497&nbsp;million and consolidated net earnings
of $2,574&nbsp;million.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below shows the operating revenues that
each segment contributed to total operating revenues for the years ended
December&nbsp;31,&nbsp;2011 and 2010.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" colspan=3
 style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">OPERATING REVENUES (IN $ MILLIONS)</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SEGMENT</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="1" face="Arial">2011</font></B></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">% CHANGE</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2" face="Arial">Bell&nbsp;Wireline</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">10,621</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">10,948</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">(3.0</font></TD>
	<TD align=left width=2%>
<font size="2" face="Arial">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2" face="Arial">Bell&nbsp;Wireless</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">5,231</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">4,906</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">6.6</font></TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2" face="Arial">Bell&nbsp;Media</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">1,542</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="top">
<b><font size="-2" face="Arial"><sup>(1)</sup></font></b></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">n.m.</font></TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Inter-segment eliminations</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="2" face="Arial">(261</font></B></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="2" face="Arial">)</font></B></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">(185</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">(41.1</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2" face="Arial">Bell</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">17,133</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">15,669</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">9.3</font></TD>
	<TD align=left width=2%>
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2" face="Arial">Bell&nbsp;Aliant</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">2,775</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">2,808</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">(1.2</font></TD>
	<TD align=left width=2%>
<font size="2" face="Arial">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Inter-segment eliminations</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="2" face="Arial">(411</font></B></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="2" face="Arial">)</font></B></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">(408</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">(0.7</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Total Operating Revenues</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="2" face="Arial">19,497</font></B></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">18,069</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">7.9</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table4">
	<tr>
		<td width="100%" valign="top" colspan="2">
<P style="text-align: left;">
<I><font size="1" face="Arial">n.m.: not meaningful</font></I></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font size="1" face="Arial">From April&nbsp;1,&nbsp;2011 to December&nbsp;31,&nbsp;2011.</font></P>
		</td>
	</tr>
</table>
<P style="text-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 <I>2011 Operating
Highlights </I>and <I>Financial Results Analysis </I>in the BCE&nbsp;2011 MD&amp;A, at
pages 35 to 36<b> </b>and pages 41 to 47,
respectively, of the BCE&nbsp;2011 Annual Report, which sections are incorporated by
reference herein.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT>
<b>
<FONT face="Arial" size="2">5</FONT></b></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">Additional information regarding our business
operations and the products and services we provide can be found in the section
entitled <I>About Our Business </I>in the BCE&nbsp;2011 MD&amp;A, at pages 23 to
28<b> </b>of the BCE&nbsp;2011 Annual Report, which section is&nbsp;incorporated by
reference herein.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Finally, additional information regarding the
business outlook of our Bell&nbsp;Wireline, Bell&nbsp;Wireless, Bell&nbsp;Media and Bell&nbsp;Aliant
segments can be found in the section entitled <I>Business Outlook and
Assumptions </I>in the BCE&nbsp;2011 MD&amp;A, at pages 32 to 34<b> </b>of&nbsp;the BCE&nbsp;2011 Annual Report, which section is incorporated by reference
herein.</font></P>
<P style="text-align: left;">
<B><font face="Arial">STRATEGIC IMPERATIVES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Our goal is to be recognized by customers as
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 the foremost provider in
Canada 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&nbsp;stakeholders.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Our strategy to deliver a&nbsp;better customer experience
centres on our disciplined focus on our five existing strategic imperatives
along with the addition of a&nbsp;new imperative to <I>Expand Media Leadership </I>
following our acquisition of CTV and the formation of Bell&nbsp;Media. The six strategic
imperatives that underlie our business plan are:</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font size="2" face="Arial">1. Invest in Broadband Networks and Services</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font size="2" face="Arial">2. Accelerate Wireless</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font size="2" face="Arial">3. Leverage Wireline Momentum</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font size="2" face="Arial">4. Expand Media Leadership</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font size="2" face="Arial">5. Achieve a&nbsp;Competitive Cost Structure</font></P>
<P style="text-align: left; margin-top:0">
<font size="2" face="Arial">6. Improve Customer Service</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Additional information regarding our strategic
imperatives can be found in the section entitled <I>Strategic Imperatives </I>in
the </font><font size="2" face="Arial">BCE&nbsp;2011 MD&amp;A, at pages 29 to 31<b>
</b>of the BCE&nbsp;2011 Annual Report, which section is incorporated by reference
herein.</font></P>
<P style="text-align: left;">
<B><font face="Arial">OUR COMPETITIVE STRENGTHS</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">Canada&#146;s Largest Communications Company</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">We are Canada&#146;s largest communications company
offering a&nbsp;broad scope of products and services:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">We are the largest local exchange carrier in Canada.
We operate an extensive local access network in the urban areas of&nbsp;Ontario and
Qu&#233;bec, including in the greater metropolitan areas of Toronto and Montr&#233;al, the
two most populous cities in the country. We offer a&nbsp;complete suite of wireline
voice, wireless communication, Internet access, data and video product and
service offerings to residential, business and wholesale customers;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Bell&nbsp;operated approximately 6.1&nbsp;million network
access lines, principally in Ontario and Qu&#233;bec, and continued to hold over
60%&nbsp;of the market share at December&nbsp;31,&nbsp;2011;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">We are the second largest wireless operator in
Canada based on the number of subscribers, providing more than 7.4&nbsp;million
subscribers with nationwide wireless service at December&nbsp;31,&nbsp;2011;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">We are the largest digital television provider in
Canada, nationally broadcasting more than 500 all-digital TV and audio channels
and a&nbsp;wide range of domestic and international programming to approximately
2.1&nbsp;million subscribers at December&nbsp;31,&nbsp;2011 through our direct-to-home (DTH)
satellite service and Fibe&nbsp;TV, our new IP television (IPTV) service launched in
September&nbsp;2010;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">We are the largest Internet service provider in
Canada, providing approximately 2.1&nbsp;million customers at December&nbsp;31,&nbsp;2011 with
high-speed Internet access through digital subscriber line (DSL), fibre-optic or
wireless broadband technology;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Our Business Markets unit serves the communications needs of Canadian businesses. In addition
to Internet access, some of the services offered by Bell&nbsp;Business Markets
include IP-based Services, ICT Solutions, Professional Services, Managed
Services and Infrastructure Services as well as legacy data services; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Bell&nbsp;Aliant, the incumbent local exchange carrier in
Atlantic Canada and rural areas of Ontario and Qu&#233;bec, operated approximately
2.6&nbsp;million network access lines at December&nbsp;31,&nbsp;2011.</font></LI>
</UL>


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<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">Our large customer base and our ability to sell
through a&nbsp;variety of distribution channels, as discussed in more detail under </font>
<font face="Arial">
<I><font size="2">Marketing and Distribution Channels</font></I><font size="2">,
are key competitive advantages.</font></font></P>
<P style="text-align: left;">
<B><font face="Arial">Strength in Wireless</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Our wireless segment provides wireless services over
technologically advanced wireless networks that are available to&nbsp;virtually all
of the Canadian population. We offer a&nbsp;broad range of wireless voice and data
communications products and services to residential and business customers
through our portfolio of targeted brands, including Bell, Virgin Mobile and Solo
Mobile.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Wireless is a&nbsp;key growth segment for Bell&nbsp;and we
have established strategic priorities seeking to further enhance our offerings.
Bell&nbsp;is focused on capturing an increasing share of new wireless customers
through growing points of presence, improved sales execution and increased
value-added service offerings. We also believe our priorities for improved
customer experience at all touch points, enhanced network quality and data
speeds, and an expanded handset offering should improve our ability to attract
and maintain wireless customers. With the launch of a&nbsp;national high-speed packet
access plus network (HSPA+ network) in November&nbsp;2009 and the launch, in the
second half of 2011 and in February&nbsp;2012, of 4G LTE wireless service in 14 urban
centres across Canada, we are able to offer one of the broadest ranges of choice
in wireless smartphones in Canada, along with extensive North American and
international coverage. Furthermore, our acquisition in 2009 of substantially
all of the assets of national electronics retailer The Source and its
approximately 700&nbsp;retail stores nationally, gives us an increased presence in
Canada&#146;s highest-traffic mall locations and effectively increases the number of
places where customers can buy Bell&nbsp;products and services. We also believe that
full ownership of&nbsp;Virgin Mobile Canada (Virgin) enhances our competitive market
position by allowing us to compete more effectively with&nbsp;the Canadian industry&#146;s
other flanker brands as well as the newer wireless entrants.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Incumbent Service Provider with Market Leadership Position</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">We leverage our market leadership position and our
broad suite of product offerings as a&nbsp;foundation for the other products and
services we offer, providing us with a&nbsp;significant number of established
customer connections to drive uptake of new products and services, either
through bundled offerings or on a&nbsp;stand-alone basis, and to improve customer
retention. Bell&nbsp;Fibe&nbsp;TV, our new IPTV service launched in September&nbsp;2010, is
driving strong multi-product bundle sales as we continue to expand our service
footprint in communities across Ontario and Qu&#233;bec. The number of triple-play
households &#150; those that buy Home Phone, TV and Internet &#150; increased 11% in 2011
due to the positive impact of Fibe&nbsp;TV.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Our Business Markets unit is also a&nbsp;consistent
market-leading performer having established relationships with a&nbsp;majority
of&nbsp;Canada&#146;s 1,000 largest corporations. Our Business Markets unit continues to
deliver network-centric 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 style="text-align: left;">
<B><font face="Arial">Ability to Leverage Significant Media Assets</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Our acquisition on April&nbsp;1,&nbsp;2011 of the remaining
85% interest in CTV (now Bell&nbsp;Media) that we did not already own provided us
with significant media assets. Acquiring Bell&nbsp;Media&#146;s range of video content
enhances the execution of our strategic imperatives by leveraging our
significant broadband network investments, accelerating Bell&#146;s video growth
across all four screens, and achieving a&nbsp;competitive cost structure. Full
ownership of Bell&nbsp;Media enables Bell&nbsp;to maximize strategic and operating
synergies with Bell&nbsp;Media, including the efficiency of our content and
advertising spend.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Through Bell&nbsp;Media, our key competitive advantage in
the television and radio broadcasting businesses is our position as the leading
multimedia company in Canada with the following assets in television, radio and
digital:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">we own 28 conventional television stations,
including CTV, Canada&#146;s leading television network based on viewership and lead
broadcaster of the London 2012 Olympic Games;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">we own and operate 30 specialty television channels,
including TSN, Canada&#146;s leading specialty channel based on viewership and RDS,
Canada&#146;s leading French-language specialty channel also based on viewership. Our
specialty channels offer more thematic depth and choice than any other specialty
group;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">we lead in top 20 programming (The Big Bang Theory,
American Idol, Grey&#146;s Anatomy) and big event programming (Super&nbsp;Bowl, Academy
Awards, Golden Globes);</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our 33 radio stations reach on average per week
8&nbsp;million listeners from coast to coast; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">we own and operate one of the biggest properties in
the Canadian online landscape. We rank second only to Google (which includes
YouTube) for total video views, third in total time spent viewing video, and
fifth in total unique visitors among all online properties in Canada.</font></LI>
</UL>


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<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">In addition to our industry leading position, our
competitive strengths include our broad reach across Canada, our ability
to&nbsp;acquire top programming for both conventional and specialty television, our
constant drive to provide the most engaging and interactive experience for
viewers, and our ability to serve the needs of advertisers across multiple
platforms.</font></P>
<P style="text-align: left;">
<B><font face="Arial">MARKETING AND DISTRIBUTION CHANNELS</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">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 increase customer
acquisition, retention and loyalty through multiple service offerings.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Through the Bell&nbsp;Bundle, which combines wireline
local voice and long distance, high-speed Internet, TV and wireless services,
our goal is to use a&nbsp;quadruple-play product offering to achieve competitive
differentiation by offering a&nbsp;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 style="text-align: left;">
<font size="2" face="Arial">We focus our marketing efforts on a&nbsp;coordinated
program of television, print, radio, Internet, outdoor signage, direct mail and
point-of-sale media promotions. We engage in mass-market advertising in order to
maintain our brand and support direct and indirect distribution channels.
Coordinated marketing efforts throughout our service area ensure that our
marketing message is presented consistently across all of our markets. Promoting
the Bell&nbsp;brand is complemented by the company&#146;s other brand marketing efforts,
reinforcing the awareness of all our services and capitalizing on the size and
breadth of our customer base across all product lines.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">The Bell&nbsp;brand plays a&nbsp;key role in product
positioning. Our branding is straightforward and benefit-focused, and directly
supports our strategy of delivering a&nbsp;better customer experience at every level.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Specifically for wireless, acquiring and retaining
high-value postpaid subscribers is a&nbsp;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&nbsp;practice also used by other Canadian wireless operators. Research
has shown that a&nbsp;key driver of customer acquisition is handset selection and
style. This factor is increasingly important as handset life cycles shorten. Our
current wireless device portfolio includes many leading-edge devices, some
launched as exclusive to Bell. As the Canadian wireless market further matures
and competition intensifies as a&nbsp;result of Industry Canada&#146;s licensing of AWS
spectrum to new entrants in 2008, 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 style="text-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 The Source, which are now
held by&nbsp;Bell&nbsp;Canada&#146;s wholly-owned subsidiary The Source (Bell) Electronics
Inc., has added approximately 700 retail stores, most of&nbsp;them in high-traffic
mall locations, increasing Bell&#146;s national distribution footprint.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;delivers its products and services to
residential customers through:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">a network of corporate and dealer-owned Bell,
Bell&nbsp;Mobility and Virgin Mobile retail locations;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">The Source (Bell) Electronics&nbsp;Inc.&#146;s approximately
700 retail locations;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">national retailers such as Future Shop, Best Buy,
Wal-Mart, Wireless Wave, T-Booth, Wireless Etc., Loblaws and a&nbsp;network
of&nbsp;regional and independent retailers in all regions;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">call centre representatives; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the bell.ca and virginmobile.ca websites.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">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 style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;also offers customers the convenience of &#147;One
Bill&#148; for Home Phone, Internet, TV and wireless services with a&nbsp;single point
of&nbsp;contact.</font></P>
<P style="text-align: left;">
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<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">Communications products and services, other than
wireless, for Bell&#146;s business customers are delivered by the Bell&nbsp;Business
Markets unit. Products and solutions are sold to 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&nbsp;Business Markets unit bundles products,
services and professional services into fully managed, end-to-end, information
and technology business solutions for its&nbsp;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.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&#146;s wireless products and services are delivered
to business customers by Bell&nbsp;Mobility through the same channels as those
previously described for Bell&nbsp;Mobility services with respect to residential
customers. In addition, Bell&#146;s business customers are served by Bell&#146;s
nationwide sales team responsible for the sale of wireless products and services
to business customers as well as&nbsp;the execution of sales contracts.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">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 style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Media&#146;s television customer base is comprised
primarily of large advertising agencies, which place advertisements with
Bell&nbsp;Media on behalf of their customers. Bell&nbsp;Media has contracts with a&nbsp;variety
of broadcasting distribution undertakings (BDUs), under which monthly
subscription fees for specialty television services are earned. Bell&nbsp;Media&#146;s
radio broadcast customer base is comprised of both advertising agencies and
businesses in local markets. Bell&nbsp;Media&#146;s conventional television networks are
delivered to Canadians through over-the-air broadcast transmission and through
distribution by BDUs. Bell&nbsp;Media&#146;s specialty television channels are delivered
through distribution arrangements with BDUs, and its radio stations are
distributed through over-the-air transmission. In addition to these primary
distribution channels, Bell&nbsp;Media additionally distributes certain of its
television and radio programming through a&nbsp;variety of non-traditional means,
such as&nbsp;mobile, Internet streaming on its family of&nbsp;websites, including
Sympatico.ca, and in-flight programming.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Aliant sells its products and services through
call centre representatives, independent dealer stores (certain of which are
full service and certain of which sell small and mid-sized business products),
value-added resellers and its family of websites. In addition to these channels,
Bell&nbsp;Aliant sells products and services to larger business customers through
dedicated sales representatives and competitive bids. As well, Bell&nbsp;Aliant
facilitates customer payments at numerous payment locations in New&nbsp;Brunswick,
Nova Scotia, Prince Edward Island and Newfoundland and Labrador. During 2011,
Bell&nbsp;Aliant continued to implement measures to simplify and improve various
types of customer interactions.</font></P>
<P style="text-align: left;">
<B><font face="Arial">OUR NETWORKS</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The telecommunications industry is evolving rapidly
as the industry continues to move from multiple service-specific networks to
IP-based integrated communications networks where voice, data and video traffic
all travel on a&nbsp;single network. Bell&nbsp;and Bell&nbsp;Aliant continue to work with key
vendor partners to expand their national multi-services IP-enabled networks.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&#146;s communications networks provide wireline and
wireless, voice, data and video services to customers across Canada.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&#146;s infrastructure includes:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">national transport networks for voice, data and
video traffic, including Internet traffic;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">urban and rural access networks and infrastructures
for delivering services to customers; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">national wireless networks that provide voice, data
and video services.</font></LI>
</UL>
<P style="text-align: left;">
<B><font face="Arial">Wireline</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">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&nbsp;Francisco/Palo Alto and Seattle in the United
States.</font></P>
<P style="text-align: left;">
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<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&#146;s network in major Canadian cities provides
state-of-the-art high-speed access at gigabit speeds based on IP technology.
Bell&nbsp;and Bell&nbsp;Aliant operate a&nbsp;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 Canada and around the world. The IPVPN service is the foundation
platform required for the delivery of ICT 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&nbsp;and Bell&nbsp;Aliant
maintain extensive copper and voice-switching networks that provide traditional
local and interexchange voice and data services to all business and residential
customers in Ontario, Qu&#233;bec and the Atlantic provinces.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;has been upgrading the access infrastructure by
deploying fibre closer to its residential customers using fibre-to-the-node (FTTN)
technology. In parallel, Bell&nbsp;has also been deploying high-speed fibre access
directly to new condominiums and other multiple-dwelling units (MDUs),
throughout the Qu&#233;bec-Windsor corridor, under a&nbsp;fibre-to-the-building (FTTB)
initiative.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On February&nbsp;4,&nbsp;2010, Bell&nbsp;Canada announced several
initiatives supporting its strategic imperative to invest in broadband networks
and services.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">First, Bell&nbsp;Canada announced a&nbsp;three-year plan to
deploy high-speed fibre-to-the-home (FTTH) technology across the Qu&#233;bec City
region. In our view, 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 Canada, Bell&nbsp;Canada&#146;s
Qu&#233;bec City region initiative is the largest city-wide FTTH rollout in the
country to-date. Since the Qu&#233;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 infrastructure.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Canada also announced its plan to deploy FTTH
to all new urban and suburban housing developments in Ontario and Qu&#233;bec, which
began in the second half of 2010. This is in addition to Bell&nbsp;Canada&#146;s ongoing
deployment of FTTB to MDUs.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On February&nbsp;4,&nbsp;2010, Bell&nbsp;Canada also announced that
its new Bell&nbsp;Fibe&nbsp;Internet service was available in the Montr&#233;al and Greater
Toronto areas, providing users with higher download speeds of up to 25 megabits
per second (Mbps). Fibe&nbsp;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 style="text-align: left;">
<font size="2" face="Arial">On September&nbsp;13,&nbsp;2010, Bell&nbsp;Canada announced the
launch of Bell&nbsp;Fibe&nbsp;TV, its advanced IPTV service, in several Toronto and
Montr&#233;al neighbourhoods. Since that time, we have significantly expanded our
Fibe&nbsp;TV service footprint, which now encompasses approximately 2&nbsp;million
households across Montr&#233;al and Toronto. Delivered over our advanced high-speed
fibre-optic network and powered by Microsoft&#146;s Mediaroom multimedia software,
Fibe&nbsp;TV complements our national TV satellite service and expands television
choice and competition in major urban markets where cable has dominated. Bell&nbsp;Fibe&nbsp;TV
offers a&nbsp;wide range of flexible programming options and innovative features,
including a&nbsp;whole-home personal video recorder (PVR), the ability to record
multiple programs simultaneously, a&nbsp;picture-in-picture program guide, advanced
search capabilities, and the fastest channel change capability on the market
today. Unlike cable, Fibe&nbsp;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.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On July&nbsp;7,&nbsp;2009, Bell&nbsp;Aliant, with the support of
the Government of New Brunswick, announced a&nbsp;$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&nbsp;Aliant to deliver its new &#147;FibreOP&#148; branded FTTH
broadband services. Bell&nbsp;Aliant announced and launched FibreOP services in
various locations in Atlantic Canada throughout 2010 and 2011.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On May&nbsp;28,&nbsp;2010, Bell&nbsp;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&nbsp;Aliant and the Government
of Prince Edward Island announced that FibreOP services would be introduced in
Prince Edward Island. On April&nbsp;7,&nbsp;2011, Bell&nbsp;Aliant announced that its FibreOP
services would be introduced in Newfoundland and Labrador. The virtually 100%
aerial nature of Bell&nbsp;Aliant&#146;s network infrastructure and the relatively low
population densities in Atlantic Canada make the cost of FTTH and FTTN very
similar in&nbsp;these markets.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On April&nbsp;13,&nbsp;2011, Bell&nbsp;Aliant launched its next
generation of Internet and TV service with FibreOP 2.0. FibreOP 2.0 introduces
more speed and functionality to customers for the same price. FibreOP 2.0 TV
also provides enhanced functions and features for TV. Existing FibreOP Internet
customers will be upgraded to the new FibreOP 2.0 Internet product with no
additional fees or need for an equipment upgrade. Bell&nbsp;Aliant also plans to
upgrade existing Bell&nbsp;Aliant TV customers and FibreOP TV customers to the new
TV&nbsp;product.</font></P>
<P style="text-align: left;">
&nbsp;</P>


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<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">As of the end of 2011, Bell&nbsp;Aliant&#146;s FibreOP
services were available to 458,000 homes and businesses in Atlantic Canada,
while Bell&nbsp;Aliant&#146;s high-speed Internet service was available to over 85% of
homes in Bell&nbsp;Aliant&#146;s operating territory.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">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 us in order to install network equipment on
municipal property will be issued on a&nbsp;timely basis. The failure by
municipalities to issue such consents or to issue such consents in accordance
with our schedules 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 <I>Business Outlook and Assumptions </I>in the BCE&nbsp;2011
MD&amp;A, at pages 32 to 34<b> </b>of the BCE&nbsp;2011 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, regulatory, technological, economic and
financial risks. Our ability to raise financing depends on our ability to access
the public equity and debt capital markets and the bank credit market which, in
turn, is based on prevailing market conditions and the outlook for our business
and credit ratings at the time the capital is raised. Refer to the sections
entitled <I>Our Competitive Environment, Our Regulatory Environment </I>and <I>
Risks that Could Affect Our Business and Results </I>in the BCE&nbsp;2011 MD&amp;A, at
pages 54 to 57, pages 58 to 61, and
pages 62 to 69, respectively, of the BCE&nbsp;2011 Annual
Report, which sections are incorporated by reference herein, for a&nbsp;description
of risks that could affect our business and our ability to generate cash flows
from operations, and to the risk entitled <I>If we are unable to raise the
capital we need, we may need to limit our capital expenditures or our
investments in new businesses, or try to raise capital by disposing of assets </I>
for a&nbsp;description of risks that could affect our ability to&nbsp;raise&nbsp;financing.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Wireless</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;provides wireless connectivity through the use
of its own wireless facilities as well as the facilities of other wireless
carriers that Bell&nbsp;may access through contractual arrangements.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">We have deployed and operate a&nbsp;number of
nationwide wireless broadband networks compatible with global standards that
deliver high-quality and reliable voice and high-speed data services. Our
wireless HSPA+ network, launched in November&nbsp;2009, offers high-speed mobile
access of up to 21 Mbps to over 97% of the Canadian population and covers
thousands of cities and towns in both urban and rural locations. The HSPA+
network supports global roaming, as well as a&nbsp;wide range of smartphones, data
cards, universal serial bus (USB) sticks, tablets and other leading-edge mobile
devices. Our HSPA+ network also supports international roaming in more than 200
countries, including a&nbsp;preferred roaming agreement with AT&amp;T&nbsp;Inc., the largest
HSPA operator in the United States. The vast majority of the site connectivity
for the new HSPA+ 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&nbsp;42&nbsp;Mbps when using USB-capable modem devices. At&nbsp;December&nbsp;31,&nbsp;2011, 42
Mbps dual cell service was available to over 70% of&nbsp;the Canadian population.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;was also the first wireless service provider in
Canada to launch a&nbsp;4G LTE network in the Greater Toronto Area in September&nbsp;2011,
offering mobile Internet data access speeds as fast as 75 Mbps with typical
speeds ranging from 12 to 25&nbsp;Mbps. At December&nbsp;31,&nbsp;2011, Bell&nbsp;had deployed its
4G LTE network in certain areas of the Greater Toronto Area (including
Mississauga), Hamilton, Kitchener-Waterloo, Guelph, Belleville, Yellowknife and
Halifax-Dartmouth. In February&nbsp;2012, we expanded our LTE mobile network to seven
more urban centres across Canada, including Montr&#233;al, Qu&#233;bec City, Ottawa,
London, Calgary, Edmonton and Vancouver. We intend to expand service to more
Canadian cities and towns in 2012.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">In addition to our LTE and HSPA+ networks, we
operate a&nbsp;national 3G code division multiple access (CDMA) evolution, data
optimized (EVDO) network covering 99% of Ontario&#146;s and Qu&#233;bec&#146;s populations and
approximately 97% of Atlantic Canada&#146;s population at December&nbsp;31,&nbsp;2011. Our CDMA
network also covers major cities in the provinces of Alberta and British
Columbia. At&nbsp;the end of 2011, Bell&#146;s EVDO network covered over 90% of the
Canadian population. EVDO delivers high-speed mobile services with data-rich
content such as e-mail, video messaging, gaming, video conferencing, telematics
and streaming entertainment. Bell&nbsp;plans to continue operating its CDMA network
for the foreseeable future.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Mobility also operates approximately 2,000
public Wi-Fi hotspots at McDonald&#146;s, Starbucks and Indigo retail outlets across
Canada, in addition to hundreds of thousands of Wi-Fi hotspots managed through
our Bell&nbsp;Business Markets unit at&nbsp;enterprise customer locations.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">With our multiple high-speed data networks, we are
able to offer Canadian consumers a&nbsp;broad range of choice in wireless smartphones,
including devices from Apple, RIM, Samsung, HTC and LG, as well as other
smartphones, touch screen tablets and other devices designed for data services
such as e-mail, messaging, Internet access and social networking.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">11</FONT></b></P>


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<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">OUR EMPLOYEES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below shows the number of our&nbsp;employees as
at December&nbsp;31,&nbsp;2011,&nbsp;2010 and 2009.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">NUMBER OF EMPLOYEES AT DECEMBER 31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="1" face="Arial">2011</font></B></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0" valign="top">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 valign="top">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">2009</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Bell&nbsp;Wireline segment</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">34,800</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="top">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">35,100</font></TD>
	<TD align=left width=2% valign="top">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">34,800</font></TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Bell&nbsp;Wireless segment</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">7,750</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="top">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">8,300</font></TD>
	<TD align=left width=2% valign="top">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">8,000</font></TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Bell&nbsp;Media segment</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">6,000</font></B></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" valign="top">
<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% valign="top">
<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="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Bell&nbsp;Aliant segment</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="2" face="Arial">6,700</font></B></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0" valign="top">
<b><font size="-2" face="Arial"><sup>(1)</sup></font></b></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">6,800</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 valign="top">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">8,100</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Total</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<B><font size="2" face="Arial">55,250</font></B></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0" valign="top">
<b><font size="-2" face="Arial"><sup>(2)</sup></font></b></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">50,200</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 valign="top">
<font size="-2" face="Arial"><sup>(3)</sup></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">50,900</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table5">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">(1)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">The total number of Bell&nbsp;Aliant employees at the end
		of 2011 was 6,700 compared with 6,800 on December&nbsp;31,&nbsp;2010, due mainly
		to voluntary retirement incentives offered to certain unionized staff
		and further reductions of Bell&nbsp;Aliant&#146;s management workforce.</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">(2)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">The total number of Bell&nbsp;employees at the end of
		2011 was 48,550, which included 6,000&nbsp;employees at Bell&nbsp;Media and 3,700
		employees at The Source (Bell)&nbsp;Electronics&nbsp;Inc., compared with 43,400 on
		December&nbsp;31,&nbsp;2010, which included 3,400&nbsp;employees at The Source (Bell)
		Electronics&nbsp;Inc. The increase in Bell&#146;s&nbsp;headcount was primarily the
		result of the acquisition on April 1,&nbsp;2011 of CTV.</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(3)</font></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font size="1" face="Arial">The total number of Bell&nbsp;employees at the end of
2010 was 43,400, which included 3,400&nbsp;employees at The Source (Bell) Electronics
Inc., compared with 42,800 on December&nbsp;31,&nbsp;2009, which included 3,500&nbsp;employees
at The Source (Bell) Electronics&nbsp;Inc. 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 2010, broadband fibre development 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.</font></P>
		</td>
	</tr>
</table>
<P style="text-align: left;">
<font size="2" face="Arial">Approximately 45% of the BCE&nbsp;group&nbsp;employees are
represented by unions and are covered by collective agreements.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">The following collective agreements covering 100 or
more&nbsp;employees were ratified in 2011 or early 2012:</font></P>
<ul>
	<li>
	<P style="text-align: left; margin-top:0; margin-bottom:0">
	<font face="Arial" size="2">the collective agreements covering approximately
	3,690 Bell Technical Solutions (BTS) employees in Qu&#233;bec and Ontario set to
	expire in May 2014 were renewed early and will be in effect until May 6,
	2018;</font></P></li>
	<li>
	<P style="text-align: left; margin-top:0; margin-bottom:0">
	<font face="Arial" size="2">the new collective agreement between the
	Communications, Energy and Paperworkers&#146; Union of Canada (CEP) and Bell
	Canada covering approximately 810 communications sales employees was
	ratified on July 27, 2011 and will be in force until December 31, 2013;</font></P>
	</li>
	<li>
	<P style="text-align: left; margin-top:0; margin-bottom:0">
	<font face="Arial" size="2">the collective agreement between Northwestel
	Inc. and the International Brotherhood of Electrical Workers covering
	approximately 395 clerical and craft employees expired on December 31, 2010.
	A tentative agreement was ratified on January 14, 2011 and the new agreement
	will last until December 31, 2013;</font></P></li>
	<li>
	<P style="text-align: left; margin-top:0; margin-bottom:0">
	<font face="Arial" size="2">the collective agreement between the CEP and
	Telebec, Limited Partnership covering approximately 220 clerical employees
	was ratified and will be in force until November 1, 2014;</font></P></li>
	<li>
	<P style="text-align: left; margin-top:0; margin-bottom:0">
	<font face="Arial" size="2">the new collective agreement between the CEP and
	Expertech Network Installation Inc. (Expertech) covering approximately 175
	clerical employees was ratified on April 1, 2011 and will be in force until
	November 30, 2014;</font></P></li>
	<li>
	<P style="text-align: left; margin-top:0; margin-bottom:0">
	<font face="Arial" size="2">the collective agreement between the CEP and
	NorthernTel, Limited Partnership (NorthernTel) covering approximately 132
	craft and clerical employees has been renewed and will be in force until
	February 28, 2014; and</font></P></li>
	<li>
	<P style="text-align: left; margin-top:0; margin-bottom:0">
	<font face="Arial" size="2">the collective agreement between the CEP and
	Bell Canada (Information and Communications Technology) covering
	approximately 125 clerical employees that was set to expire on May 31, 2011,
	was renewed and will apply until May 31, 2014.</font></P></li>
</ul>
<P style="text-align: left;"><font face="Arial" size="2">The following collective agreements covering 100 or
more&nbsp;employees will expire in 2012:</font></P>
<ul>
	<LI>
	<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">the collective agreement between the CEP and
Bell&nbsp;Canada covering approximately 4,585 craft&nbsp;employees will expire
on&nbsp;November&nbsp;30,&nbsp;2012;</font></LI>
	<LI>
	<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">the collective agreement between the United Steel
Workers of America (USWA) and Nordia&nbsp;Inc. covering approximately
775&nbsp;craft&nbsp;employees will expire on December&nbsp;31,&nbsp;2012;</font></LI>
	<LI>
	<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">the collective agreement between the CEP and Bell&nbsp;Aliant
Regional Communications&nbsp;Inc. covering approximately 155&nbsp;clerical&nbsp;employees will
expire on May&nbsp;31,&nbsp;2012;</font></LI>
	<LI>
	<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">the collective agreement between the CEP and
Bell&nbsp;Media for TV station CFCF covering approximately 140 craft&nbsp;employees
will&nbsp;expire on December&nbsp;31,&nbsp;2012; and</font></LI>
	<LI>
	<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">the collective agreement between the USWA and The
Source (Bell) Electronics&nbsp;Inc. covering approximately 125 craft&nbsp;employees will
expire on April&nbsp;30,&nbsp;2012.</font></LI>
</ul>


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


<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>12</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">The following describes the status of collective
agreements covering 100 or more&nbsp;employees that have already expired:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the collective agreement between the CEP and
Expertech covering approximately 1,360 craft&nbsp;employees expired on November&nbsp;30,
2011. A&nbsp;second collective agreement proposal was tabled for ratification on
February&nbsp;17,&nbsp;2012. Results of&nbsp;the ratification vote will be known on or about
March&nbsp;27,&nbsp;2012;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the collective agreement between the CEP and Bell&nbsp;Aliant
Regional Communications, Limited Partnership (Bell&nbsp;Aliant LP) covering
approximately 650 craft&nbsp;employees expired on November&nbsp;30,&nbsp;2011. Negotiations are
ongoing.</font></LI>
</UL>
<p style="margin-top: 0; margin-bottom: 0"><font size="2" face="Arial">A notice to bargain has been served for the
following Bell&nbsp;Media collective agreements and bargaining will begin in the
coming weeks or is already under way:</font></p>
<ul>
	<li>
	<p style="margin-top: 0; margin-bottom: 0; ">
	<font size="2" face="Arial">the collective agreement between the CEP and CTV Agincourt covering
approximately 490 craft&nbsp;employees; and </font></p></li>
	<li>
	<p style="margin-top: 0; margin-bottom: 0; ">
	<font size="2" face="Arial">the collective agreement between the CEP and CTV Calgary/Edmonton (Alberta)
covering approximately 290 craft&nbsp;employees.</font></p></li>
</ul>
<P style="text-align: left;">
<font size="2" face="Arial">The CEP was certified on March&nbsp;1,&nbsp;2011 to represent
approximately 105 Bell&nbsp;ExpressVu broadcast&nbsp;employees working in the Toronto
region of Ontario. Notice to bargain was served on April&nbsp;4,&nbsp;2011 and bargaining
of a&nbsp;first collective agreement is&nbsp;ongoing.</font></P>
<P style="text-align: left;">
<B><font face="Arial">CORPORATE RESPONSIBILITY</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">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 us&nbsp;while
minimizing, where we can, any negative impact our activities may generate. In
line with this commitment, in 2006, we adopted a&nbsp;resolution to support the
United Nations Global Compact, a&nbsp;set of universal principles addressing human
rights, labour, environmental and anti-corruption issues.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">In 2012, BCE&nbsp;Inc.&#146;s corporate responsibility
strategy, including security, environmental and health and safety (SEHS) risks
and opportunities, will be overseen by the Security, Environmental and Health &amp;
Safety Oversight Committee, an officer level committee. This new committee will
combine the mandates of the former Corporate Responsibility Oversight Committee
and the Security Oversight Committee while adding increased visibility to the
health and safety aspects. The committee&#146;s role is to ensure that BCE&nbsp;Inc.&#146;s
corporate strategies on SEHS are well integrated and aligned across all parts
of&nbsp;its business, with the intent of minimizing financial and reputational risks
and maximizing business opportunities.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">BCE&nbsp;Inc. has implemented a&nbsp;range of social and
environmental policies which are supported by various programs and initiatives.
These policies address issues of importance to our many stakeholders including:
preventing conflicts of interest; protecting company assets; safeguarding
privacy and confidentiality; treating clients, business partners, team members
and competitors with respect and honesty; fostering a&nbsp;diverse and safe
workplace; and, protecting the environment. The policies include amongst others:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Code of Business Conduct</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Bell&nbsp;Privacy Statement</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Bell&nbsp;Code of Fair Information Practices</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Environmental Policy</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Supplier Code of Conduct</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">In 2011, BCE&nbsp;Inc. was listed on the Global 100 Most
Sustainable Corporations in the World, and is part of socially responsible
investment indices such as the FTSE4Good Index and the Jantzi Social Index.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;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&nbsp;solution to climate change by enabling travel
reduction and dematerialization. Monitoring and reducing energy consumption is
a&nbsp;key priority at Bell&nbsp;Canada because of its positive impact on the environment
and the economy. We report on our carbon footprint and carbon reduction
initiatives through the Carbon Disclosure Project since the early beginnings in
2004. In 2011, for the fifth time in 6 years, Bell&nbsp;Canada was recognized as
a&nbsp;Climate Disclosure Leader by the Carbon Disclosure Project.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Details of these policies, and performance of our
programs and initiatives, can be found under the heading <I>Responsibility </I>
on BCE&nbsp;Inc.&#146;s website at www.bce.ca.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">13</FONT></b></P>


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<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">Community</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Canada is committed to advancing mental health
across Canada through the Bell&nbsp;Let&#146;s Talk mental health initiative. Mental
illness affects&nbsp;millions of Canadians yet this major health issue remains
significantly underfunded, misunderstood and stigmatized. With 1 in 5 Canadians
expected to suffer from the disease, everyone has a&nbsp;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&nbsp;issues.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On September&nbsp;21,&nbsp;2010, Bell&nbsp;Canada 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;Let&#146;s Talk
mental health initiative has 4 action 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 Canada.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">During 2011, Bell&nbsp;Canada committed $8.9&nbsp;million of
the program to several initiatives, including partnerships with the Centre for
Addiction and Mental Health, the Foundation H&#244;pital Charles-Lemoyne, the
University of British Columbia&#146;s Institute of Mental Health for the Bell&nbsp;Youth
Mental Health IMPACT Project and the Streetohome Foundation. The Bell&nbsp;Let&#146;s Talk
Community Fund also invested in 49 different local mental health organizations
across Canada in 2011. Through the Bell&nbsp;Let&#146;s Talk Community Fund,
organizations, agencies and hospitals across the country can apply for grants of
up to $50,000 for community-based mental health initiatives.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">In February&nbsp;2012, as part of Bell&nbsp;Let&#146;s Talk,
Bell&nbsp;has made significant contributions to two major institutions in support of
Canadian mental health: a&nbsp;$2&nbsp;million gift to the Douglas Mental Health
University Institute in Montr&#233;al, to establish the Douglas-Bell&nbsp;Canada Brain
Bank to drive research into the causes and effects of mental illness, and
a&nbsp;$1&nbsp;million donation to&nbsp;Queen&#146;s University to establish the Bell&nbsp;Mental Health
and Anti-stigma Research Chair.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Because the challenge of stigma remains the primary
reason an estimated two-thirds of people with mental health problems do not
receive the help they need, Bell&nbsp;continues to invite Canadians to talk about the
issue. The second annual Bell&nbsp;Let&#146;s Talk Day on February&nbsp;8,&nbsp;2012, led by
national spokesperson Clara Hughes and joined by Stefie Shock and Michel
Mpambara, worked to promote discussion and understanding of mental illness while
raising new funds for Canadian mental health. With over 78&nbsp;million text
messages, long distance calls and retweets made that day by Bell&nbsp;Canada and
Bell&nbsp;Aliant customers, Bell&nbsp;Canada&#146;s 5-cent donation per text message, long
distance call and retweet meant that an amount of $3,926,014.20 was raised to support mental
health programs across the country.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">In 2011, Bell&nbsp;Canada was named the recipient of the
2012 Freeman Philanthropic Services Award for Outstanding Corporation for the
Bell&nbsp;Let&#146;s Talk Mental Health Initiative by the Association of Fundraising
Professionals.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">To learn more, please visit bell.ca/letstalk.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Between mental health and their other initiatives,
Bell&nbsp;Canada and Bell&nbsp;Aliant contributed over $17&nbsp;million in community investment
in 2011. Bell&nbsp;Canada and Bell&nbsp;Aliant&nbsp;employees and pensioners also donated over
$1.6&nbsp;million in charitable gifts and logged over 410,000 hours in volunteer
time.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Environment</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On November&nbsp;2, 2004, BCE&nbsp;Inc. adopted an
environmental policy that affirms:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our commitment to environmental protection; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">our belief that environmental protection is an
integral part of doing business, and needs to be managed systematically under
a&nbsp;continuous improvement process.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">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 preventing
pollution and promoting cost-effective initiatives that minimize resources and
waste.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">We have instructed subsidiaries subject to this
policy to support these principles, and have established a&nbsp;management-level
committee to oversee the implementation of the policy.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;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 style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">provides early warning of potential problems;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">identifies management and cost-saving opportunities;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">establishes a&nbsp;course of action; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">ensures ongoing improvement through regular
monitoring and reporting.</font></LI>
</UL>


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


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<FONT face="Arial" size="2"><b>14</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">On April&nbsp;14,&nbsp;2009, Bell&nbsp;Canada obtained the ISO
14001 certification for its environmental management system (Registration
number: EMS 545955). Bell&nbsp;Canada is the only telecommunications company in
Canada to have obtained this certification. The certification covers all of
Bell&nbsp;Canada&#146;s businesses including landline, wireless, television and Internet
services in addition to related administrative functions. Bell&nbsp;Canada has
maintained the certification for the first three-year cycle and has engaged in
the renewal process for 2012. In 2011, Bell&nbsp;Canada also obtained BOMA BEST
certification for seven of its largest Qu&#233;bec-based buildings and BOMA Building
of the Year for its Montr&#233;al Campus, and will seek to obtain certification for
additional buildings throughout 2012, including LEED Gold for its new datacenter
currently under&nbsp;construction.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">One of Bell&nbsp;Canada&#146;s key tools is the corporate
environmental action plan, which outlines the environmental activities of
Bell&nbsp;Canada&#146;s various business units. The plan identifies funding requirements,
accountabilities and deliverables, and monitors Bell&nbsp;Canada&#146;s progress in
meeting its objectives.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">For the year ended December&nbsp;31,&nbsp;2011, Bell&nbsp;Canada
spent $21.1&nbsp;million on environmental activities, 45% of which was expensed and
55% of which was for capital expenditures. For 2012, Bell&nbsp;Canada has budgeted
$19.1&nbsp;million (47% for expenses and 53% for capital expenditures) to seek to
ensure that its environmental policy is applied properly and its environmental
risks are minimized.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Aliant adopted a&nbsp;comprehensive environmental
policy for Atlantic Canada that was updated in 2006 which affirms its goal to
work to create a&nbsp;sustainable future by integrating long-term economic,
environmental and social considerations into the way the business is operated.
The policy provides for the identification of activities and situations which
may have potential to harm the environment, and the implementation of
environmentally positive practices and preventive measures. Bell&nbsp;Aliant&#146;s
program seeks to ensure that it complies with all environmental regulatory
requirements and that its activities are carried out in a&nbsp;manner that minimizes
risk to the environment through a&nbsp;continuous improvement process.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Aliant manages its environment program through
processes similar to those employed by Bell&nbsp;Canada, and collaborates on many
levels to seek harmonization with Bell&nbsp;Canada&#146;s environment program. Bell&nbsp;Aliant
has adopted an environment action plan which sets out specific environmental
goals for 2012.</font></P>
<P style="text-align: left;">
<B><font face="Arial">COMPETITIVE ENVIRONMENT</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">A discussion of our competitive environment can be
found in the section entitled <I>Our Competitive Environment </I>in the </font>
<font size="2" face="Arial">BCE&nbsp;2011 MD&amp;A, at pages 54 to 57<b> </b>of the BCE&nbsp;2011 Annual Report, which section is incorporated by reference
herein.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">See also <I>Description of Our Business &#150; Our
Competitive Strengths </I>in this Annual Information Form for more information
concerning our competitive position.</font></P>
<P style="text-align: left;">
<B><font face="Arial">REGULATORY ENVIRONMENT</font></B></P>
<P style="text-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 <I>Our
Regulatory Environment </I>in the BCE&nbsp;2011 </font><font size="2" face="Arial">
MD&amp;A, at pages 58 to 61<b> </b>of the BCE&nbsp;2011 Annual Report, which section is incorporated by reference
herein.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">More information with respect to the Canadian
ownership restrictions on BCE&nbsp;Inc.&#146;s common shares can be found under </font>
<font face="Arial">
<I><font size="2">Our&nbsp;Capital Structure &#150; BCE&nbsp;Inc. Securities &#150; BCE&nbsp;Inc.
Preferred Shares, Common Shares and Class&nbsp;B Shares
</font> </I><font size="2">in this Annual Information Form.</font></font></P>
<P style="text-align: left;">
<B><font face="Arial">INTANGIBLE PROPERTIES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">We use various works protected by intellectual
property rights which we own or for which we have been granted rights to&nbsp;use.
These works include brand names, customers&#146; lists, copyrights, patents and
trade-marks. This intellectual property is&nbsp;important to&nbsp;our operations and our
success.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">15</FONT></b></P>


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<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">DESCRIPTION OF OUR BUSINESS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below is a&nbsp;list of trade-marks that are
referred to and used as such in this Annual Information Form and their&nbsp;owners.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="50%">
<font size="1" face="Arial">OWNER</font></TD>
	<TD align=left width="50%">
<font size="1" face="Arial">TRADE-MARK</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">BCE&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">BCE&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;Aliant Regional Communications, Limited
Partnership</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Aliant</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">FibreOP</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;Canada</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Bell</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Bell&nbsp;Centre</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Bell&nbsp;Internet</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Bell&nbsp;Media</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Bell&nbsp;Mobility</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Bell&nbsp;TV</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Fibe</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">xWave</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;ExpressVu, Limited Partnership</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">ExpressVu</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;Media&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">BNN</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">CFCF</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">CTV</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">CTV News Channel</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">MuchMusic</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">The Comedy Network</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;Mobility&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Solo</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Solo Mobile</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Dome Productions Partnership</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Dome Productions</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Expertech Network Installation&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Expertech</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">Expertech Network Installation</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Nordia&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Nordia</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Nortel Networks Limited</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">NorthernTel</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Northwestel&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Northwestel</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Telebec, Limited Partnership</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">T&#233;l&#233;bec</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">The Source (Bell) Electronics&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">The Source</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">The Sports Network&nbsp;Inc.</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">RDS</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">RDS.ca</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">TSN</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%">
<font size="2" face="Arial">TSN.ca</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Virgin Enterprises Limited</font></TD>
	<TD align=left width="50%" style="border-top: 1px solid #000000">
<font size="2" face="Arial">Virgin Mobile</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="50%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="50%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Virgin Mobile Canada</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font size="2" face="Arial">Other trade-marks or corporate, trade or domain
names used in this Annual Information Form are the property of their owners. Our
trade-mark rights are perpetual provided that their registrations are renewed on
a timely basis when applicable and that the trade-marks are used in commerce by
us or our licencees. We take appropriate measures to protect, renew and defend
our trade-marks including prosecuting infringers. We take great care not to
infringe on the intellectual property and trade-marks of others.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>16</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">GENERAL DEVELOPMENT OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">THREE-YEAR HISTORY</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">Proposed Acquisition of Ownership Position in Maple Leaf
Sports &amp; Entertainment Ltd. (MLSE)</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On December&nbsp;9,&nbsp;2011, BCE&nbsp;Inc. announced it had, in
a&nbsp;joint ownership arrangement with Rogers, agreed to purchase a&nbsp;net 75%
ownership position in MLSE from Teachers&#146;. MLSE is a&nbsp;sports and entertainment
company that owns the Toronto Maple&nbsp;Leafs, the Toronto Raptors, the Toronto
Marlies and Toronto FC. MLSE also holds real estate and entertainment assets in
Toronto, including the Air Canada Centre and the Maple Leaf Square condominium
and commercial complex, operates three sports specialty TV channels, and is the
exclusive partner of the National Basketball Association (NBA) in Canada.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">BCE&nbsp;Inc.&#146;s investment will total $525&nbsp;million (or
$398&nbsp;million assuming the completion of a&nbsp;leveraged recapitalization of MLSE),
representing a&nbsp;28% indirect equity interest in MLSE. Through a&nbsp;co-investment arrangement with BCE&nbsp;Inc., the
BCE&nbsp;Master Trust Fund, an independent trust that holds and manages pension fund
investments serving the pension obligations of the BCE&nbsp;group pension plans, will
contribute approximately $135&nbsp;million toward the MLSE acquisition. BCE&nbsp;Inc. and
the BCE&nbsp;Master Trust Fund will own an aggregate 37.5% interest in&nbsp;MLSE, equal to
Rogers&#146; interest.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">This proposed investment is intended to secure, on
a&nbsp;long-term basis, access to TV, mobile, digital online and radio broadcast
rights to the professional sports teams playing in Canada&#146;s largest market place
and to accelerate Bell&nbsp;Canada&#146;s strategy to deliver best content across
next-generation networks to all screens. The proposed investment is also
intended to strengthen Bell&nbsp;Media&#146;s sports&nbsp;leadership.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">The transaction is expected to close in mid-2012.
The expected timing and completion of the proposed acquisition by BCE&nbsp;Inc. of an
interest in MLSE is subject to customary closing conditions, termination rights
and other risks and uncertainties including, without limitation, any required
regulatory and sports league 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 be no assurance that
the strategic benefits expected to result from the transaction will be fully
realized.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Key Completed Transactions</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">In line with our strategic imperatives, from 2009 to
2011, 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" style="border-bottom: 1px solid #000000">
<FONT face="Arial" size="1">TRANSACTION</FONT></td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<FONT face="Arial" size="1">KEY CHARACTERISTICS</FONT></td>
	</tr>
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<font face="Arial"><font size="2">Acquisition of the remaining 85% interest in
CTV&nbsp;Inc. (CTV) (formerly CTVglobemedia&nbsp;Inc. <br>
and now named Bell&nbsp;Media&nbsp;Inc.)
(2011)</font></font><font size="-2" face="Arial"><sup>(1)</sup></font></td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">On April&nbsp;1,&nbsp;2011, BCE&nbsp;Inc. acquired the remaining
85% interest in CTV that it did not already own in accordance with a transaction
agreement (the Transaction Agreement) made as of September&nbsp;10,&nbsp;2010 between CTV,
BCE&nbsp;Inc., The Woodbridge Company Limited, 1565117 Ontario Limited (Woodbridge
Holdco), Woodbridge Investments&nbsp;Inc. (Woodbridge Investments), Teachers&#146; and
Torstar Corporation (Torstar).</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">BCE&nbsp;Inc. acquired all of the Class&nbsp;A common shares
of CTV held by each of Woodbridge Holdco, Teachers&#146; and Torstar for an aggregate
share purchase price of approximately $1.3&nbsp;billion. Including the value of our
15% interest, the transaction has an equity value of approximately $1.5&nbsp;billion.
Together with approximately $1.7&nbsp;billion in proportionate debt, the total
transaction value is approximately $3.2&nbsp;billion.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">BCE&nbsp;Inc. also acquired certain debt from Woodbridge
Investments and repaid in full CTV&#146;s senior indebtedness, both of which
constitute part of the approximately $1.7&nbsp;billion in proportionate debt included
in the&nbsp;transaction.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">As a component of the consideration paid, BCE&nbsp;Inc.
issued 21,729,239 common shares to Woodbridge Holdco. Woodbridge Holdco 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></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">Upon completion of the transaction, BCE&nbsp;Inc.
unveiled Bell&nbsp;Media, a new business unit that
includes all CTV properties and other Bell&nbsp;content assets.</font></LI>
</UL>


		</td>
	</tr>
</table>

<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">17</FONT></b></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">GENERAL DEVELOPMENT OF OUR BUSINESS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="0">
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<FONT face="Arial" size="1">TRANSACTION</FONT></td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<FONT face="Arial" size="1">KEY CHARACTERISTICS</FONT></td>
	</tr>
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Acquisition of xWave, a division of Bell&nbsp;Aliant LP (xWave)
(2011)</font></td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">On January&nbsp;1,&nbsp;2011, Bell&nbsp;Canada acquired xWave from
Bell&nbsp;Aliant for an acquisition price of $40&nbsp;million, a transaction that enhances
Bell&nbsp;Business Markets&#146; portfolio of IT product and professional
solutions for corporate, government and health-care clients across Canada.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">xWave is focused on developing advanced technology
solutions and IT professional services, including e-health solutions.</font></LI>
</UL>
		</td>
	</tr>
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">Acquisition of the assets of the hosting division of
Hypertec Availability&nbsp;Services (2010)</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">On December&nbsp;1,&nbsp;2010, Bell&nbsp;Canada acquired the assets
of the hosting division of Hypertec Availability Services, a top-tier
data hosting provider in Qu&#233;bec.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">The acquisition provides Bell&nbsp;Canada with more than
100,000 square feet of hosting space in a state-of-the-art Montr&#233;al data centre,
enhancing Bell&nbsp;Canada&#146;s ability to provide co-location and managed data centre
services for corporate and public sector clients.</font></LI>
</UL>
		</td>
	</tr>
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">Sale of SkyTerra Communications&nbsp;Inc. (SkyTerra)
(2010)</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">On March&nbsp;29,&nbsp;2010, BCE&nbsp;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 $111&nbsp;million.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">Harbinger&#146;s take-private transaction was an all-cash
merger in which Harbinger acquired SkyTerra common stock for US$5.00&nbsp;per&nbsp;share,
representing an approximate 56% premium over the average closing price of
SkyTerra&#146;s common stock for the 30 days ended September&nbsp;22,&nbsp;2009, the last day
before the announcement of the merger agreement.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">The sale of the interest in SkyTerra is in line with
BCE&nbsp;Inc.&#146;s commitment to eliminate holdings in businesses that do not enhance
the execution of its strategic imperatives.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">SkyTerra is a developer and supplier of mobile
satellite communication services based in Reston, Virginia.</font></LI>
</UL></td>
	</tr>
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">Acquisition of minority interest in the Montr&#233;al
Canadiens Hockey Club and the Bell&nbsp;Centre as part of a consortium led by the
Molson Family (2009)</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">On December&nbsp;1,&nbsp;2009, Bell&nbsp;Canada, as part of a
consortium led by the Molson Family, acquired a minority participation in the
Montr&#233;al Canadiens Hockey Club and the Bell&nbsp;Centre. Bell&nbsp;Canada&#146;s investment was
approximately $50&nbsp;million.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">This investment enhanced Bell&nbsp;Canada&#146;s marketing and
promotional relationship with the Canadiens.</font></LI>
</UL>
<p style="margin-left: -12px">&nbsp;</td>
	</tr>
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">Acquisition of substantially all of the assets of
The Source (2009)</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">On July 1,&nbsp;2009, we acquired substantially all of
the assets of national&nbsp;electronics retailer The Source, for a total investment
of $161&nbsp;million. These assets are held by our wholly-owned subsidiary,
The&nbsp;Source (Bell) Electronics&nbsp;Inc.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">The Source (Bell) Electronics&nbsp;Inc. began selling
Bell&nbsp;TV satellite services at&nbsp;the end of the second quarter of 2009 and Bell Internet services were introduced in November 2009. Bell&nbsp;Mobility and Virgin
Mobile wireless products were introduced at The Source (Bell) Electronics&nbsp;Inc.
in January&nbsp;2010. In November 2010, The Source (Bell) Electronics&nbsp;Inc. launched
Bell&nbsp;Fibe TV service and most recently, Bell&nbsp;Home Phone services were introduced
in March&nbsp;2011 to complete the availability of&nbsp;the full suite of Bell&nbsp;Residential
Services.</font></LI>
</UL></td>
	</tr>
	<tr>
		<td width="48%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">Acquisition of the remaining 50% of the equity of
Virgin (2009)</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-bottom: 1px solid #000000">&nbsp;</td>
		<td width="50%" valign="top" style="border-bottom: 1px solid #000000">
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">On July&nbsp;1,&nbsp;2009, we acquired the remaining 50% of
the equity of Virgin not already owned, for a total investment of $161&nbsp;million.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0; margin-left:-12px">
<font size="2" face="Arial">As part of this transaction, we entered into a
long-term brand licensing agreement with the Virgin Group.</font></LI>
</UL></td>
	</tr>
</table>

<P style="text-align: left; margin-top:0; margin-bottom:0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table6">
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">(1)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">More information with respect to this transaction
		and the Transaction Agreement may be found in the material change
		reports dated September&nbsp;20,&nbsp;2010 and April&nbsp;1,&nbsp;2011 filed by BCE&nbsp;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" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>18</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">GENERAL DEVELOPMENT OF OUR BUSINESS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">Returning Value to Shareholders</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Following the termination by BCE&nbsp;Inc. of the
definitive agreement relating to its proposed privatization by an investor
group&nbsp;in accordance with its terms, BCE&nbsp;Inc. announced, on December&nbsp;12,&nbsp;2008,
plans to return value to BCE&nbsp;Inc.&#146;s shareholders with a&nbsp;reinstated common share
dividend and a&nbsp;normal course issuer bid common share buyback program (2008/2009
NCIB).</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On February&nbsp;10,&nbsp;2009, the board of directors of
BCE&nbsp;Inc. adopted a&nbsp;new common share dividend policy with a&nbsp;target dividend
payout ratio of 65% to 75% of earnings&nbsp;per&nbsp;share (EPS) before restructuring and
other and net (gains) losses on investments (Adjusted EPS). In 2009, BCE&nbsp;Inc.
announced three increases in the annual dividend payable on its common shares.
In each of 2010 and 2011, BCE&nbsp;Inc. announced two other additional increases in
the annual dividend payable on its common shares. With these dividend increases,
which were consistent with BCE&nbsp;Inc.&#146;s above-mentioned dividend policy,
BCE&nbsp;Inc.&#146;s annual common share dividend has increased 49% since the fourth
quarter of 2008. Refer to <I>Our Dividend Policy </I>for more details concerning
BCE&nbsp;Inc.&#146;s common share dividend policy and its common share dividend increases
announced in 2009,&nbsp;2010 and 2011. 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 style="text-align: left;">
<font size="2" face="Arial">Under the 2008/2009 NCIB, BCE&nbsp;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&nbsp;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&nbsp;Inc. completed the
2008/2009 NCIB at an average price of approximately $24.65&nbsp;per&nbsp;share, including
10.3&nbsp;million common shares that BCE&nbsp;Inc. purchased for cancellation pursuant to
private agreements with arm&#146;s length third-party sellers.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On December&nbsp;17,&nbsp;2009, BCE&nbsp;Inc. announced a&nbsp;new
normal course issuer bid common share buyback program (2010 NCIB). Under the
2010 NCIB, BCE&nbsp;Inc. was entitled to repurchase for cancellation up to 20,000,000
common shares (subject to a&nbsp;maximum aggregate purchase price of $500&nbsp;million)
over the 12-month period starting on December&nbsp;29,&nbsp;2009 and ending on
December&nbsp;28,&nbsp;2010, representing approximately 2.6% of BCE&nbsp;Inc.&#146;s 767,166,281
issued and outstanding common shares as of&nbsp;December&nbsp;11,&nbsp;2009. On December&nbsp;6,
2010, BCE&nbsp;Inc. completed the 2010 NCIB having purchased 16,236,182 common shares
at an average price of approximately $30.80&nbsp;per&nbsp;share, including 6.66&nbsp;million
common shares that BCE&nbsp;Inc. purchased for cancellation pursuant to private
agreements with arm&#146;s length third-party sellers.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On December&nbsp;8,&nbsp;2011, BCE&nbsp;Inc. announced a&nbsp;new
normal course issuer bid common share buyback program (2011/2012 NCIB). Under
the 2011/2012 NCIB, BCE&nbsp;Inc. is entitled to repurchase for cancellation up to
6,500,000 common shares (subject to a&nbsp;maximum aggregate purchase price of
$250&nbsp;million) over the 12-month period starting on December&nbsp;12,&nbsp;2011 and ending
on December&nbsp;11,&nbsp;2012, representing approximately 0.8% of BCE&nbsp;Inc.&#146;s 778,943,093
issued and outstanding common shares as of December&nbsp;2,&nbsp;2011. Purchases may be
effected through the facilities of the Toronto Stock Exchange, the New York
Stock Exchange and/or alternative trading systems, if eligible, or by such other
means as may be permitted by the Toronto Stock Exchange and/or the New York
Stock Exchange, and under applicable laws. As of March&nbsp;8,&nbsp;2012, BCE&nbsp;Inc. had repurchased a&nbsp;total
of 5,829,266 common shares under the 2011/2012 NCIB, representing 95.4% of
the 2011/2012 NCIB, at an average price of $40.9258 per share, including 2,080,000 common shares that
BCE&nbsp;Inc. purchased for cancellation pursuant to private agreements with an arm&#146;s-length third-party seller.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">19</FONT></b></P>


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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">OUR CAPITAL STRUCTURE</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">This section describes BCE&nbsp;Inc.&#146;s securities, the
trading of certain of such securities on the Toronto Stock Exchange and the
ratings that certain rating agencies have attributed to BCE&nbsp;Inc.&#146;s preferred
shares and Bell&nbsp;Canada&#146;s public debt securities.</font></P>
<P style="text-align: left;">
<B><font face="Arial">BCE&nbsp;INC. SECURITIES</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">BCE&nbsp;Inc. Preferred Shares, Common Shares and Class&nbsp;B
Shares</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">BCE&nbsp;Inc.&#146;s articles of amalgamation, as amended,
provide for an unlimited number of common shares, an unlimited number of first
preferred shares issuable in series, an unlimited number of second preferred
shares also issuable in series and an unlimited number of Class&nbsp;B shares.</font></P>
<P style="text-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&nbsp;Inc. preferred shares, common shares and Class&nbsp;B Shares
can be found under note 23&nbsp;&#150; <I>Share Capital </I>of the BCE&nbsp;Inc. 2011 financial
statements on pages 112 to 114<b> </b>of the BCE&nbsp;2011 Annual Report,
which note is incorporated by reference herein.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Since 1993, the <I>Telecommunications Act </I>and
associated regulations (Telecom Regulations) have governed Canadian ownership
and control of Canadian telecommunications carriers. Bell&nbsp;Canada and other
affiliates of BCE&nbsp;Inc. that are Canadian carriers are subject to this Act. Under
the <I>Telecommunications Act</I>, in order for a&nbsp;corporation to operate as
a&nbsp;Canadian common carrier, the following conditions have to be met:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Canadians own at least 80% of its voting shares;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">at least 80% of the members of the carrier company&#146;s
board of directors are Canadians; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the carrier company is not controlled by
non-Canadians.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">In addition, where a&nbsp;parent company owns at least
66<sup>2</sup>/</font><font size="1" face="Arial">3</font><font size="2" face="Arial">% of the voting shares of the carrier company (Carrier holding
company),&nbsp;the Carrier holding company must have at least 66<sup>2</sup>/</font><font size="1" face="Arial">3</font><font size="2" face="Arial">% of its voting
shares owned by Canadians and must not be controlled by non-Canadians. BCE&nbsp;Inc.
is a&nbsp;Carrier holding company. The Telecom Regulations give certain powers to the
Canadian Radio-television and Telecommunications Commission (CRTC) and to
Canadian carriers and Carrier holding companies to&nbsp;monitor and control the level
of non-Canadian ownership of voting shares to ensure compliance with the <I>
Telecommunications Act</I>. Accordingly, BCE&nbsp;Inc., which controls Bell&nbsp;Canada
and other Canadian carriers, must satisfy the following conditions:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Canadians own at least 66<sup>2</sup>/</font><font size="1" face="Arial">3</font><font size="2" face="Arial">% of its voting shares;
and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">it is not controlled by non-Canadians.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">The powers under the Telecom Regulations include the
right to:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">suspend the voting rights attached to shares
considered to be owned or controlled by non-Canadians;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">refuse to register a&nbsp;transfer of voting shares to
a&nbsp;non-Canadian;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">force a&nbsp;non-Canadian to sell his or her voting
shares; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">suspend the voting rights attached to that person&#146;s
shares, if that person&#146;s holdings would affect our status as &#147;Canadian&#148; under
the <I>Telecommunications Act</I>.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">However, in our case, there is an additional control
restriction under the <I>Bell&nbsp;Canada Act</I>. Prior approval by the CRTC is
necessary for any sale or other disposal of Bell&nbsp;Canada&#146;s voting shares unless
BCE&nbsp;Inc. retains at least 80% of all Bell&nbsp;Canada voting shares.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Similarly, the Canadian ownership rules for
broadcasting licencees, such as Bell&nbsp;ExpressVu and Bell&nbsp;Media, are generally in
line with the rules for Canadian common carriers by restricting allowable
foreign investments in voting shares at the licencee operating company level to
a&nbsp;maximum of 20% and at the holding company level to a&nbsp;maximum of 33<sup>1</sup>/</font><font size="1" face="Arial">3</font><font size="2" face="Arial">%. The
CRTC is precluded under a&nbsp;direction issued under the <I>Broadcasting Act </I>
from issuing, amending or reviewing a&nbsp;broadcasting licence of an applicant that
does not satisfy these Canadian ownership criteria.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Cultural concerns over increased foreign control of
broadcasting activities lie behind an additional restriction that prevents the
holding company of a&nbsp;broadcast licencee that exceeds the former 20% limit (or
its directors) from exercising control or influence over any programming
decisions of a&nbsp;subsidiary licencee. In line with CRTC practice, programming
committees have been established within the relevant subsidiary licencees,
thereby allowing foreign investment in voting shares of BCE&nbsp;Inc. to reach the
maximum of 33<sup>1</sup>/</font><font size="1" face="Arial">3</font><font size="2" face="Arial">%.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>20</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">OUR CAPITAL STRUCTURE</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">We monitor the level of non-Canadian ownership of
BCE&nbsp;Inc.&#146;s common shares by obtaining data on (i) registered shareholders from
our transfer agent and registrar in Canada, Canadian Stock Transfer Company&nbsp;Inc.
(CST) acting as administrative agent for CIBC Mellon Trust Company (CIBC
Mellon), and (ii) beneficial shareholders from the Canadian Depository for
Securities (CDS) and the United States Depository Trust Company (DTC). We also
provide periodic reports to&nbsp;the CRTC.</font></P>
<P style="text-align: left;">
<B><font face="Arial">BCE&nbsp;Inc. Debt Securities</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On June&nbsp;8,&nbsp;2009, BCE&nbsp;Inc. redeemed, prior to
maturity, all of its outstanding $650&nbsp;million principal amount of 7.35% Series C
notes due October&nbsp;30,&nbsp;2009. Accordingly, as of March&nbsp;8,&nbsp;2012, BCE&nbsp;Inc. had no
debt securities outstanding.</font></P>
<P style="text-align: left;">
<B><font face="Arial">BELL&nbsp;CANADA DEBT SECURITIES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;Canada has issued long-term debt securities as
summarized in the table below.</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">&nbsp; </font> </TD>
	<TD align=right width="15%">
<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="15%">
<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="15%">
<font size="1" face="Arial">AT DECEMBER 31,&nbsp;2011</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="15%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">INTEREST RATE</font></TD>
	<TD align=left width="3%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="15%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">MATURITY</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="15%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">(IN $ MILLIONS</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<p align="left">
<font size="1" face="Arial">)</font><font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<font size="2" face="Arial">Debentures</font></TD>
	<TD align=left width="15%">
<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="15%">
<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="15%">
<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="48%">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">1997 trust indenture</font></TD>
	<TD align=right width="15%">
<font size="2" face="Arial">5.08</font></TD>
	<TD align=left width="3%">
<font size="2" face="Arial">%</font></TD>
	<TD align=right width="15%">
<font size="2" face="Arial">2012-2035</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="15%">
<font size="2" face="Arial">6,850</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">1976 trust indenture</font></TD>
	<TD align=right width="15%">
<font size="2" face="Arial">9.59</font></TD>
	<TD align=left width="3%">
<font size="2" face="Arial">%</font></TD>
	<TD align=right width="15%">
<font size="2" face="Arial">2014-2054</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="15%">
<font size="2" face="Arial">1,250</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Subordinated debentures</font></TD>
	<TD align=right width="15%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">8.21</font></TD>
	<TD align=left width="3%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">%</font></TD>
	<TD align=right width="15%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">2026-2031</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="15%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">275</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="48%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Total</font></TD>
	<TD align=left width="15%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="3%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="15%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="15%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">8,375</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font size="2" face="Arial">The Bell&nbsp;Canada debentures are unsecured and have
been guaranteed by BCE&nbsp;Inc.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">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 could issue, from time to time,
until October&nbsp;3,&nbsp;2011, 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, 2015, at
a&nbsp;price of $99.832 per $100 principal amount. On March&nbsp;16,&nbsp;2011, Bell&nbsp;Canada issued under the
Shelf Prospectus and Prospectus Supplement, $1&nbsp;billion of 4.40% MTN Debentures,
Series M-22, due March&nbsp;16, 2018, at a&nbsp;price of $99.916 per $100 principal
amount. On May&nbsp;19,&nbsp;2011, Bell&nbsp;Canada issued under the Shelf Prospectus and
Prospectus Supplement, (i) $500&nbsp;million of 3.65% MTN Debentures, Series M-23,
due May&nbsp;19, 2016, at a&nbsp;price of $99.928 per $100&nbsp;principal amount, and (ii)
$500&nbsp;million of 4.95% MTN Debentures, Series M-24, due May&nbsp;19, 2021, at a&nbsp;price
of $99.634 per $100&nbsp;principal amount. Accordingly, as of May&nbsp;19,&nbsp;2011,
Bell&nbsp;Canada had issued the maximum authorized amount of debt securities under
its Shelf Prospectus and Prospectus Supplement. On August&nbsp;15,&nbsp;2011, Bell&nbsp;Canada
filed with the Canadian securities regulatory authorities and with the United
States Securities and Exchange Commission a&nbsp;new shelf prospectus under which
Bell&nbsp;Canada may issue, over a&nbsp;25-month period, up to $3&nbsp;billion of debt
securities. No debt securities have yet been issued under this new
shelf&nbsp;prospectus.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Bell&nbsp;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;8,&nbsp;2012 was $1,725<B>&nbsp;</B>million. Bell&nbsp;Canada had
$250&nbsp;million of<B> </B>commercial paper outstanding at March&nbsp;8,&nbsp;2012. Certain of Bell&nbsp;Canada&#146;s
trust indentures impose covenants which place limitations on the issuance of
additional debt with a&nbsp;maturity date exceeding one year based on certain tests
related to interest and asset coverage. In addition, Bell&nbsp;Canada is required,
under certain conditions, to make an offer to repurchase all or, at the option
of the holder thereof, any part of certain series of its debentures, upon the
occurrence of both a&nbsp;&#147;Change of Control&#148; of BCE&nbsp;Inc. or Bell&nbsp;Canada and
a&nbsp;&#147;Rating Event&#148; relating to the relevant series of debentures. &#147;Change of
Control&#148; and &#147;Rating Event&#148; are defined in the terms and conditions attaching to
the relevant series of debentures. Bell&nbsp;Canada is in compliance with
all&nbsp;conditions and restrictions attaching to its debt securities.</font></P>
<P style="text-align: left;">
<B><font face="Arial">RATINGS FOR BCE&nbsp;INC. AND BELL&nbsp;CANADA SECURITIES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Ratings generally address the ability of a&nbsp;company
to repay principal and pay interest or dividends on issued and
outstanding&nbsp;securities.</font></P>
<P style="text-align: left;">
<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&nbsp;ratings downgrade could result in adverse
consequences for our funding capacity or our ability to access the capital
markets.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">21</FONT></b></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">OUR CAPITAL STRUCTURE</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">As of March&nbsp;8,&nbsp;2012, BCE&nbsp;Inc.&#146;s preferred shares and
Bell&nbsp;Canada&#146;s debt securities are rated by the following rating&nbsp;agencies:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">DBRS Limited (DBRS)</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Moody&#146;s Investors Service,&nbsp;Inc. (Moody&#146;s)</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">Standard &amp; Poor&#146;s Financial Services LLC,
a&nbsp;subsidiary of The McGraw-Hill Companies,&nbsp;Inc. (S&amp;P).</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">This section describes the credit ratings, as of
March&nbsp;8,&nbsp;2012, that BCE&nbsp;Inc. and Bell&nbsp;Canada have requested for certain of&nbsp;their
securities. These ratings provide investors with an independent measure of
credit quality of an issue of securities. However, they&nbsp;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&nbsp;any other credit rating.</font></P>
<P style="text-align: left;">
<B><font face="Arial">RATINGS FOR BELL&nbsp;CANADA DEBT SECURITIES</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">Short-Term Debt Securities</font></B></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SHORT-TERM DEBT SECURITIES</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RATING AGENCY</font></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RATING</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RANK</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2" face="Arial">Bell&nbsp;Canada commercial paper</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">DBRS</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">R-1 (low</font></TD>
	<TD align=right width="2%">
<p align="left">
<font size="2" face="Arial">) </font></TD>
	<TD align=right width=10%>
<font size="2" face="Arial">3 out of 10</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">Moody&#146;s</font></TD>
	<TD align=right width=2%>
&nbsp;</TD>
	<TD align=right width="10%">
<font size="2" face="Arial">P-2</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10%>
<font size="2" face="Arial">2 out of 4</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">S&amp;P</font></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">A-2</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">4 out of 8</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<B><font face="Arial">Long-Term Debt Securities</font></B></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">LONG-TERM DEBT SECURITIES</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RATING AGENCY</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RATING</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RANK</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Bell&nbsp;Canada unsubordinated long-term debt</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">DBRS</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">A (low</font></TD>
	<TD align=right width="2%">
<p align="left">
<font size="2" face="Arial">) </font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">7 out of 26</font></TD>
	<TD align=right 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">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">Moody&#146;s</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">Baa1</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">8 out of 21</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">S&amp;P</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">BBB+</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">8 out of 22</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Bell&nbsp;Canada subordinated long-term debt</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">DBRS</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">BBB</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">9 out of 26</font></TD>
	<TD align=right 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">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font size="2" face="Arial">Moody&#146;s</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">Baa2</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">9 out of 21</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">S&amp;P</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">BBB</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">9 out of 22</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<B><font face="Arial">RATINGS FOR BCE&nbsp;INC. PREFERRED SHARES</font></B></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">PREFERRED SHARES</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RATING AGENCY</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RATING</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">RANK</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" 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">BCE&nbsp;Inc. preferred shares</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">DBRS</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font size="2" face="Arial">Pfd-3 (high</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 out of 16</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">S&amp;P</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">P-2 (low</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">6 out of 18</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<B><font face="Arial">OUTLOOK</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">As of March&nbsp;8,&nbsp;2012, BCE&nbsp;Inc. and Bell&nbsp;Canada have
stable outlooks from DBRS, Moody&#146;s and S&amp;P.</font></P>
<P style="text-align: left;">
<B><font face="Arial">GENERAL EXPLANATION</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">Short-Term Debt Securities</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below shows the range of credit ratings
that each rating agency assigns to short-term debt instruments.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="46%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">HIGHEST QUALITY OF SECURITIES RATED </font></TD>
	<TD width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">LOWEST QUALITY OF SECURITIES RATED</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<font size="2" face="Arial">DBRS</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">R-1 (high </font></TD>
	<TD width="2%">
<font size="2" face="Arial">) </font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">D</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<font size="2" face="Arial">Moody&#146;s</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">P-1 </font></TD>
	<TD width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">NP</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">S&amp;P</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">A-1 (high </font></TD>
	<TD width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">)</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">D</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>22</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">OUR CAPITAL STRUCTURE</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">The DBRS short-term debt rating scale provides an
opinion on the risk that a&nbsp;borrower will not meet its short-term financial
obligations in a&nbsp;timely manner. Ratings are based on quantitative and
qualitative considerations relevant to the borrowing&nbsp;entity.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">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 style="text-align: left;">
<font size="2" face="Arial">An S&amp;P short-term debt rating indicates S&amp;P&#146;s
assessment of whether the company can meet the financial commitments of
a&nbsp;specific commercial paper program or other short-term financial instrument,
compared to the debt servicing and repayment capacity of other companies in
Canada&#146;s financial markets.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Long-Term Debt Securities</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below shows the range of credit ratings
that each rating agency assigns to long-term debt instruments.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="46%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">HIGHEST QUALITY OF SECURITIES RATED</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">LOWEST QUALITY OF SECURITIES RATED</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<font size="2" face="Arial">DBRS</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">AAA</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">D</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<font size="2" face="Arial">Moody&#146;s</font></TD>
	<TD align=left width="25%">
<p align="right">
<font size="2" face="Arial">Aaa</font></TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">C</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">S&amp;P</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">AAA</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">D</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font size="2" face="Arial">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&nbsp;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 style="text-align: left;">
<font size="2" face="Arial">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&nbsp;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 style="text-align: left;">
<font size="2" face="Arial">S&amp;P&#146;s long-term debt credit rating scale provides an
assessment of the creditworthiness of a&nbsp;company in meeting a&nbsp;specific financial
obligation, a&nbsp;specific class of financial obligations, or a&nbsp;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 style="text-align: left;">
<B><font face="Arial">Preferred Shares</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below describes the range of credit
ratings that each rating agency assigns to preferred shares.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="46%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">HIGHEST QUALITY OF SECURITIES RATED</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">LOWEST QUALITY OF SECURITIES RATED</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%">
<font size="2" face="Arial">DBRS</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">Pfd-1 (high</font></TD>
	<TD align=right width="2%">
<p align="left">
<font size="2" face="Arial">)&nbsp;</font></TD>
	<TD align=right width="25%">
<font size="2" face="Arial">D</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="46%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">S&amp;P</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">P-1 (high</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<p align="left">
<font size="2" face="Arial">)&nbsp;</font></TD>
	<TD align=right width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">D</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font size="2" face="Arial">The DBRS preferred share rating scale indicates its
assessment of the risk that a&nbsp;borrower may not be able to meet its full
obligation to pay dividends and principal in a&nbsp;timely manner. Every DBRS rating
is based on quantitative and qualitative considerations relevant to the
borrowing entity.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">S&amp;P&#146;s preferred share rating is an assessment of the
creditworthiness of a&nbsp;company in meeting a&nbsp;specific preferred share obligation
issued in the Canadian market, compared to preferred shares issued by other
issuers in the Canadian market.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">23</FONT></b></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">OUR CAPITAL STRUCTURE</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-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>
	<TD align=left width="12%" style="border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">RATING AGENCY </FONT>
	</TD>
	<TD width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="12%" style="border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">DESCRIPTION OF SECURITIES </FONT>
	</TD>
	<TD width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD width="12%" style="border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">RATING CATEGORY </FONT>
	</TD>
	<TD width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;	</font>	</TD>
	<TD align=left width="58%" style="border-bottom: 1px solid #000000">
<FONT size=1 face="Arial">EXPLANATION OF RATING CATEGORY RECEIVED </FONT>
	</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">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Short-term debt</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">R-1 (low)</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-bottom: 1px solid #000000">
<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">
&nbsp;</TD>
	<TD width=2% valign="top">
&nbsp;</TD>
	<TD align=left width="12%" valign="top">
<font size="2" face="Arial">Long-term debt</font></TD>
	<TD width=2% valign="top">
&nbsp;</TD>
	<TD width="12%" valign="top">
<font size="2" face="Arial">A</font></TD>
	<TD width=2% valign="top">
&nbsp;</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">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&nbsp;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&nbsp;considered manageable.</font></LI>
</UL>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top">
&nbsp;</TD>
	<TD width=2% valign="top">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-top:1px solid #000000; border-bottom:1px solid #000000; ">
<font size="2" face="Arial">BBB</font></TD>
	<TD width=2% valign="top" style="border-top:1px solid #000000; border-bottom:1px solid #000000; ">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-top:1px solid #000000; border-bottom:1px solid #000000; ">
<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"
 style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Preferred Shares</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Pfd-3</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-bottom: 1px solid #000000">
<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">Moody&#146;s</font></TD>
	<TD width=2% valign="top">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Short-term debt</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">P-2</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-bottom: 1px solid #000000">
<ul>
	<li>
	<p style="margin-left: -12px"><font size="2" face="Arial">a strong ability
	to repay short-term debt obligations</font></li>
</ul>
	</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Long-term debt</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Baa</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-bottom: 1px solid #000000">
<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">S&amp;P</font></TD>
	<TD width=2% valign="top">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Short-term debt</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">A-2</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-bottom: 1px solid #000000">
<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">
&nbsp;</TD>
	<TD width=2% valign="top">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Long-term debt</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">BBB</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-bottom: 1px solid #000000">
<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 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"
 style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="12%" valign="top"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Preferred Shares</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD width="12%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">P-2</font></TD>
	<TD width=2% valign="top" style="border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="58%" valign="top"
 style="border-bottom: 1px solid #000000">
<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&nbsp;obligation.</font></LI>
</UL></TD>
</TR>
</TABLE>
<P style="text-align: left;">
<B><font face="Arial">MARKET FOR OUR SECURITIES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The common and preferred shares of BCE&nbsp;Inc. are
listed on the Toronto Stock Exchange. BCE&nbsp;Inc.&#146;s common shares are also listed
on the New York Stock Exchange.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>24</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">OUR CAPITAL STRUCTURE</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">TRADING OF OUR SECURITIES</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The tables below and on the next page show the range
in share price per month and volume traded on the Toronto Stock Exchange in 2011
for each class of BCE&nbsp;Inc. shares.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="20%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="9%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="9%">
<font size="1" face="Arial">COMMON</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES R</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES S</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES T</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES Y</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES Z</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AA</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AB</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">January&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$36.45</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.85</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.66</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.38</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$35.09</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.12</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.51</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.76</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.81</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.76</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.52</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.61</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">24,611,201</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">375,097</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">28,570</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">177,513</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">573,688</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">72,621</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">219,420</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">37,803</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">February&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$36.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.60</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.23</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.84</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$35.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.03</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.58</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.16</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.78</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">28,156,301</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">145,282</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">32,289</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">53,955</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">89,728</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">27,547</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">222,879</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">27,838</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">March&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$36.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.48</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.60</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.63</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.23</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.01</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$33.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.34</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.79</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.95</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.73</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">40,215,039</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">219,646</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">33,315</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">121,725</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">160,626</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">65,560</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">242,746</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">88,783</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">April&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$35.85</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.45</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.89</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.41</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$35.07</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.03</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.05</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.01</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">22,306,321</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">78,020</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">104,390</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">44,838</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">103,335</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">27,032</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">351,200</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">19,720</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">May&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$39.28</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.56</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.65</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.48</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.80</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.65</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.38</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$35.38</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.40</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.38</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.20</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">26,107,491</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">66,041</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">34,955</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">221,863</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">45,044</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">38,239</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">246,203</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">414,657</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">June&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$39.03</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.36</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$25.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.97</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$36.88</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.66</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.63</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.56</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.53</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.26</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.95</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">35,485,451</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">221,498</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">28,060</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">282,517</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">87,002</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">24,165</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">135,337</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">178,131</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">July&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$38.58</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.11</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.40</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.59</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$25.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.34</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$36.26</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.81</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.70</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.68</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.83</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.54</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.53</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.94</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">23,132,735</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">235,751</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">29,090</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">127,278</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">262,139</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">20,086</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">158,153</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">266,562</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">August&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$39.65</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.95</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.39</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$25.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.34</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$34.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.11</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.71</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.52</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.82</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">43,609,406</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">214,576</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">21,931</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">87,196</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">119,869</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">18,660</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">160,214</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">63,116</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">September&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$39.39</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.36</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.83</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$37.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.52</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.52</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.55</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.51</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">38,208,560</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">86,881</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">21,590</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">230,285</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">131,124</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">15,069</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">185,812</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">149,367</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">October&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$39.87</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.60</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.63</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.73</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.91</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.95</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.84</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$38.02</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.66</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$19.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$19.61</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.51</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.60</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.35</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">30,868,254</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">106,396</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">57,357</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">358,290</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">64,574</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">47,664</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">229,424</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">92,700</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">November&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$40.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.51</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.81</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.77</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$38.85</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$19.91</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.18</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.79</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">26,029,349</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">249,203</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">191,395</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">318,638</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">54,935</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">41,148</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">169,616</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">67,179</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<B><font size="2" face="Arial">December&nbsp;2011</font></B></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="9%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$42.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$24.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.89</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.85</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$39.60</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.27</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$20.27</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.35</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$21.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%">
<font size="2" face="Arial">$22.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">47,784,401</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;&nbsp; </font> </TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">120,813</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">60,471</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">803,105</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">175,767</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;33,493</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">152,348</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="9%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">19,420</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT>
<FONT face="Arial" size="2"><b>25</b></FONT></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">OUR CAPITAL STRUCTURE</font></B></P>
<P style="text-align: left;">
&nbsp;</P>






<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="19%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">PREFERRED</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="1" face="Arial">SHARES</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AC</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AD</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AE</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AF</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AG</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AH</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AI</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AJ</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">SERIES AK</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">January&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.05</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.05</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.51</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.42</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.52</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.88</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">300,088</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">15,707</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">9,232</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">95,024</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">318,649</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">19,728</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">249,940</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">February&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.82</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.29</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.19</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.51</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.32</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.70</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.01</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">123,865</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">43,074</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">72,645</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">104,693</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">134,756</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">117,820</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">310,671</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">March&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.83</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.42</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.23</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.45</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.51</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.26</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.79</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">243,065</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">51,800</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">13,898</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">238,732</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">129,365</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">165,418</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">163,195</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">April&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.70</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.48</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.70</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.37</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.19</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.44</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.60</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.55</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.54</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">358,857</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">45,915</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">82,459</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">183,063</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">241,362</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">19,851</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">131,576</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">May&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.60</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.14</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.58</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.71</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.61</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.72</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.54</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.86</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.54</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">649,327</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">2,800</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">31,010</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">207,805</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">155,200</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">210,063</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">97,691</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">June&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.73</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.54</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.39</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.22</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.57</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.76</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.77</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.95</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.86</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.69</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">219,420</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">17,538</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">30,746</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">257,924</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">362,791</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">284,689</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">235,477</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">July&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.37</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.67</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.35</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.20</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$25.40</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.65</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.06</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.02</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.95</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.83</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.78</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$0.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">235,108</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">18,825</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">46,515</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">183,105</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">89,897</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">37,154</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">272,643</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">1,317,400</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">August&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.92</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.35</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.40</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.20</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.94</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.39</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$25.42</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.40</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.02</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.81</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">560,055</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">9,500</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">215,502</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">587,993</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">297,554</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">133,147</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">287,518</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">15,281</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">428,146</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">September&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.40</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.32</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$25.45</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.39</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.63</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.46</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.81</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.13</font></TD>
	<TD align=right 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 align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">211,611</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">4,250</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">25,125</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">165,002</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">87,241</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">27,974</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">110,248</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">23,453</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">249,373</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">October&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.62</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.80</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.70</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.49</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.94</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$25.99</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.01</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$20.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$20.01</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.16</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.52</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$20.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.16</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.32</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$25.11</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">134,283</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">14,400</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">57,258</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">91,906</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">97,867</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">59,685</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">163,408</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">24,393</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">277,385</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">November&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.24</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.34</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.95</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.11</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.56</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.15</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$26.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.39</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$20.41</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.46</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.50</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$20.75</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.83</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.74</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">472,966</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">8,238</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">13,034</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">351,451</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">272,647</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">44,865</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">80,344</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">25,067</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">354,379</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<B><font size="2" face="Arial">December&nbsp;2011</font></B></TD>
	<TD align=left width="8%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right 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=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">High</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.16</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.35</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.97</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.30</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.97</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.08</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.90</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$25.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font size="2" face="Arial">Low</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.65</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.69</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.25</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.65</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$23.31</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.40</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$22.53</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$21.00</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font size="2" face="Arial">$24.93</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Volume</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">140,229</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">86,750</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">33,466</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">161,271</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">104,422</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">96,679</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">197,145</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">96,911</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">886,788</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>


<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>26</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">OUR DIVIDEND POLICY</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">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&nbsp;new common share dividend policy with
a&nbsp;target dividend payout ratio of 65% to 75% of&nbsp;Adjusted EPS. This dividend
policy was adopted with the objective of allowing sufficient financial
flexibility to continue investing in our 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 style="text-align: left;">
<font size="2" face="Arial">In the course of 2009,&nbsp;2010 and 2011, BCE&nbsp;Inc.
announced increases in the annual dividend payable on BCE&nbsp;Inc.&#146;s common shares,
as indicated in the table below.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">DATE OF ANNOUNCEMENT</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px"><font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">AMOUNT OF INCREASE</font></TD>
	<TD align=left width="39%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">EFFECTIVE TIME</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">February&nbsp;11,&nbsp;2009</font></TD>
	<TD align=right width="2%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">5.5% (from $1.46&nbsp;per&nbsp;share to $1.54&nbsp;per&nbsp;share)</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2009</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">August&nbsp;6,&nbsp;2009</font></TD>
	<TD align=right width="2%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">5.2% (from $1.54&nbsp;per&nbsp;share to $1.62&nbsp;per&nbsp;share)</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Quarterly dividend payable on October&nbsp;15,&nbsp;2009</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">December&nbsp;17,&nbsp;2009</font></TD>
	<TD align=right width="2%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">7.4% (from $1.62&nbsp;per&nbsp;share to $1.74&nbsp;per&nbsp;share)</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2010</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">August&nbsp;5,&nbsp;2010</font></TD>
	<TD align=right width="2%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">5.2% (from $1.74&nbsp;per&nbsp;share to $1.83&nbsp;per&nbsp;share)</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<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%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">December&nbsp;10,&nbsp;2010</font></TD>
	<TD align=right width="2%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">7.7% (from $1.83&nbsp;per&nbsp;share to $1.97&nbsp;per&nbsp;share)</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2011</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">May&nbsp;12,&nbsp;2011</font></TD>
	<TD align=right width="2%">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">5.1% (from $1.97&nbsp;per&nbsp;share to $2.07&nbsp;per&nbsp;share)</font></TD>
	<TD align=left width="39%">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Quarterly dividend payable on July&nbsp;15,&nbsp;2011</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">December&nbsp;8,&nbsp;2011</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px"><font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="39%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">4.8% (from $2.07&nbsp;per&nbsp;share to $2.17&nbsp;per&nbsp;share)</font></TD>
	<TD align=left width="39%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font size="2" face="Arial">Quarterly dividend payable on April&nbsp;15,&nbsp;2012</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font size="2" face="Arial">Dividends on BCE&nbsp;Inc.&#146;s preferred shares are, if
declared, payable quarterly, except for dividends on Series S, Series Y, Series
AB, Series AD, Series AE, Series AH and Series AJ preferred shares, which, if
declared, are payable monthly.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below shows the amount of cash dividends
declared per BCE&nbsp;Inc. common share and per Series R, Series S, Series&nbsp;T, Series
Y, Series Z, Series AA, Series AB, Series AC, Series AD, Series AE, Series AF,
Series AG, Series AH, Series AI, Series AJ and Series AK preferred share for
2011,&nbsp;2010, and 2009.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width=33% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="12%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<p style="margin-right: 6px">
<B><font size="1" face="Arial">2011</font></B></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">2010</font></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">2009</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<font size="2" face="Arial">Common</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$2.045</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.785</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.58</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=center width=33%>
<p align="left">
<font size="2" face="Arial">Preferred Shares</font></TD>
	<TD align=left width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="12%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width=2%>
<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%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series R</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.1225</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.131875</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.135</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series S</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.75</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.66177</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.58802</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series T</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.056188</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.1255</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.1255</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series Y</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.75</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.66177</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.58802</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series Z</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.08275</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.08275</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.08275</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AA</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.20</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.20</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.20</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AB</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.75</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.66177</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.58802</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AC</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.15</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.15</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.15</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AD</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.75</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.66177</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.58802</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AE</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.75</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.66177</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.58802</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AF</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.13525</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.13525</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.10</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AG</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.115625</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.0875</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.0875</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AH</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.75</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.66177</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$0.58802</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AI</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$1.1</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.1625</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">$1.1625</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33%>
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AJ</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.3375</font></B></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%">
<font size="2" face="Arial">&#150;</font></TD>
	<TD align=right width=2%>
<font size="2" face="Arial">&nbsp;&nbsp; </font> </TD>
	<TD align=right width="12%">
<font size="2" face="Arial">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=33% style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font size="2" face="Arial">Series AK</font></TD>
	<TD align=right width="12%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<p style="margin-right: 6px">
<B><font size="2" face="Arial">$0.50667</font></B></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="12%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&#150;</font></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&#150;</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT>
<FONT face="Arial" size="2"><b>27</b></FONT></P>

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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">OUR DIRECTORS AND EXECUTIVE OFFICERS</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">DIRECTORS</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below lists BCE&nbsp;Inc.&#146;s directors, where
they lived, the date they have been elected or appointed and their principal
occupation on March&nbsp;8,&nbsp;2012.</font></P>

<TABLE border=0 width="100%" style="border-collapse: collapse">
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom: 1px solid #000000" valign="top">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">DIRECTORS</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000" valign="top">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000" valign="top">
<p style="text-indent: -12px; margin-left: 12px">
<font size="1" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="1" face="Arial">NAME AND PROVINCE/STATE<br>
AND COUNTRY OF RESIDENCE</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="1" face="Arial">DATE ELECTED OR APPOINTED<br>
TO THE BCE&nbsp;INC. BOARD</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="1" face="Arial">PRINCIPAL OCCUPATION ON MARCH 8,&nbsp;2012</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Barry K. Allen,<br>
Florida, United States</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">May 2009</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Senior Advisor, Providence Equity Partners (private
equity firm focused<br>
on&nbsp;media, entertainment, communications and
information investments),<br>
since September 2007</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Andr&#233; B&#233;rard, O.C.,<br>
Qu&#233;bec, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">January&nbsp;2003</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Corporate director, since March&nbsp;2004</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Ronald A. Brenneman,<br>
Alberta, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">November&nbsp;2003</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Corporate director, since March&nbsp;2010</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Sophie Brochu,<br>
Qu&#233;bec, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">May&nbsp;2010</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">President and Chief Executive Officer, Gaz M&#233;tro
(natural gas distributor in Qu&#233;bec), <br>
since February&nbsp;2007</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Robert E. Brown,</font><font size="-2" face="Arial"><sup>(1)(2)</sup></font><font size="2" face="Arial"><br>
Qu&#233;bec, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">May&nbsp;2009</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Corporate director, since October&nbsp;2009</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">George A. Cope,<br>
Ontario, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">July&nbsp;2008</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">President and Chief Executive Officer, BCE&nbsp;Inc. and
Bell&nbsp;Canada,<br>
since&nbsp;July&nbsp;2008</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Anthony S. Fell, O.C.,</font><font size="-2" face="Arial"><sup>(3)</sup></font><font size="2" face="Arial"><br>
Ontario, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">January&nbsp;2002 </font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Corporate director, since January&nbsp;2008</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">The Honourable<br>
Edward C. Lumley, P.C.,</font><font size="-2" face="Arial"><sup>(4)</sup></font><font size="2" face="Arial"><br>
Ontario, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">January&nbsp;2003</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Vice-Chairman, BMO Capital Markets (investment
bank),<br>
since&nbsp;December&nbsp;1991</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Thomas C. O&#146;Neill, FCA,<br>
Ontario, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">January&nbsp;2003</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Chair of the Board of Directors, BCE&nbsp;Inc. and
Bell&nbsp;Canada<br>
(since February&nbsp;2009) and chartered accountant</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">The Honourable<br>
James Prentice, P.C., Q.C.,<br>
Alberta, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">July&nbsp;2011</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Senior Executive Vice-President and Vice-Chairman,<br>
Canadian Imperial Bank of Commerce (bank), since
January&nbsp;2011</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Robert C. Simmonds,<br>
Ontario, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">May&nbsp;2011</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Chairman, Lenbrook Corporation (national distributor
of electronics<br>
components and radio products), since April&nbsp;2002</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Carole Taylor,<br>
British Columbia, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">August&nbsp;2010</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Corporate director, since September&nbsp;2010</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Paul R. Weiss, FCA,<br>
Ontario, Canada</font></TD>
	<TD align=left width="20%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">May&nbsp;2009</font></TD>
	<TD align=left width="60%" valign="top" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font size="2" face="Arial">Corporate director, since April&nbsp;2008, and chartered
accountant</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table7">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">Was a&nbsp;director of Air Canada from March&nbsp;2003 to
		October&nbsp;2004. Air Canada filed for court protection under insolvency
		statutes on April&nbsp;1, 2003.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table8">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(2)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">Was also a&nbsp;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&nbsp;employees of
		Nortel Networks Corp. and Nortel Networks Ltd. (collectively, Nortel
		Networks). The management cease trade orders were imposed in response to
		the failure by Nortel Networks to file certain financial statements with
		the Canadian securities regulators.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table9">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(3)</font></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font size="1" face="Arial">Was a&nbsp;director of Teleglobe&nbsp;Inc. until April&nbsp;2002.
Teleglobe&nbsp;Inc. filed for court protection under insolvency statutes on May&nbsp;15,
2002.</font></P>
		</td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table10">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(4)</font></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font size="1" face="Arial">Was a&nbsp;director of Air Canada until October&nbsp;2004. Air
Canada filed for court protection under insolvency statutes on April&nbsp;1, 2003.</font></P>


		</td>
	</tr>
</table>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left; margin-bottom:0">
<b><font face="Arial" size="2">28</font></b><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">OUR DIRECTORS AND EXECUTIVE OFFICERS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">Past Occupation</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Under BCE&nbsp;Inc.&#146;s by-laws, each director holds office
until the next annual shareholder meeting or until their earlier resignation.
All of BCE&nbsp;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&nbsp;below.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">DIRECTOR</font></TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">PAST OCCUPATION</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Mr.&nbsp;Allen</font></TD>
	<TD align=left width="80%">
<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%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">from&nbsp;2004 to June&nbsp;2007</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Mr.&nbsp;Brenneman</font></TD>
	<TD align=left width="80%">
<font size="2" face="Arial">Executive Vice-Chairman of Suncor Energy&nbsp;Inc.
(integrated energy company) from August&nbsp;2009 to February&nbsp;2010</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">and&nbsp;President and Chief Executive Officer of
Petro-Canada (petroleum company) from 2000 to August&nbsp;2009</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Mr.&nbsp;Brown</font></TD>
	<TD align=left width="80%">
<font size="2" face="Arial">President and Chief Executive Officer of CAE&nbsp;Inc.
(provider of simulation and modeling technologies as well as</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">integrated training service for both civil aviation
and defence customers) from August&nbsp;2004 to September&nbsp;2009</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Fell</font></TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<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 valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Mr.&nbsp;O&#146;Neill</font></TD>
	<TD align=left width="80%">
<font size="2" face="Arial">Corporate director from 2003 to February&nbsp;2009 when
he was appointed Chair of the board, BCE&nbsp;Inc. and</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;Canada</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Mr.&nbsp;Prentice</font></TD>
	<TD align=left width="80%">
<font size="2" face="Arial">Held various functions in the Canadian Government
from January&nbsp;2006 to November&nbsp;2010, notably as</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Minister&nbsp;of&nbsp;Industry, Environment and Indian Affairs</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Ms. Taylor</font></TD>
	<TD align=left width="80%">
<font size="2" face="Arial">Senior Advisor, Borden Ladner Gervais LLP (law firm)
from 2009 to September&nbsp;2010</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%">
<font size="2" face="Arial">Chair of the Federal Finance Minister&#146;s Economic
Advisory Council from 2008 to January&nbsp;2010 Minister of Finance</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">for British Columbia from 2005 to June&nbsp;2008</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Weiss</font></TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Partner of KPMG LLP (accounting and audit firm) from
1977 until March&nbsp;2008</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<B><font face="Arial">Committees of the Board</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below lists the committees of BCE&nbsp;Inc.&#146;s
board of directors and their members on March&nbsp;8,&nbsp;2012.</font></P>

<TABLE border=0 cellspacing=0 width="50%">
<TR valign="bottom">
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">COMMITTEES</font></TD>
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">MEMBERS</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">Audit</font></TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Paul R. Weiss (Chair)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Andr&#233; B&#233;rard</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Sophie Brochu</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Anthony S. Fell</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">James Prentice</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Robert C. Simmonds</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">Corporate Governance</font></TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Robert E. Brown (Chair)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Barry K. Allen</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Sophie Brochu</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Edward C. Lumley</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Robert C. Simmonds</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">Management Resources</font></TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Ronald A. Brenneman (Chair)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">and Compensation</font></TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Barry K. Allen</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Andr&#233; B&#233;rard</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Anthony S. Fell</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Carole Taylor</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">Pension Fund</font></TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Edward C. Lumley (Chair)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Ronald A. Brenneman</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Robert E. Brown</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%">
<font size="2" face="Arial">Carole Taylor</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="25%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Paul R. Weiss</font></TD>
</TR>
</TABLE>


<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT>
<FONT face="Arial" size="2"><b>29</b></FONT></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">OUR DIRECTORS AND EXECUTIVE OFFICERS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">EXECUTIVE OFFICERS</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below lists BCE&nbsp;Inc.&#146;s and Bell&nbsp;Canada&#146;s
executive officers, being the 12 members of the Executive Committee of BCE&nbsp;Inc.
and Bell&nbsp;Canada, where they lived and the office that they held at BCE&nbsp;Inc.
and/or Bell&nbsp;Canada on March&nbsp;8,&nbsp;2012.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="20%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="20%">
<font size="1" face="Arial">PROVINCE AND COUNTRY</font></TD>
	<TD align=left width="60%">
<font size="1" face="Arial">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">NAME</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">OF RESIDENCE</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">OFFICE HELD AT BCE&nbsp;INC./BELL&nbsp;CANADA</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font face="Arial"><font size="2">Charles W. Brown</font></font><font size="-2" face="Arial"><sup>(1)(2)</sup></font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">President &#150; The Source (Bell) Electronics&nbsp;Inc. (Bell Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Michael Cole</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Executive Vice-President and Chief Information
Officer (Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">George A. Cope</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">President and Chief Executive Officer (BCE&nbsp;Inc. and
Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Kevin W. Crull</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">President &#150; Bell&nbsp;Media (Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Stephen Howe</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Executive Vice-President and Chief Technology
Officer (Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Thomas Little</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">President &#150; Bell&nbsp;Business Markets (Bell&nbsp;Canada)</font></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, Canada</font></TD>
	<TD align=left width="60%">
<font size="2" face="Arial">President &#150; Bell&nbsp;Mobility and Bell&nbsp;Residential
Services and Chief Brand</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="60%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" face="Arial">Officer (Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mary Ann Turcke</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Executive Vice-President &#150; Field Services
(Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Martine Turcotte</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Qu&#233;bec, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Vice Chair, Qu&#233;bec (BCE&nbsp;Inc. and Bell&nbsp;Canada)</font></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&#233;bec, Canada</font></TD>
	<TD align=left width="60%">
<font size="2" face="Arial">Executive Vice-President and Chief Financial Officer
(BCE&nbsp;Inc. and</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">John Watson</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Executive Vice-President &#150; Customer Operations
(Bell&nbsp;Canada)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">David Wells</font></TD>
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ontario, Canada</font></TD>
	<TD align=left width="60%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Executive Vice-President &#150; Corporate Services
(BCE&nbsp;Inc. and Bell&nbsp;Canada)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table11">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">Was Vice-President, Sales and Marketing of WaveRider
		Communications&nbsp;Inc. when, in April&nbsp;2002, WaveRider Communications&nbsp;Inc.
		was delisted from the NASDAQ National Market as a&nbsp;result of its share
		price falling below $1.00 for a&nbsp;period of 30 days. WaveRider
		Communications&nbsp;Inc. then began to trade on the Over The Counter Bulletin
		Board.</font></td>
	</tr>
</table>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table12">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(2)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">Was a&nbsp;director and the Chief Executive Officer of
		Wave Wireless Corporation on, or during the year preceding, October&nbsp;31,
		2006, the date when Wave Wireless Corporation filed a&nbsp;voluntary petition
		for relief pursuant to Chapter 11 of Title 11 of the United States Code
		in the United States Bankruptcy Court.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<B><font face="Arial">Past Occupation</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">All of our executive officers have held their
present positions or other executive positions with BCE&nbsp;Inc. or Bell&nbsp;Canada
during the past five years or more, except for:</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<B><font size="1" face="Arial">OFFICER</font></B></TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<B><font size="1" face="Arial">PAST OCCUPATION</font></B></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Mr.&nbsp;Brown</font></TD>
	<TD align=left width="80%">
<font size="2" face="Arial">Chief Executive Officer, Wave Wireless Corporation
in 2006</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Chief Executive Officer, WaveRider Communications
Inc. from 2005 to 2006</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Little</font></TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">President and Chief Executive Officer, Visual Sonics
from June&nbsp;2002 to May&nbsp;2009</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Mr.&nbsp;Watson</font></TD>
	<TD align=left width="80%">
<font size="2" face="Arial">Executive Vice-President and President, Telus
Consumer Solutions, TELUS Communications&nbsp;Inc.</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font> </TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">from April&nbsp;2005 to&nbsp;June&nbsp;2009</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Wells</font></TD>
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Executive Vice-President of Corporate Services,
TELUS Mobility from October&nbsp;2000 to June&nbsp;2006</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<B><font face="Arial">DIRECTORS&#146; AND EXECUTIVE OFFICERS&#146; SHARE OWNERSHIP</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">As at December 31, 2011, BCE&nbsp;Inc.&#146;s directors and
executive officers as a&nbsp;group beneficially owned, or exercised control or
direction over, directly or indirectly, 796,990 common shares (or 0.1%)
of BCE&nbsp;Inc.</font></P>


<P align="left" style="margin-bottom: 0">
&nbsp;</P>
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<FONT face="Arial" size="2"><b>30</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">LEGAL PROCEEDINGS</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">We become involved in various legal proceedings as
a&nbsp;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;8,&nbsp;2012, based on the
information currently available and management&#146;s assessment of&nbsp;the merits of
such legal proceedings, management believes that the resolution of these legal
proceedings will not have a&nbsp;material and negative effect on our financial
statements. With regard to those legal proceedings in which we are defendants,
we believe that we have strong defences and we intend to vigorously defend our
positions.</font></P>
<P style="text-align: left;">
<B><font face="Arial">LAWSUITS INSTITUTED BY BCE&nbsp;INC.</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">Privatization Transaction Lawsuit</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On June&nbsp;30,&nbsp;2007, BCE&nbsp;Inc. announced that it had
entered into a&nbsp;definitive agreement (the Definitive Agreement) providing for&nbsp;the
proposed acquisition of all of the outstanding common and preferred equity of
BCE&nbsp;Inc. (the Privatization) by BCE&nbsp;Acquisition&nbsp;Inc. (the Purchaser),
a&nbsp;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&nbsp;Inc., Madison Dearborn Partners, LLC and Merrill Lynch Global Private
Equity. The closing of the Privatization was contingent upon the fulfillment of
several closing conditions, including the receipt at the effective time (on
December&nbsp;11,&nbsp;2008, the outside date for the closing of the Privatization) of
a&nbsp;positive solvency opinion from&nbsp;KPMG LLP (KPMG). On December&nbsp;11,&nbsp;2008, BCE&nbsp;Inc.
announced that it had received from the Purchaser on December&nbsp;10,&nbsp;2008 a&nbsp;notice
purporting to terminate the Definitive Agreement. BCE&nbsp;Inc. disputes that the
Purchaser was entitled to terminate the Definitive Agreement on December&nbsp;10,
2008, as such notice was delivered prematurely, prior to the outside date for
closing of the transaction, and is therefore invalid. Also on December&nbsp;11,&nbsp;2008,
BCE&nbsp;Inc. announced that it had received confirmation from KPMG that it would not
be able to deliver an opinion that BCE&nbsp;Inc. would meet, post-transaction, the
solvency tests set out in the Definitive Agreement. All closing conditions had
been satisfied by BCE&nbsp;Inc., other than the solvency opinion, a&nbsp;condition to
closing that was to be satisfied by&nbsp;its nature at the effective time.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">In light of these developments, BCE&nbsp;Inc. terminated
the Definitive Agreement in accordance with its terms on December&nbsp;12,&nbsp;2008, and
demanded payment of the $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&nbsp;Inc. and Madison
Dearborn Partners, LLC (the Guarantors)). On December&nbsp;17,&nbsp;2008, BCE&nbsp;Inc. filed
a&nbsp;motion to institute legal proceedings against the Purchaser and the Guarantors
in the Qu&#233;bec Superior Court in respect of the payment of the $1.2&nbsp;billion
break-up fee.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Trial has been scheduled to begin in the fall of
2012.</font></P>
<P style="text-align: left;">
<B><font face="Arial">LAWSUITS INSTITUTED AGAINST BCE&nbsp;GROUP COMPANIES</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">Class&nbsp;Action Concerning Increase to Late Payment Charges</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On October&nbsp;28,&nbsp;2010, a&nbsp;motion to obtain the
authorization to institute a&nbsp;class action was filed in the Qu&#233;bec Superior Court
against Bell&nbsp;Canada and Bell&nbsp;Mobility on behalf of all physical persons and
companies of 50&nbsp;employees or less in Canada who were billed late payment charges
since June&nbsp;2010. The plaintiff alleges that the increase by Bell&nbsp;Canada and
Bell&nbsp;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&nbsp;Canada and Bell&nbsp;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&nbsp;Canada and Bell&nbsp;Mobility.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On December&nbsp;16,&nbsp;2011, the court authorized the
action but limited the class members to residents of the province of Qu&#233;bec with
respect to home phone, wireless and Internet services. A&nbsp;trial date has not yet
been set.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On January&nbsp;10,&nbsp;2012, another motion to obtain the
authorization to institute a&nbsp;class action was filed in the Qu&#233;bec Superior Court
against Bell&nbsp;ExpressVu with respect to television services. Plaintiff seeks
authorization to file a&nbsp;class action based on a&nbsp;cause of action alleged to be
identical to the one described in the motion filed on October&nbsp;28,&nbsp;2010.</font></P>


<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">31</FONT></b></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">LEGAL PROCEEDINGS</font></B></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">Purported Class&nbsp;Action Concerning Dividends</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On October&nbsp;24,&nbsp;2008, a&nbsp;statement of claim was filed
under <I>The Class&nbsp;Actions Act </I>(Saskatchewan) in the Saskatchewan Court of
Queen&#146;s Bench against BCE&nbsp;Inc., the Purchaser and the Guarantors on behalf of
persons or entities who held common shares of&nbsp;BCE&nbsp;Inc. between August&nbsp;8,&nbsp;2007
and July&nbsp;4,&nbsp;2008. The plaintiffs allege, among other things, that by suspending
the payment of dividends to common shareholders, and amending the Definitive
Agreement without shareholder approval, BCE&nbsp;Inc. violated its by-laws and
articles, its dividend policy, the Definitive Agreement, the <I>Canada Business
Corporations Act </I>and the March&nbsp;7,&nbsp;2008 order of the Qu&#233;bec Superior Court
approving the plan of arrangement of BCE&nbsp;Inc. giving effect to the proposed
Privatization. The plaintiffs also allege that BCE&nbsp;Inc. acted in an oppressive
manner. The action seeks, among other things and in&nbsp;addition to unquantified
damages, the payment of dividends for the second and third quarters of 2008. The
statement of claim alleges that class members have suffered damages of at least
$588&nbsp;million.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On October&nbsp;15,&nbsp;2009, BCE&nbsp;Inc. brought a&nbsp;motion to
strike the statement of claim. On December&nbsp;23,&nbsp;2009, the plaintiffs filed an
application seeking, among other things, leave to amend the statement of claim
and commence a&nbsp;claim under the secondary market disclosure provisions of <I>The
Securities Act </I>(Saskatchewan) and certification of the action as a&nbsp;class
action. The lawsuit has not yet been certified as a&nbsp;class action. No hearing
date has been set for the various motions pending in this case.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Purported Class&nbsp;Action Concerning 911 Fees</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On June&nbsp;26,&nbsp;2008, a&nbsp;statement of claim was filed
under <I>The Class&nbsp;Actions Act </I>(Saskatchewan) in the Saskatchewan Court of
Queen&#146;s Bench against communications service providers, including Bell&nbsp;Mobility
and Bell&nbsp;Aliant LP, on behalf of certain alleged customers. The action also
names BCE&nbsp;Inc. and Bell&nbsp;Canada as defendants. 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&nbsp;national class encompassing all customers of communications service providers
wherever resident in Canada. The lawsuit has not yet been certified as a&nbsp;class
action.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Vid&#233;otron Lawsuit</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On August&nbsp;31, 2005, a&nbsp;motion to institute legal
proceedings was filed in the Qu&#233;bec Superior Court against Bell&nbsp;ExpressVu by
Vid&#233;otron lt&#233;e, Vid&#233;otron (R&#233;gional) lt&#233;e and CF Cable TV&nbsp;Inc. (a subsidiary of
Vid&#233;otron lt&#233;e). In the statement of claim, the plaintiffs allege that Bell&nbsp;ExpressVu
has failed to adequately protect its system against signal piracy, thereby
depriving the plaintiffs of subscribers who, but for their alleged ability to
pirate Bell&nbsp;ExpressVu&#146;s signal, would be subscribing to plaintiffs&#146; services.
The trial began in September&nbsp;2011 and ended on January&nbsp;12,&nbsp;2012. During the
course of the trial, the damages claimed by&nbsp;plaintiffs were reduced to
approximately $170&nbsp;million and the plaintiffs indicated they were no longer
claiming punitive damages. Judgment will follow.</font></P>
<P style="text-align: left;">
<B><font face="Arial">Class&nbsp;Action Concerning Wireless System Access Fees</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">On August&nbsp;9, 2004, a&nbsp;statement of claim was filed
under <I>The Class&nbsp;Actions Act </I>(Saskatchewan) in the Saskatchewan Court of
Queen&#146;s Bench against wireless service providers, including Bell&nbsp;Mobility and
Aliant Telecom&nbsp;Inc., on behalf of certain alleged customers (the Initial
Action). This statement of claim alleges, among other things, breach of contract
and duty to inform, deceit, misrepresentation, unjust enrichment and collusion,
in connection with certain system access fees invoiced by wireless
communications service providers to their customers. The plaintiffs are seeking
unspecified damages and punitive damages.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On September&nbsp;17,&nbsp;2007, the court granted
certification, on the ground of unjust enrichment only, of a&nbsp;national class
encompassing all customers of the defendant wireless communications service
providers wherever resident in Canada.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P align="left" style="margin-bottom: 0">
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<HR noshade size=1 color="#000000">






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">LEGAL PROCEEDINGS</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font size="2" face="Arial">On July&nbsp;27,&nbsp;2009, a&nbsp;new statement of claim was filed
under <I>The Class&nbsp;Actions Act </I>(Saskatchewan) in the Saskatchewan Court of
Queen&#146;s Bench against wireless service providers, including Bell&nbsp;Mobility and
members of the Bell&nbsp;Aliant group, on behalf of certain alleged customers (the
Second Action). The statement of claim for the Second Action is based on alleged
facts similar to those in the Initial Action. On December&nbsp;22,&nbsp;2009, the court
stayed the Second Action upon an application by defendants to dismiss it as an
abuse of process. On March&nbsp;9,&nbsp;2010, the plaintiffs filed a&nbsp;motion for leave to
appeal that decision to the Saskatchewan Court of Appeal. This application was
adjourned pending the outcome of the Initial Action.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On November&nbsp;15,&nbsp;2011, the Saskatchewan Court of
Appeal maintained the certification decision of the Court of Queen&#146;s Bench. On
January&nbsp;16,&nbsp;2012, Bell&nbsp;Mobility and the other defendants filed with the Supreme
Court of Canada their respective leave to appeal applications of the
Saskatchewan Court of Appeal decision.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">On December&nbsp;16,&nbsp;2011, a&nbsp;new proceeding was filed in
the Supreme Court of British Columbia against several telecommunication service
providers, including BCE&nbsp;Inc. and Bell&nbsp;Mobility. The claim is similar to the
Initial Action. The relief sought includes an injunction restraining the alleged
misrepresentation, an order for restoration or disgorgement of the system access
fee&#146;s revenue and punitive damages. The claim has not yet been certified as
a&nbsp;class proceeding.</font></P>
<P style="text-align: left;">
<B><font face="Arial">OTHER</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">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 style="text-align: left;">
&nbsp;</P>


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
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<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">INTEREST OF MANAGEMENT AND OTHERS IN MATERIAL
TRANSACTIONS</font></B></P>
<P style="text-align: left;">
<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&nbsp;director
or&nbsp;executive officer with a&nbsp;material interest in any transaction within the
three most recently completed financial years or&nbsp;during the current financial
year that has materially affected us or is reasonably expected to materially
affect us.</font></P>
<P style="text-align: left;">
<B><font size="4" face="Arial">EXPERTS</font></B></P>
<P style="text-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&nbsp;Inc. within the meaning
of the Code of Ethics of the <I>Ordre des comptables agr&#233;&#233;s du Qu&#233;bec </I>and
the United States <I>Securities Act of 1933 </I>and the applicable rules and
regulations thereunder adopted by the Securities and Exchange Commission and the
Public Company Accounting Oversight Board (United&nbsp;States).</font></P>
<P style="text-align: left;">
<B><font size="4" face="Arial">TRANSFER AGENT AND REGISTRAR</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The transfer agent and registrar for the common
shares and preferred shares of BCE&nbsp;Inc. in Canada is CST, acting as
administrative agent for CIBC Mellon at its principal offices in Montr&#233;al,
Qu&#233;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 style="text-align: left;">
<font size="2" face="Arial">The register for Bell&nbsp;Canada&#146;s debentures and
Bell&nbsp;Canada&#146;s subordinated debentures is kept at the principal office of CIBC
Mellon, in Montr&#233;al, and facilities for registration, exchange and transfer of
the debentures are maintained at the principal offices of CIBC Mellon through
BNY Trust Company of Canada acting as attorney in Montr&#233;al, Toronto, Calgary
and&nbsp;Vancouver.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>34</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">FOR MORE INFORMATION</font></B></P>
<P style="text-align: left;">
<B><font face="Arial">DOCUMENTS YOU CAN REQUEST</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">You can ask us for a&nbsp;copy of any of the following
documents:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">this Annual Information Form, together with any
document, or the relevant pages of any document, incorporated by reference into
it;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">BCE&nbsp;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></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">any interim financial statements that were filed
after the financial statements for the most recently completed financial
year;&nbsp;and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">any other documents that are incorporated by
reference into a&nbsp;preliminary short form prospectus or a&nbsp;short form prospectus
and are not listed above.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">Please send your request to the Corporate Secretary
of BCE&nbsp;Inc., at 1 Carrefour Alexander-Graham-Bell, Building A, 8th&nbsp;Floor,
Verdun, Qu&#233;bec H3E 3B3.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">We will send you the documents at no charge when our
securities are being distributed under a&nbsp;preliminary short form prospectus or
short form prospectus. At any other time, we may charge you a&nbsp;reasonable fee if
you or the company you work for is not a&nbsp;securityholder of BCE&nbsp;Inc.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">You can also ask us for a&nbsp;copy of the annual and
quarterly management&#146;s discussion and analysis of BCE&nbsp;Inc. by contacting the
Investor Relations group of BCE&nbsp;Inc., at 1 Carrefour Alexander-Graham-Bell,
Building A, 8th Floor, Verdun,&nbsp;Qu&#233;bec&nbsp;H3E&nbsp;3B3 or by sending an e-mail to
investor.relations@bce.ca.</font></P>
<P style="text-align: left;">
<B><font face="Arial">OTHER INFORMATION ABOUT BCE&nbsp;INC.</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The above documents, as well as BCE&nbsp;Inc.&#146;s annual
and quarterly reports and news releases, are also available on BCE&nbsp;Inc.&#146;s
website at www.bce.ca.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">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&nbsp;Inc.&#146;s management proxy
circular for its most recent annual meeting of the securityholders that involved
the election of directors.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">Additional information relating to BCE&nbsp;Inc. is
available on SEDAR at www.sedar.com and on EDGAR at www.sec.gov. Additional
financial information is provided in BCE&nbsp;Inc.&#146;s audited consolidated financial
statements and related management&#146;s discussion and&nbsp;analysis for BCE&nbsp;Inc.&#146;s most
recently completed financial year contained in the BCE&nbsp;2011 Annual Report.</font></P>

<TABLE border=0 cellspacing=0 width="40%">
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Shareholder inquiries</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">1-800-561-0934</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<font size="2" face="Arial">Investor relations</font></TD>
	<TD align=left width="20%">
<font size="2" face="Arial">1-800-339-6353</font></TD>
</TR>
</TABLE>


<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">35</FONT></b></P>


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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B><font size="4">SCHEDULE 1 &#150; AUDIT COMMITTEE INFORMATION</font></B><SUP><font size="2">(1)</font></SUP></font></P>
<P style="text-align: left;">
<font size="2" face="Arial">The purpose of BCE&nbsp;Inc.&#146;s audit committee (Audit
Committee) is to assist the board of directors in its oversight of:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the integrity of BCE&nbsp;Inc.&#146;s financial statements and
related information;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">BCE&nbsp;Inc.&#146;s compliance with applicable legal and
regulatory requirements;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the independence, qualifications and appointment of
the external auditors;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">the performance of both the external and internal
auditors;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">BCE&nbsp;Inc.&#146;s management&#146;s responsibility for assessing
and reporting on the effectiveness of internal controls; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">BCE&nbsp;Inc.&#146;s enterprise risk management processes.</font></LI>
</UL>
<P style="text-align: left;">
<B><font face="Arial">Members&#146; Financial Literacy, Expertise and
Simultaneous Service</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Under the <I>Sarbanes-Oxley Act </I>and related
United States Securities and Exchange Commission rules, BCE&nbsp;Inc. is required to
disclose whether its Audit Committee members include at least one &#147;audit
committee financial expert,&#148; as defined by these rules. In addition, National
Instrument 52-110 &#150; <I>Audit Committees </I>and the New York Stock Exchange
governance rules followed by BCE&nbsp;Inc. require that all audit committee members
be &#147;financially literate&#148; and &#147;independent&#148;.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">The board of directors has determined that all the
members of the Audit Committee during 2011 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 2011, the board of
directors determined that at least one of the members of the Audit Committee,
being the current Chair of the Audit Committee, Mr.&nbsp;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 2011 and the
current members.</font></P>
<P style="text-align: left;">
<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="20%" valign="top"
  style="border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2" face="Arial">P.R. Weiss, FCA (<I>Chair</I>)</font></td>
		<td width="80%" valign="top"
  style="border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Weiss has been a&nbsp;director on the BCE&nbsp;Inc. board
of directors since May&nbsp;2009 and became Chair of the Audit Committee on May&nbsp;7,
2009. Mr.&nbsp;Weiss is director and audit committee Chair at ING Bank of 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&nbsp;director of Niagara International Music Festival. For
over 40 years, until his retirement in 2008, he was with KPMG Canada. He served
as Managing Partner of the Canadian Audit Practice, a&nbsp;member of KPMG Canada&#146;s
Management Committee, and a&nbsp;member of the International Global Audit Steering
Group. Mr.&nbsp;Weiss holds a&nbsp;Bachelor of Commerce degree from Carleton University.</font></td>
	</tr>
	<tr>
		<td width="20%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">A. B&#233;rard, O.C.</font></td>
		<td width="80%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;B&#233;rard has been a&nbsp;director on the BCE&nbsp;Inc. board
of directors since January&nbsp;2003. He is a&nbsp;director of Bombardier&nbsp;Inc., Groupe
BMTC&nbsp;Inc., Saputo&nbsp;Inc., and TransForce&nbsp;Inc. Mr.&nbsp;B&#233;rard was Chair of the Board of
National Bank of Canada (chartered bank) from 2002 to March&nbsp;2004, and Chair of
the Board and Chief Executive Officer of National Bank of Canada from 1990 to
March&nbsp;2002. He holds a&nbsp;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 Canada in 1995.</font></td>
	</tr>
	<tr>
		<td width="20%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Sophie Brochu</font></td>
		<td width="80%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ms. Brochu has been a&nbsp;director on the BCE&nbsp;Inc. board
of directors since May&nbsp;2010. Ms. Brochu has worked in the energy industry for
nearly 25 years. She began her career in 1987 with SOQUIP (<I>Soci&#233;t&#233; qu&#233;b&#233;coise
d&#146;initiatives p&#233;troli&#232;res</I>) and held several positions, including
Vice-President, Development, a&nbsp;position she held until 1997. Ms.&nbsp;Brochu joined
Gaz M&#233;tro (natural gas distributor in Qu&#233;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&#233;bec. In 2007, she was appointed President and Chief Executive Officer of Gaz
M&#233;tro. Ms. Brochu is also a&nbsp;director of Gaz M&#233;tro. Ms. Brochu is a&nbsp;member of the
audit committee of Bank of Montr&#233;al. She is a&nbsp;graduate in Economics from
Universit&#233; Laval in Qu&#233;bec City, where she specialized in the energy field. She
is Chair of the Board of the Montr&#233;al Museum of Archaeology and History
(Pointe-&#224;-Calli&#232;re). She is also actively involved with Muscular Dystrophy
Canada. Ms. Brochu was co-president of the Centraide of Greater Montr&#233;al
campaign for 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></td>
	</tr>
</table>
<P style="text-align: left; margin-top:0; margin-bottom:0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table13">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font size="1" face="Arial">You will find a&nbsp;summary of the differences between
our governance practices and the New York Stock Exchange governance rules in the
governance section of BCE&nbsp;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">
<FONT face="Arial" size="2"><b>36</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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<P style="text-align: right; margin-top:0">
<font face="Arial">
<B><font size="1">SCHEDULE 1 &#150; AUDIT COMMITTEE INFORMATION</font></B></font></P>






<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="20%" valign="top"
  style="border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2" face="Arial">A.S. Fell, O.C.</font></td>
		<td width="80%" valign="top"
  style="border-top: 1px solid #000000; border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Fell has been a&nbsp;director on the BCE&nbsp;Inc. board
of directors since January&nbsp;2002. Mr.&nbsp;Fell is a&nbsp;former Deputy Chairman of Royal
Bank of Canada. He was with RBC Capital Markets (investment bank) and
predecessor companies for 48 years including 18 years as Chief Executive Officer
and a&nbsp;further 8 years as Chairman until his retirement in 2007. He is a&nbsp;director
of Loblaw Companies Limited. Mr.&nbsp;Fell is a&nbsp;past Chairman of Munich Reinsurance
Company of Canada and past Chairman of the Investment Dealers Association of
Canada and a&nbsp;past Governor of the Toronto Stock Exchange. Mr.&nbsp;Fell is also
a&nbsp;past Chairman of the University Health Network, the United Way Campaign for
Metropolitan Toronto, the Princess Margaret Hospital Capital Campaign and is
a&nbsp;past Governor of the Duke of Edinburgh&#146;s Award Program in Canada, St. Andrew&#146;s
College and the Ontario Division of the Canadian Arthritis Society. Mr.&nbsp;Fell was
appointed an Officer of the Order of Canada in 2001 and received an Honorary
Doctor of Laws Degree from McMaster University in 2001 and from the University
of Toronto in 2006 and was inducted into the Canadian Business Hall of Fame in
2010.</font></td>
	</tr>
	<tr>
		<td width="20%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">J. Prentice<br>
(since November 2,&nbsp;2011)</font></P>
<p>&nbsp;</td>
		<td width="80%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Prentice is a&nbsp;director on the BCE&nbsp;Inc. board of
directors since July&nbsp;21,&nbsp;2011. Mr.&nbsp;Prentice is responsible for expanding CIBC&#146;s
relationships with corporate clients across Canada and abroad, and for providing
leadership on strategic initiatives to enhance CIBC&#146;s position in the market.
Mr.&nbsp;Prentice is well known for his contribution to public life in Canada. He was
first elected as the Member of Parliament for Calgary Centre North in 2004 and
re-elected in 2006 and 2008. From January&nbsp;2006 until November&nbsp;2010 he was one of
the most senior Ministers in the Canadian Government, serving variously as the
Minister of Industry, the Minister of the Environment and the Minister of Indian
Affairs and Northern Development. In addition, Mr.&nbsp;Prentice chaired the
Operations Committee of Cabinet and sat on the Priorities and Planning Committee
from 2006 through November&nbsp;2010. Prior to entering public office, Mr.&nbsp;Prentice
practiced law in Calgary, specializing in commercial law and property rights. He
served as the Co-Chair of the Indian Claims Commission of Canada from 1993 until
2000. He graduated from the University of Alberta with a&nbsp;Bachelor of Commerce in
1977 and then entered Dalhousie Law School as a&nbsp;Dunn Scholar, graduating with
his Bachelor of Laws in 1980. Mr.&nbsp;Prentice was designated a&nbsp;Queen&#146;s Counsel in
1992.</font></td>
	</tr>
	<tr>
		<td width="20%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">R. C. Simmonds <br>
(since May&nbsp;12,&nbsp;2011)</font></P>
<p>&nbsp;</td>
		<td width="80%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Mr.&nbsp;Simmonds has been a&nbsp;director on the BCE&nbsp;Inc.
board of directors since May&nbsp;2011. Mr.&nbsp;Simmonds is a&nbsp;seasoned Canadian
telecommunications executive who has served in public company roles from 1994 to
2006. From 1985 until 2000, he served as Chairman of Clearnet Communications
Inc., a&nbsp;Canadian wireless competitor that launched two all-new digital mobile
networks. He became the Chairman of Lenbrook Corporation (national distributor
of electronics components and radio products) in 2002, having been a&nbsp;founder and
director of the company since 1977. Internationally regarded as a&nbsp;leading
wireless communications engineer and mobile spectrum authority, Mr.&nbsp;Simmonds has
played a&nbsp;key role in the development of Canada&#146;s mobile spectrum policies for
more than 30 years. He is an executive with the Radio Advisory Board of Canada (RABC),
the body that provides unbiased and technically expert advice to the federal
Department of Industry, and is a&nbsp;past Chair of the Canadian Wireless
Telecommunications Association (CWTA). A&nbsp;laureate and member of Canada&#146;s
Telecommunications Hall of Fame and recipient of the Engineering Medal for
Entrepreneurship from Professional Engineers Ontario, Mr.&nbsp;Simmonds earned his
B.A. Sc. in Electrical Engineering at the University of Toronto.</font></td>
	</tr>
	<tr>
		<td width="20%" valign="top" style="border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2" face="Arial">Carole Taylor <br>
(until May&nbsp;12,&nbsp;2011)</font></P>
<p>&nbsp;</td>
		<td width="80%" valign="top" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Ms. Taylor has been a&nbsp;director on the BCE&nbsp;Inc. board
of directors since August&nbsp;2010 and a&nbsp;member of the Audit Committee until May&nbsp;12,
2011. 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.&nbsp;Taylor was a&nbsp;director
and member of the audit committee of The Toronto Dominion Bank. She is the
Chancellor of Simon Fraser University. Ms. Taylor earned her B.A. in English at
the University of Toronto&#146;s Victoria College.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<font size="2" face="Arial">The New York Stock Exchange governance rules
followed by BCE&nbsp;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&nbsp;committee.</font></P>
<P style="text-align: left;">
<font size="2" face="Arial">In addition to serving on BCE&nbsp;Inc.&#146;s Audit
Committee, Mr.&nbsp;B&#233;rard served on the audit committees of the following public
companies: Bombardier&nbsp;Inc., Groupe BMTC&nbsp;Inc. and TransForce&nbsp;Inc. The board of
directors has carefully reviewed the audit committee service of Mr.&nbsp;B&#233;rard and
has concluded that these other activities do not currently impair his ability
to&nbsp;effectively serve on BCE&nbsp;Inc.&#146;s Audit Committee. This conclusion is based on
the following:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">he is retired and is not involved in professional
activities other than sitting on various public corporations&#146; boards
of&nbsp;directors and audit committees;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">he has extensive accounting and financial knowledge
and experience, which serves the best interests of BCE&nbsp;Inc.; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">he makes valuable contributions to BCE&nbsp;Inc.&#146;s Audit
Committee.</font></LI>
</UL>


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


<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">37</FONT></b></P>


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






<P style="text-align: left; margin-top:0">
<font face="Arial">
<B><font size="1">SCHEDULE 1 &#150; AUDIT COMMITTEE INFORMATION</font></B></font></P>






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font face="Arial">Pre-Approval Policies and Procedures</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">BCE&nbsp;Inc.&#146;s Auditor Independence Policy is
a&nbsp;comprehensive policy governing all aspects of our relationship with the
external auditors, including:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">establishing a&nbsp;process for determining whether
various audit and other services provided by the external auditors affect
their&nbsp;independence;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">identifying the services that the external auditors
may and may not provide to BCE&nbsp;Inc. and its subsidiaries;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">pre-approving all services to be provided by the
external auditors of BCE&nbsp;Inc. and its subsidiaries; and</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">establishing a&nbsp;process outlining procedures when
hiring current or former personnel of the external auditors in a&nbsp;financial
oversight role to ensure auditor independence is maintained.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">In particular, the policy specifies that:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">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></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">for all audit or non-audit services falling within
the permitted services category (such as prospectus work, due diligence and
non-statutory audits), a&nbsp;request for approval must be submitted to the audit
committee prior to engaging the external auditors;</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">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></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font size="2" face="Arial">at each regularly scheduled audit committee meeting,
a&nbsp;consolidated summary of all fees paid to the external auditors by&nbsp;service type
is presented. This summary includes a&nbsp;breakout of fees incurred within the
pre-approved amounts.</font></LI>
</UL>
<P style="text-align: left;">
<font size="2" face="Arial">The Auditor Independence Policy is available in the
governance section of BCE&nbsp;Inc.&#146;s website at www.bce.ca.</font></P>
<P style="text-align: left;">
<B><font face="Arial">External Auditors&#146; Fees</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">The table below shows the fees that BCE&nbsp;Inc.&#146;s
external auditors, Deloitte &amp; Touche LLP, billed to BCE&nbsp;Inc. and its
subsidiaries for&nbsp;various services in each of the past two fiscal years.</font></P>

<TABLE border=0 cellspacing=0 width="100%">
<TR valign="bottom">
	<TD align=left width="56%">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<B><font size="1" face="Arial">2011</font></B></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="20%">
<font size="1" face="Arial">2010</font></TD>
	<TD align=right width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp; </font> </TD>
	<TD align=right width="20%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><font size="1" face="Arial">(IN $ MILLIONS</font></B></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p align="left">
<B><font size="1" face="Arial">)</font></B><font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="20%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">(IN $ MILLIONS</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<p align="left">
<font size="1" face="Arial">) </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<font size="2" face="Arial">Audit fees</font><font size="-2" face="Arial"><sup>(1)</sup></font></TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">9.5</font></B></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">9.1</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<font size="2" face="Arial">Audit-related fees</font><font size="-2" face="Arial"><sup>(2)</sup></font></TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">1.6</font></B></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">1.4</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%">
<font size="2" face="Arial">Tax fees</font><font size="-2" face="Arial"><sup>(3)</sup></font></TD>
	<TD align=right width="20%" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">0.7</font></B></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="20%">
<font size="2" face="Arial">0.7</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">All other fees</font><font size="-2" face="Arial"><sup>(4)</sup></font></TD>
	<TD align=right width="20%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">&#150;</font></B></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">0.3</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="56%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">Total</font><font size="-2" face="Arial"><sup>(5)</sup></font></TD>
	<TD align=right width="20%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<B><font size="2" face="Arial">11.8</font></B></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="20%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">11.5</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left; margin-top:0; margin-bottom:0">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table14">
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">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 reports, the review of financial accounting and
reporting matters, the&nbsp;review of securities offering documents, other regulatory
audits and filings and translation services.</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(2)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">These fees relate to non-statutory audits and due
diligence procedures.</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(3)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">These fees include professional services for tax
compliance, tax advice and assistance with tax audits and appeals.</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font size="1" face="Arial">(4)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">These fees include any other fees for permitted
services not included in any of the above-stated categories. In 2010, the fees
are solely for services related to compliance with the Payment Card Industry
Data Security Standard.</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top"><font face="Arial" size="1">(5)</font></td>
		<td width="98%" valign="top">
<font size="1" face="Arial">The amounts of $11.8&nbsp;million for 2011 and
$11.5&nbsp;million for 2010 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 $9.7&nbsp;million in 2011 and $10.5&nbsp;million
in 2010.</font></td>
	</tr>
</table>


<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>38</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">SCHEDULE 1A &#150; AUDIT COMMITTEE CHARTER</font></B></P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">I. </font></B></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">PURPOSE</font></B></td>
	</tr>
	<tr>
		<td width="6%" valign="top" colspan="4">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">The purpose of the Audit Committee is to assist the
Board of Directors in its oversight of: </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">A.</font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the
integrity of the Corporation&#146;s financial statements and related information; </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">B.</font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the
Corporation&#146;s compliance with applicable legal and regulatory requirements; </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">C.</font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the
independence, qualifications and appointment of the shareholders&#146; auditor; </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">D.</font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the
performance of the Corporation&#146;s shareholders&#146; auditor and internal audit;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">E.</font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">
management responsibility for assessing and reporting on the effectiveness of
internal controls; and</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">F.</font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the
Corporation&#146;s enterprise risk management processes.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
&nbsp;</td>
		<td width="3%" valign="top" colspan="3">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">II. </font></B></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">DUTIES AND RESPONSIBILITIES</font></B></td>
	</tr>
	<tr>
		<td width="6%" valign="top" colspan="4">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">The Audit Committee shall perform the functions
customarily performed by audit committees and any other functions assigned
by&nbsp;the Board of Directors. In particular, the Audit Committee shall have the
following duties and responsibilities:</font></td>
	</tr>
	<tr>
		<td width="6%" valign="top" colspan="4">
&nbsp;</td>
	</tr>
	<tr>
		<td width="6%" valign="top" colspan="4">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">A. Financial Reporting and Control</font></B></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">1. </font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">On a&nbsp;periodic basis, review and discuss with
management and the shareholders&#146; auditor the following:</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">a.</font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">major issues regarding accounting principles and
financial statement presentation, including any significant changes in the
Corporation&#146;s selection or application of accounting principles, and issues as
to the adequacy of the Corporation&#146;s internal controls and any special audit
steps adopted in light of material control deficiencies;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">b.</font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">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 impact of selecting one of&nbsp;several generally accepted accounting
principles (GAAP) on the financial statements when such a&nbsp;selection has been
made in&nbsp;the current reporting period;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">c.</font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the effect of regulatory and accounting
developments, as well as off-balance sheet arrangement, on the financial
statements of the Corporation;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">d.</font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the type and presentation of information to be
included in earnings press releases (including any use of pro-forma or&nbsp;non-GAAP,
information).</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">2. </font></td>
		<td width="3%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Meet to review and discuss with management and
the shareholders&#146; auditor, report and, where appropriate, provide
recommendations to the Board of Directors on the following prior to its public
disclosure:</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">a.</font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the Corporation&#146;s annual and interim consolidated
financial statements and the related &#147;Management&#146;s Discussion and Analysis&#148;,
Annual Information Forms, earnings press releases and earnings guidance provided
to analysts and rating agencies and the integrity of the financial reporting of
the Corporation;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">&#150;</font></td>
		<td width="94%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">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 Corporation&#146;s interim consolidated financial statements and the
related &#147;Management&#146;s Discussion and Analysis&#148;, the interim earnings press
releases and the earnings guidance, may also be approved on behalf of the Board
of Directors by the Audit Committee, provided that such approval is subsequently
reported to the Board of Directors at its next meeting;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">b.</font></td>
		<td width="96%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">any audit issues raised by the shareholders&#146;
auditor and management&#146;s response thereto, including any restrictions on the
scope of the activities of the shareholders&#146; auditor or access to requested
information and any significant disagreements with management.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">3.</font></td>
		<td width="99%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Review and discuss reports from the shareholders&#146;
auditor on: </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font face="Arial" size="2">a. </font></td>
		<td width="96%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">all
critical accounting policies and practices used by the Corporation;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">b. </font></td>
		<td width="96%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">all material selection of method of accounting
when alternative treatments are available under GAAP that have been discussed
with management, including the ramifications of the use of such alternative
treatments and the alternative preferred by the shareholders&#146; auditor; and</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">c.</font></td>
		<td width="96%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">other material written communications between the
shareholders&#146; auditor and management, and discuss such communication with the
shareholders&#146; auditor.</font></td>
	</tr>
</table>


<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">39</FONT></b></P>


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






<P style="text-align: left; margin-top:0; margin-bottom:0">
<B><font size="1" face="Arial">SCHEDULE 1A &#150; AUDIT COMMITTEE CHARTER</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="6%" valign="top" colspan="3">
<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">B. Oversight of the Shareholders&#146; Auditors</font></B></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">1.</font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Be directly responsible for the appointment,
compensation, retention and oversight of the work of the shareholders&#146; auditor
and any other auditor preparing or issuing an audit report or performing other
audit services or attest services for the Corporation or any consolidated
subsidiary of the Corporation, where required, and review, report and, where
appropriate, provide recommendations to the Board of Directors on the
appointment, terms and review of engagement, removal, independence and proposed
fees of the shareholders&#146; auditor.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">2.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Approve in advance all audit, review or attest
engagement fees and terms for all audit, review or attest services to be
provided by the shareholders&#146; auditor to the Corporation and any consolidated
subsidiary and any other auditor preparing or issuing an audit report or
performing other audit services or attest services for the Corporation or any
consolidated subsidiary of the Corporation, where required.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">3.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Pre-approve all engagements for permitted
non-audit services provided by the shareholders&#146; auditor to the Corporation and
any consolidated subsidiary and to this effect may establish policies and
procedures for the engagement of the shareholders&#146; auditor to provide to the
Corporation and any consolidated subsidiary permitted non-audit services, which
shall include approval in advance by the Audit Committee of all audit/review and
permitted non-audit services to be provided by the shareholders&#146; auditor to the
Corporation and any consolidated subsidiary.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">4.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Delegate, if deemed appropriate, authority to one
or more members of the Audit Committee to grant pre-approvals of audit, review
and permitted non-audit services, provided that any such approvals shall be
presented to the Audit Committee at its next scheduled meeting.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">5. </font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Establish policies for the hiring of partners,
employees and former partners and&nbsp;employees of the shareholders&#146; auditor.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">6.</font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">At least annually, consider, assess, and report
to the Board of Directors on:</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">a. </font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the independence of the shareholders&#146; auditor,
including that the shareholders&#146; auditor&#146;s performance of permitted non-audit
services does not impair the shareholders&#146; auditor&#146;s independence;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">b.</font></td>
		<td width="97%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">obtaining from the shareholders&#146; auditor
a&nbsp;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)&nbsp;delineating any other relationships
that may adversely affect the independence of the shareholders&#146; auditor; and</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">c.</font></td>
		<td width="96%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the evaluation of the lead audit partner, taking
into account the opinions of management and internal audit.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">7.</font></td>
		<td width="99%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">At least annually, obtain and review a&nbsp;report by
the shareholders&#146; auditor describing:&nbsp; </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">a.</font></td>
		<td width="96%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the shareholders&#146; auditor&#146;s internal
quality-control procedures;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">b. </font></td>
		<td width="96%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">any material issues raised by the most recent
internal quality-control review, or peer review of the shareholders&#146; auditor
firm, or by any inquiry or investigation by governmental or professional
authorities, within the preceding five years, respecting one or more independent
audits carried out by the shareholders&#146; auditor firm, and any steps taken to
deal with any such issues.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">8.</font></td>
		<td width="99%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Resolve any disagreement between management and
the shareholders&#146; auditor regarding financial reporting.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">9.</font></td>
		<td width="99%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Review the annual audit plan with the
shareholders&#146; auditor.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">10.</font></td>
		<td width="99%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Meet periodically with the shareholders&#146; auditor
in the absence of management and internal audit.</font></td>
	</tr>
	<tr>
		<td width="102%" valign="top" colspan="3">
		&nbsp;</td>
	</tr>
	<tr>
		<td width="102%" valign="top" colspan="3">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">C. Oversight of Internal Audit</font></B></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">1. </font></td>
		<td width="99%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Review and discuss with the head of internal
audit, report and, where appropriate, provide recommendations to the Board
of&nbsp;Directors on the following:</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">a. </font></td>
		<td width="96%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the appointment and mandate of internal audit,
including the responsibilities, budget and staffing of internal audit;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">b.</font></td>
		<td width="96%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">discuss with the head of internal audit the scope
and performance of internal audit, including a&nbsp;review of the annual internal
audit plan, and whether there are any restrictions or limitations on internal
audit;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">c.</font></td>
		<td width="96%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">obtain periodic reports from the head of internal
audit regarding internal audit findings, including those related to the
Corporation&#146;s internal controls, and the Corporation&#146;s progress in remedying any
audit findings.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">2.</font></td>
		<td width="99%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Meet periodically with the head of internal audit
in the absence of management and the shareholders&#146; auditor.</font></td>
	</tr>
</table>


<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<b><font face="Arial" size="2">40</font></b><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">SCHEDULE 1A &#150; AUDIT COMMITTEE CHARTER</font></B></P>
<P style="text-align: right;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="6%" valign="top" colspan="3">
<P style="text-align: left; margin-top:2px; margin-bottom:2px">
<B><font size="2" face="Arial">D. Oversight of the Corporation&#146;s Internal
Control System</font></B></P>
		</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">1. </font></td>
		<td width="3%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Review and discuss with management, the
shareholders&#146; auditor and internal audit, monitor, report and, where
appropriate, provide recommendations to the Board of Directors on the following:</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">a.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the Corporation&#146;s systems of internal controls
over financial reporting;&nbsp; </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">b.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">compliance with the policies and practices of the
Corporation relating to business ethics;&nbsp; </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">c.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">compliance by Directors, Officers
and other management personnel with the Corporation&#146;s Disclosure Policy; and</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">d.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the relationship of the Audit Committee with
other committees of the Board of Directors, management and the Corporation&#146;s
consolidated subsidiaries&#146; audit committees.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">2.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Review and discuss with the Chief Executive
Officer and Chief Financial Officer of the Corporation the process for the
certifications to be provided in the Corporation&#146;s public disclosure documents.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">3.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Review, monitor, report, and, where appropriate,
provide recommendations to the Board of Directors on the Corporation&#146;s
disclosure controls and procedures.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">4.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">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&nbsp;employees regarding questionable
accounting or auditing matters.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">5.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Meet periodically with management in the absence
of the shareholders&#146; auditor and internal audit.</font></td>
	</tr>
	<tr>
		<td width="9%" valign="top" colspan="3">
		&nbsp;</td>
	</tr>
	<tr>
		<td width="9%" valign="top" colspan="3">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">E. Oversight of the Corporation&#146;s Risk Management</font></B></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">1.</font></td>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Review, monitor, report and, where appropriate,
provide recommendations to the Board of Directors on the following:&nbsp; </font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">a.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the
Corporation&#146;s processes for identifying, assessing and managing risks;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">b.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the Corporation&#146;s major financial and operational
risk exposures and the steps the Corporation has taken to monitor and control
such exposures;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">c.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the Corporation&#146;s major security risks and
security trends that may impact the Corporation&#146;s operations and&nbsp;business;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">d.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the Corporation&#146;s business continuity plans,
including work stoppage and disaster recovery plans; and</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">e.</font></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">the Corporation&#146;s environmental risks, and
environment trends that may impact the Corporation&#146;s operations and&nbsp;business.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">2.</font></td>
		<td width="100%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
		<font size="2" face="Arial">Review, monitor, report and, where appropriate,
provide recommendations to the Board of Directors on the Corporation&#146;s
compliance with internal policies and the Corporation&#146;s progress in remedying
any material deficiencies related to:</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
		<p align="right" style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">i.</font></td>
		<td width="97%" valign="top">
<p style="margin-left: 6px; margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">security policies, including the physical
safeguarding of corporate assets and security of information systems;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">&nbsp;</td>
		<td width="3%" valign="top">
		<p align="right" style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">ii.</font></td>
		<td width="97%" valign="top">
<p style="margin-left: 6px; margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">environmental policy and environmental
management systems.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">3.</font></td>
		<td width="100%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
		<font size="2" face="Arial">When appropriate, ensure that the Corporation&#146;s
subsidiaries establish an environmental policy and environmental management
systems, and review and report thereon to the Board of Directors.</font></td>
	</tr>
	<tr>
		<td width="103%" valign="top" colspan="3">
		&nbsp;</td>
	</tr>
	<tr>
		<td width="103%" valign="top" colspan="3">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">F. Compliance with Legal Requirements</font></B></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">1.</font></td>
		<td width="100%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
		<font size="2" face="Arial">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&nbsp;regulations.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">2.</font></td>
		<td width="100%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
		<font size="2" face="Arial">Receive, on a&nbsp;periodic basis, reports from the
Corporation&#146;s Chief Legal Officer, with respect to the Corporation&#146;s pending
or&nbsp;threatened material litigation.</font></td>
	</tr>
</table>


<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">41</FONT></b></P>


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






<P style="text-align: left; margin-top:0">
<B><font size="1" face="Arial">SCHEDULE 1A &#150; AUDIT COMMITTEE CHARTER</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">
III. </font></B></td>
		<td width="3%" valign="top">
<P style="text-align: left; margin-top:2px; margin-bottom:2px">
<B><font size="2" face="Arial">EVALUATION OF THE AUDIT COMMITTEE AND REPORT
TO BOARD OF DIRECTORS</font></B></P>
		</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">A. </font></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">The Audit Committee shall evaluate and review
with the Corporate Governance Committee of the Board of Directors, on&nbsp;an annual
basis, the performance of the Audit Committee.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">B.</font></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">The Audit Committee shall review and discuss with
the Corporate Governance Committee of the Board of Directors, on&nbsp;an annual
basis, the adequacy of the Audit Committee charter.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">C.</font></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">The Audit Committee shall report to the Board of
Directors periodically on the Audit Committee&#146;s activities.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="6%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">IV.</font></B></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">OUTSIDE ADVISORS</font></B></td>
	</tr>
	<tr>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">The Audit Committee shall have the authority to
engage outside counsel and other outside advisors as it deems appropriate to
assist the Audit Committee in the performance of its functions. The Corporation
shall provide appropriate funding for such advisors as determined by the Audit
Committee.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="6%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">V.</font></B></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">MEMBERSHIP</font></B></td>
	</tr>
	<tr>
		<td width="103%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">The Audit Committee shall consist of such number of
directors, in no event to be less than three, as the Board of Directors may from
time to time by resolution determine. The members of the Audit Committee shall
meet the independence, experience and other membership requirements under
applicable laws, rules and regulations as determined by the Board of Directors.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="99%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">VI. </font></B></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">AUDIT COMMITTEE CHAIR</font></B></td>
	</tr>
	<tr>
		<td width="102%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">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&nbsp;is properly organized and
functions efficiently. More specifically, the Chair of the Audit Committee
shall:</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">A. </font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Provide leadership to enable the Audit Committee
to act effectively in carrying out its duties and responsibilities as described
elsewhere in this charter and as otherwise may be appropriate;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">B.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">In consultation with the Board Chair and the
Chief Executive Officer, ensure that there is an effective relationship between
management and the members of the Audit Committee;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">C.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Chair meetings of the Audit Committee;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">D.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">In consultation with the Chief Executive Officer,
the Corporate Secretary&#146;s Office and the Board Chair, determine the frequency,
dates and locations of meetings of the Audit Committee;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">E.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">In consultation with the Chief Executive Officer,
the Chief Financial Officer, the Corporate Secretary&#146;s Office and, as required,
other Officers, review the annual work plan and the meeting agendas to ensure
all required business is brought before the Audit Committee to enable it to
efficiently carry out its duties and responsibilities;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">F.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Ensure, in consultation with the Board Chair,
that all items requiring the Audit Committee&#146;s approval are
appropriately&nbsp;tabled;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">G.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Ensure the proper flow of information to the
Audit Committee and review, with the Chief Executive Officer, the Chief
Financial Officer, the Corporate Secretary&#146;s Office and, as required, other
Officers, the adequacy and timing of materials in support of management&#146;s
proposals;</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">H.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Report to the Board of Directors on the matters
reviewed by, and on any decisions or recommendations of, the Audit Committee at
the next meeting of the Board of Directors following any meeting of the Audit
Committee; and</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">I.</font></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><font size="2" face="Arial">Carry out any special assignments or any
functions as requested by the Board of Directors.</font></td>
	</tr>
</table>


<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>42</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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






<P style="text-align: right; margin-top:0">
<B><font size="1" face="Arial">SCHEDULE 1A &#150; AUDIT COMMITTEE CHARTER</font></B></P>
<P style="text-align: right;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">
VII.</font></B></td>
		<td width="3%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">TERM</font></B></td>
	</tr>
	<tr>
		<td width="9%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">The members of the Audit Committee shall be
appointed or changed by resolution of the Board of Directors to hold office from
the time of their appointment until the next annual general meeting of the
shareholders or until their successors are so appointed.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="6%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">VIII.</font></B></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">PROCEDURES FOR MEETINGS</font></B></td>
	</tr>
	<tr>
		<td width="9%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">The Audit Committee shall fix its own procedure at
meetings and for the calling of meetings. The Audit Committee shall meet
separately in executive session in the absence of management, internal audit and
the shareholders&#146; auditor, at each regularly scheduled meeting.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="6%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">IX.</font></B></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">
QUORUM AND VOTING</font></B></td>
	</tr>
	<tr>
		<td width="6%" valign="top" colspan="2">
<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">Unless otherwise determined from time to time by
resolution of the Board of Directors, two members of the Audit Committee shall
constitute a&nbsp;quorum for the transaction of business at a&nbsp;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&nbsp;meeting, any question shall be decided by a&nbsp;majority of the votes
cast by members of the Audit Committee, except where only two members are
present, in which case any question shall be decided unanimously.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="6%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">X.</font></B></td>
		<td width="6%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">SECRETARY</font></B></td>
	</tr>
	<tr>
		<td width="103%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">Unless otherwise determined by resolution of the
Board of Directors, the Corporate Secretary of the Corporation or his/her
delegate shall be the Secretary of the Audit Committee.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="99%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">XI. </font></B></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">VACANCIES</font></B></td>
	</tr>
	<tr>
		<td width="102%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">Vacancies at any time occurring shall be filled by
resolution of the Board of Directors.</font></td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		&nbsp;</td>
		<td width="99%" valign="top">
&nbsp;</td>
	</tr>
	<tr>
		<td width="3%" valign="top">
		<p style="margin-top: 2px; margin-bottom: 2px">
<B><font size="2" face="Arial">XII.</font></B></td>
		<td width="99%" valign="top">
<p style="margin-top: 2px; margin-bottom: 2px"><B><font size="2" face="Arial">RECORDS</font></B></td>
	</tr>
	<tr>
		<td width="102%" valign="top" colspan="2">
		<p style="margin-top: 2px; margin-bottom: 2px">
<font size="2" face="Arial">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></td>
	</tr>
</table>


<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">43</FONT></b></P>


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






<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<B><font size="4" face="Arial">SCHEDULE 2 &#150; GLOSSARY</font></B></P>
<P style="text-align: left;">
<font size="2" face="Arial">Certain capitalized words and terms used throughout
this Annual Information Form are defined below:</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">2008/2009 NCIB </font> </B><font size="2">means BCE&nbsp;Inc.&#146;s
normal course issuer bid for the 12-month period starting on December&nbsp;23,&nbsp;2008
and ending on December&nbsp;22,&nbsp;2009 which BCE&nbsp;Inc. completed in May&nbsp;2009;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">2010 NCIB </font> </B><font size="2">means BCE&nbsp;Inc.&#146;s normal
course issuer bid for the 12-month period starting on December&nbsp;29,&nbsp;2009 and
ending on&nbsp;December&nbsp;28,&nbsp;2010 which BCE&nbsp;Inc. completed in December&nbsp;2010;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">2011/2012 NCIB </font> </B><font size="2">means BCE&nbsp;Inc.&#146;s
normal course issuer bid for the 12-month period starting on December&nbsp;12,&nbsp;2011
and ending on December&nbsp;11,&nbsp;2012;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Adjusted EPS </font> </B><font size="2">means EPS before
restructuring and other and net (gains) losses on investments;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Audit Committee </font> </B><font size="2">means BCE&nbsp;Inc.&#146;s
audit committee;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">AWS </font> </B><font size="2">means advanced wireless
services;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">BCE&nbsp;2011 Annual Report </font> </B><font size="2">means the
BCE&nbsp;Inc. 2011 annual report;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">BCE&nbsp;2011 MD&amp;A </font> </B><font size="2">means BCE&nbsp;Inc.&#146;s 2011
management&#146;s discussion and analysis on pages 22 to 75 and on page 121<b> </b>of the BCE&nbsp;2011 Annual Report;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">BDUs </font> </B><font size="2">means broadcasting
distribution undertakings;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Bell</font></B><font size="2">&nbsp;means Bell&nbsp;Canada, and
comprises our Bell&nbsp;Wireline, Bell&nbsp;Wireless and Bell&nbsp;Media segments;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Bell&nbsp;Aliant </font> </B><font size="2">means, collectively,
Bell&nbsp;Aliant&nbsp;Inc. and its subsidiaries;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Bell&nbsp;Aliant LP </font> </B><font size="2">means Bell&nbsp;Aliant
Regional Communications, Limited Partnership;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Bell&nbsp;ExpressVu </font> </B><font size="2">means Bell&nbsp;ExpressVu
Limited Partnership; </font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>Bell&nbsp;Media </B>means Bell&nbsp;Media&nbsp;Inc.; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>Bell&nbsp;Mobility </B>
means Bell&nbsp;Mobility&nbsp;Inc.; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>BTS </B>means Bell&nbsp;Technical Solutions;</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Carrier holding company </font> </B><font size="2">means
a&nbsp;parent company owning at least 66<sup>2</sup>/</font><font size="1">3</font><font size="2">% of the voting shares of the
carrier&nbsp;company;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">CDMA </font> </B><font size="2">means code division multiple
access;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">CDS </font> </B><font size="2">means the Canadian Depository
for Securities;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">CEP </font> </B><font size="2">means the Communications,
Energy and Paperworkers Union of Canada;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">CIBC Mellon </font> </B><font size="2">means CIBC Mellon Trust
Company;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">CRTC </font> </B><font size="2">means the Canadian
Radio-television and Telecommunications Commission;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">CST </font> </B><font size="2">means Canadian Stock Transfer
Company&nbsp;Inc.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">CTV </font> </B><font size="2">means CTV&nbsp;Inc. (formerly CTVglobemedia&nbsp;Inc. and now named Bell&nbsp;Media&nbsp;Inc.);</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">DBRS </font> </B><font size="2">means DBRS Limited;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Definitive Agreement </font> </B><font size="2">means the
definitive agreement dated as of June&nbsp;29,&nbsp;2007 between the Purchaser and
BCE&nbsp;Inc., as&nbsp;amended on July&nbsp;12,&nbsp;2007 and by the final amending agreement dated
July&nbsp;4,&nbsp;2008;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">DSL </font> </B><font size="2">means digital subscriber line;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">DTC </font> </B><font size="2">means the United States
Depository Trust Company; </font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>DTH </B>means direct-to-home; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>EPS </B>means
earnings&nbsp;per&nbsp;share; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>EVDO </B>means evolution-data optimized; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>Expertech </B>
means Expertech Network Installation&nbsp;Inc.; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>Fibe&nbsp;TV </B>means Bell&nbsp;Canada&#146;s
IPTV service; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>FTTB </B>means fibre-to-the-building; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>FTTH </B>means
fibre-to-the-home; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>FTTN </B>means fibre-to-the-node; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>GAAP </B>means
generally accepted accounting principles;</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Guarantors </font> </B><font size="2">means Teachers&#146; and
affiliates of Providence Equity Partners&nbsp;Inc. and Madison Dearborn
Partners,&nbsp;LLC;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">HSPA+ network </font> </B><font size="2">means our wireless
high-speed packet access plus network launched in November&nbsp;2009;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">ICT </font> </B><font size="2">means information and
communications technology;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Initial Action </font> </B><font size="2">means the statement
of claim filed on August&nbsp;9, 2004 under <I>The Class&nbsp;Actions Act </I>
(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina,
Saskatchewan against wireless communications service providers, including
Bell&nbsp;Mobility and Aliant Telecom&nbsp;Inc., on behalf of certain&nbsp;alleged customers;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">IP </font> </B><font size="2">means Internet protocol;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">IPTV </font> </B><font size="2">means Internet protocol
television;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">IPVPN </font> </B><font size="2">means Internet protocol
virtual private network; </font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>IT </B>means information technology; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>KPMG </B>
means KPMG LLP; </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font size="2" face="Arial"><B>LTE </B>means long-term evolution;</font></P>


<P align="left" style="margin-bottom: 0">
&nbsp;</P>
<P align="left" style="margin-bottom: 0">
<FONT face="Arial" size="2"><b>44</b></FONT><FONT face="Arial" size="1">&nbsp; BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM</FONT></P>

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<P style="text-align: right;margin-top:0">
<B><font size="1" face="Arial">SCHEDULE 2 &#150; GLOSSARY</font></B></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Mbps </font> </B><font size="2">means megabits per second;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">MDUs </font> </B><font size="2">means multiple-dwelling units;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">MLSE </font> </B><font size="2">means Maple Leaf Sports &amp;
Entertainment Ltd.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Moody&#146;s </font> </B><font size="2">means Moody&#146;s Investors
Service,&nbsp;Inc.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">MTN Debentures </font> </B><font size="2">means the unsecured
medium-term debentures issued by Bell&nbsp;Canada under the Shelf Prospectus and the
Prospectus Supplement;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">NBA </font> </B><font size="2">means National Basketball
Association;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Nortel Networks </font> </B><font size="2">means,
collectively, Nortel Networks Corp. and Nortel Networks Ltd.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">NorthernTel </font> </B><font size="2">means NorthernTel,
Limited Partnership;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Privatization </font> </B><font size="2">means the proposed
acquisition, pursuant to the terms of the Definitive Agreement, of all of the
outstanding common and preferred equity of BCE&nbsp;Inc. by the Purchaser;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Prospectus Supplement </font> </B><font size="2">means the
prospectus supplement dated September&nbsp;4,&nbsp;2009, filed by Bell&nbsp;Canada with
the&nbsp;Canadian securities regulatory authorities, providing for the issuance,
until October&nbsp;3,&nbsp;2011, of up to $3&nbsp;billion of unsecured MTN Debentures;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Purchaser </font> </B><font size="2">means BCE&nbsp;Acquisition
Inc. (formerly known as 6796508 Canada&nbsp;Inc.), a&nbsp;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&nbsp;Inc., Madison Dearborn Partners,
LLC and Merrill Lynch Global Private Equity;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">PVR </font> </B><font size="2">means personal video recorder;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Rogers </font> </B><font size="2">means Rogers Communications
Inc.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Second Action </font> </B><font size="2">means the statement
of claim filed on July&nbsp;27,&nbsp;2009 under <I>The Class&nbsp;Actions Act </I>
(Saskatchewan) in the Court of Queen&#146;s Bench, Judicial Centre of Regina,
Saskatchewan against wireless service providers, including Bell&nbsp;Mobility and
members of the Bell&nbsp;Aliant group, on behalf of certain alleged&nbsp;customers;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">SEHS </font> </B><font size="2">means security, environmental
and health and safety;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Shelf Prospectus </font> </B><font size="2">means the shelf
prospectus dated September&nbsp;3,&nbsp;2009, filed by Bell&nbsp;Canada with the Canadian
securities regulatory authorities, providing for&nbsp;the issuance, until October&nbsp;3,
2011, of up to $3&nbsp;billion of unsecured debt securities;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">SkyTerra </font> </B><font size="2">means SkyTerra
Communications&nbsp;Inc.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">S&amp;P </font> </B><font size="2">means Standard &amp; Poor&#146;s
Financial Services LLC, a&nbsp;subsidiary of The McGraw-Hill Companies,&nbsp;Inc.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Teachers&#146; </font> </B><font size="2">means Ontario Teachers&#146;
Pension Plan Board;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Telecom Regulations </font> </B><font size="2">means the <I>
Telecommunication Act </I>and associated regulations;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Torstar </font> </B><font size="2">means Torstar Corporation;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Transaction Agreement </font> </B><font size="2">means the
agreement between BCE&nbsp;Inc., CTV, Woodbridge, Teachers&#146; and Torstar dated
September&nbsp;10,&nbsp;2010 with respect to the acquisition by BCE&nbsp;Inc. of the remaining
85% interest in CTV that it did not already own;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">USB </font> </B><font size="2">means universal serial bus;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">USWA </font> </B><font size="2">means the United Steel Workers
of America;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Virgin </font> </B><font size="2">means Virgin Mobile Canada;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Woodbridge </font> </B><font size="2">means, collectively,
Woodbridge Investments, Woodbridge Limited and Woodbridge Holdco;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Woodbridge Holdco </font> </B><font size="2">means 1565117
Ontario Limited;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Woodbridge Investments </font> </B><font size="2">means
Woodbridge Investments&nbsp;Inc.;</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">Woodbridge Limited </font> </B><font size="2">means The
Woodbridge Company Limited; and</font></font></P>
<P style="text-align: left; margin-top:0; margin-bottom:4px">
<font face="Arial">
<B><font size="2">xWave </font> </B><font size="2">means xWave, a&nbsp;division of
Bell&nbsp;Canada.</font></font></P>


<P style="text-align: right;margin-bottom:0">
&nbsp;</P>
<P style="text-align: right;margin-bottom:0">
<FONT face="Arial" size="1">BCE&nbsp;INC. | 2011 | ANNUAL INFORMATION FORM&nbsp; </FONT><b>
<FONT face="Arial" size="2">45</FONT></b></P>


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<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>shareholder.htm
<DESCRIPTION>ANNUAL AUDITED CONSOLIDATED FINANCIAL STATEMENTS OF BCE INC. FOR THE YEAR ENDED DECEMBER 31, 2011 AND THE RELATED MDA
<TEXT>

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   <TITLE>BCE&nbsp;2011 Annual Report</TITLE>
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<P style="text-align: right;">
<font face="Arial" size="2">Exhibit 99.2</font></P>
<P style="text-align: left;">
<font face="Arial" size="5">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellspacing="0" cellpadding="10">
	<tr>
		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<P style="text-align: left; margin-top:0; margin-bottom:0; line-height:150%">
<font face="Arial" size="2">In this management&#146;s discussion and analysis of financial condition and results of operations (MD&amp;A), <I>we</I>, <I>us</I>, <I>our</I>, <I>BCE&nbsp;</I>and <I>the&#160;company </I>mean either BCE&nbsp;Inc. or, collectively, BCE&nbsp;Inc., its subsidiaries, joint ventures and associates. <I>Bell&nbsp;</I>means our Bell&#160;Wireline, Bell&#160;Wireless and Bell&#160;Media segments on an aggregate basis. <I>Bell&#160;Aliant </I>means either Bell&#160;Aliant&nbsp;Inc. or, collectively, Bell&#160;Aliant&nbsp;Inc. and its&#160;subsidiaries.</font></P>
		<P style="text-align: left; margin-top:0; margin-bottom:0; line-height:150%">
<font face="Arial" size="2">&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&#160;121 for a list of defined&#160;terms.</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0; line-height:150%">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Please refer to BCE&#146;s audited consolidated financial statements for the year ended December&#160;31,&#160;2011 when reading this MD&amp;A. In preparing this MD&amp;A, we have taken into account information available to us up to March&#160;8,&#160;2012, the date of this MD&amp;A, unless otherwise&#160;stated.</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0; line-height:150%">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;You will find BCE&#146;s audited consolidated financial statements for the year ended December&#160;31,&nbsp;2011, BCE&#146;s annual information form for the year ended December&#160;31,&#160;2011 dated March&#160;8,&#160;2012 (BCE&#160;2011 AIF) and recent financial reports on BCE&#146;s website at www.bce.ca, on SEDAR at www.sedar.com and on EDGAR at&#160;www.sec.gov.</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0; line-height:150%">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This MD&amp;A comments on our operations, performance and financial condition for the two years ended December&#160;31,&#160;2011 and&#160;2010.</font></P>
		</td>
	</tr>
</table>
<P style="text-align: left; margin-top:0; margin-bottom:0">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>CAUTION REGARDING FORWARD-LOOKING&#160;STATEMENTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&#146;s&#160;2011 annual report including this MD&amp;A and, in particular, but without limitation, the sections of this MD&amp;A entitled <I>Strategic Imperatives</I>, <I>Business Outlook and Assumptions </I>and <I>Financial and Capital Management &#150; Credit Ratings </I>and <I>Liquidity </I>contain forward-looking statements. These forward-looking statements include, but are not limited to, BCE&#146;s common share dividend policy, Bell&#146;s financial policy targets, the business outlook of BCE&#146;s segments, BCE&#146;s business objectives, plans and strategic priorities, the sources of liquidity we expect to use to meet our&#160;2012 cash requirements, Bell&#146;s&#160;2012 expected pension plan funding, our fibre-optic and wireless networks deployment plans, the expected timing and completion of our proposed acquisition of an interest in Maple Leaf Sports &amp; Entertainment&#160;Ltd. (MLSE), and the remaining number of shares that may be purchased under BCE&#146;s normal course issuer bid (NCIB). Forward-looking statements also include any other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements may include words such as <I>aim</I>, <I>anticipate</I>, <I>assumption</I>, <I>believe</I>, <I>could</I>, <I>expect</I>, <I>goal</I>, <I>guidance</I>, <I>intend</I>, <I>may</I>, <I>objective</I>, <I>outlook</I>, <I>plan</I>, <I>project</I>, <I>seek</I>, <I>should</I>, <I>strategy</I>, <I>strive</I>, <I>target </I>and <I>will</I>. All&#160;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>. Unless otherwise indicated by us, forward-looking statements in BCE&#146;s&#160;2011 annual report, including in this MD&amp;A, describe our expectations at March&#160;8,&#160;2012 and, accordingly, are&#160;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&#160;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, both general and specific, 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 presented in BCE&#146;s&#160;2011 annual report, including in this MD&amp;A, for the purpose of assisting investors and others in understanding our objectives, strategic priorities and business outlook, as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other&#160;purposes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Forward-looking statements made in BCE&#146;s&#160;2011 annual report, including in this MD&amp;A, are based on a number of assumptions that we believed were reasonable on March&#160;8,&nbsp;2012. 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, the forward-looking statements contained in this MD&amp;A in the sections entitled <I>Strategic Imperatives</I>, <I>Business Outlook and Assumptions </I>and <I>Financial and Capital Management &#150; Credit Ratings </I>and <I>Liquidity</I>, include, without limitation, the assumptions described in the section of this MD&amp;A entitled <I>Business Outlook and Assumptions</I>, which section is incorporated by reference in this cautionary statement. If our assumptions turn out to be inaccurate, our actual results could be materially different from what we&#160;expect.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">22</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Important risk factors including, without limitation, competitive, regulatory, operational, technological, economic and financial risks that could cause actual results or events to differ materially from those expressed in or implied by the above-mentioned forward-looking statements and other forward-looking statements included in BCE&#146;s&#160;2011 annual report, including in this MD&amp;A, include, but are not limited to, the risks described in the sections of this MD&amp;A entitled <I>Our Competitive Environment</I>, <I>Our Regulatory Environment </I>and <I>Risks that Could Affect Our Business and Results</I>, which sections are incorporated by reference in this cautionary&#160;statement.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We caution readers that the risks described in the above-mentioned sections and in other sections of this MD&amp;A 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 position or financial performance. 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&#160;8,&nbsp;2012. 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&#160;business.</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>ABOUT OUR BUSINESS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&nbsp;is&nbsp;Canada&#146;s largest communications company, providing residential, business and wholesale customers with a wide range of solutions to all their communications needs. In&nbsp;2011, we reported the results of our operations in four segments: Bell&#160; Wireline, Bell&#160; Wireless, Bell&#160; Media and Bell&#160; Aliant. Bell, which encompasses our core operations, is comprised of our Bell&#160;Wireline, Bell&#160;Wireless and Bell&#160;Media segments. Bell&#160;Media is&nbsp;Canada&#146;s leading multimedia company with leading assets in television, radio and digital media, including CTV,&nbsp;Canada&#146;s leading television network based on viewership, and the country&#146;s most-watched specialty channels. We also own a 44.1% interest in and, through our right to appoint a majority of the directors, control Bell&#160;Aliant, the incumbent carrier in&nbsp;Canada&#146;s Atlantic provinces and in rural areas of Ontario and Qu&#233;bec. For the year ended December&#160;31,&nbsp;2011, we generated consolidated operating revenues of &#36;19,497&#160;million, consolidated&#160;EBITDA<font size="-2"><sup>(1)</sup></font><B><SUP> </SUP></B>of &#36;7,629&#160;million and net earnings of &#36;2,574&#160;million. In aggregate, Bell&nbsp;and Bell&#160;Aliant ended&#160;2011 with 21.5&#160;million customer connections, comprised of 8.7&#160;million wireline network access service (NAS) lines, 7.6&#160;million wireless subscribers, 3.0&#160;million Internet subscribers and 2.2&#160;million satellite and Internet protocol television (IPTV) subscribers.<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&#160;3 to the consolidated financial statements for additional information about our segments. We also discuss our results by product line to provide further insight into our&#160;operations.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>RETURNING VALUE TO&#160;SHAREHOLDERS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2011, BCE&nbsp;continued its strong track record as a dividend growth company with the announcement of two increases in the annual dividend payable on BCE&#146;s common shares. The two increases during the course of&#160;2011 were as&#160;follows:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">on May&#160;12,&nbsp;2011, we announced a 5% increase from &#36;1.97&#160;to &#36;2.07&#160;per common share, starting with the quarterly dividend payable on July&#160;15,&#160;2011</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">on December&#160; 8,&nbsp;2011, we announced a 5% increase from &#36;2.07&#160;to &#36;2.17&#160;per common share, starting with the quarterly dividend payable on April&#160;15,&#160;2012.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">With these dividend increases, which were consistent with BCE&#146;s common share dividend policy of a target payout ratio of 65% to 75% of Adjusted net earnings per share (Adjusted&#160;EPS)<font size="-2"><sup>(2)</sup></font>, BCE&#146;s annual common share dividend has increased 49% since the fourth quarter of&nbsp;2008. The company&#146;s dividend policy was adopted by the board of directors of BCE&nbsp;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&#146;s Adjusted EPS. BCE&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&#146;s board of directors.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&#160;8,&nbsp;2011, BCE&nbsp;announced a NCIB program to be executed over a 12-month period starting December&#160;12,&nbsp;2011, under which BCE&nbsp;can purchase for cancellation up to 6.5&#160;million common shares for up to &#36;250&#160;million. At March&#160;8,&nbsp;2012, BCE&nbsp;had repurchased approximately
5.8&#160;million common shares at an average price of around &#36;41&#160;per share for a total cost of &#36;239&#160;million, 2.1&#160;million shares of which were purchased by way of private agreement with an arm&#146;s-length third-party seller. This brings the total number of shares repurchased since December&#160;2008 to approximately
62&#160;million for an aggregate cost of &#36;1.7&#160;billion.</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">
<font face="Arial" size="1">
<I>The term EBITDA does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other companies. We define EBITDA as operating revenues less operating costs, as shown in BCE&#146;s consolidated income statements. EBITDA for BCE&#146;s segments is the same as segment profit as reported in Note&#160;3 of BCE&#146;s&nbsp;2011 consolidated financial statements. See </I>Non-GAAP Financial Measures &#150; EBITDA <I>in this MD&amp;A for more&#160;details.</I></font></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">
<font face="Arial" size="1">
<I>Adjusted net earnings and Adjusted EPS are non-GAAP financial measures. Therefore, they are unlikely to be comparable to similar measures presented by other companies. See </I>Non-GAAP Financial Measures &#150; Adjusted net earnings <I>and </I>Adjusted EPS <I>in this MD&amp;A for more details, including a reconciliation to the most comparable IFRS financial measure.</I></font></P>
		</td>
	</tr>
</table>
<p align="left">&nbsp;</p>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">23</font></b></P>


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





<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;WIRELINE&#160;SEGMENT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our Bell&#160;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&#233;bec. We also offer competitive local exchange carrier (CLEC) services in Alberta and British&#160;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 direct-to-home (DTH) satellite television services on a nationwide basis under the Bell&#160;TV brand, as well as Bell&#160;Fibe TV (our IPTV service) in select areas of Toronto and Montr&#233;al as of September&#160;2010, enabling us to offer 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&#160;Wireline segment also includes wireline-related product sales from our wholly-owned subsidiary, national consumer electronics retailer The Source (Bell) Electronics&nbsp;Inc. (The&#160;Source).</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;WIRELESS&#160;SEGMENT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our Bell&#160;Wireless segment provides integrated digital wireless voice and data services to residential and business customers across&nbsp;Canada. Our wireless services, offered over technologically advanced wireless networks, are available to virtually all of the Canadian population. Bell&#160;Wireless includes the results of operations of Bell&#160;Mobility&nbsp;Inc. (Bell&#160;Mobility), Virgin Mobile&nbsp;Canada (Virgin), wireless product sales from The Source and the wireless operations of&#160;Northwestel.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;MEDIA&#160;SEGMENT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our Bell&#160;Media segment was created on April&#160;1,&nbsp;2011, upon completion of BCE&#146;s acquisition of CTV&nbsp;Inc. (CTV), and encompasses all CTV properties and other Bell&nbsp;content assets. Bell&#160;Media owns 28&#160;conventional television stations, including CTV,&nbsp;Canada&#146;s leading television network based on viewership, and owns and operates 30&#160;specialty television channels, including TSN,&nbsp;Canada&#146;s leading specialty channel and RDS,&nbsp;Canada&#146;s leading French-language specialty channel. Bell&#160;Media also owns 33&#160;radio stations, numerous websites including the Sympatico.ca portal, and Dome Productions Partnership, one of North America&#146;s leading providers of sports and other event production and broadcast facilities. Bell&#160;Media provides its television programming services to broadcast distributors across&#160;Canada.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>INVESTMENT IN MLSE</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On December&#160;9,&nbsp;2011, BCE&nbsp;announced it had, in a joint ownership arrangement with Rogers Communications&nbsp;Inc. (Rogers), agreed to purchase a net 75% ownership position in MLSE from Ontario Teachers&#146; Pension Plan Board. MLSE is a sports and entertainment company that owns the Toronto Maple Leafs, the Toronto Raptors, the Toronto Marlies and Toronto&#160;FC.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s cash commitment will total &#36;525&#160;million (or &#36;398&#160;million assuming the completion of a leveraged recapitalization of MLSE), representing a 28% indirect equity interest in MLSE, to be funded at closing. Through a co-investment arrangement with BCE, the BCE&nbsp;Master Trust Fund, an independent trust that holds and manages pension fund investments for the BCE&nbsp;group pension plans, will contribute &#36;135&#160;million toward the MLSE acquisition. BCE&nbsp;and the BCE&nbsp;Master Trust Fund will own an aggregate 37.5% interest in MLSE, equal to Rogers&#146; interest. The transaction is expected to close in mid-2012&#160;following required regulatory and sports league&#160;approvals.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;ALIANT&#160;SEGMENT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our Bell&#160;Aliant segment provides local telephone, long distance, Internet, data, TV, wireless, information technology (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&#233;bec. Formed on July&#160;7, 2006, Bell&#160;Aliant is one of the largest regional telecommunications services providers in North America. At December&#160;31,&nbsp;2011, BCE&nbsp;owned 44.1% of Bell&#160;Aliant, with the remaining 55.9% publicly held. BCE&nbsp;has the right to appoint a majority of the board of directors of Bell&#160;Aliant and, therefore, controls and consolidates Bell&#160;Aliant. On January&#160;1,&nbsp;2011, Bell&#160;Aliant converted from an income fund to a corporate structure. BCE&#146;s ownership position did not change as a result of this&#160;conversion.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">24</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B><I>BELL PRODUCTS AND&#160;SERVICES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows selected data on Bell&#146;s operations in&#160;2011 and&#160;2010.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></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 face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom:1px solid #000000; border-top:1px solid #000000; ">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>BELL&#160;WIRELINE</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0"
 style="border-bottom:1px solid #000000; border-top:1px solid #000000; ">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom:1px solid #000000; border-top:1px solid #000000; ">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom:1px solid #000000; border-top:1px solid #000000; ">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom:1px solid #000000; border-top:1px solid #000000; ">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1" color="#0065A4">
<B>WIRELINE</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Local NAS net&#160;losses</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(374,049</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">(385,317</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Local&#160;NAS</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>6,101,656</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">6,475,705</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1" color="#0065A4">
<B>HIGH-SPEED INTERNET</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">High-speed Internet net&#160;activations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>15,426</B></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 face="Arial" size="2">40,335</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">High-speed Internet&#160;subscribers</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,112,752</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,097,326</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1" color="#0065A4">
<B>TELEVISION (TV)</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">TV net&#160;activations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>67,498</B></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 face="Arial" size="2">71,221</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">TV&#160;subscribers</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,087,596</B></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 face="Arial" size="2">2,020,098</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Average revenue per subscriber&#160;(&#36;/month)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>74.56</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">73.49</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 6px">
<font face="Arial" size="2">
<B>BELL&#160;WIRELESS</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1" color="#0065A4">
<B>WIRELESS</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Gross&#160;activations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,936,396</B></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 face="Arial" size="2">1,999,482</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;activations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>185,434</B></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 face="Arial" size="2">408,746</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">
<I>Postpaid</I></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>433,797</B></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 face="Arial" size="2">500,139</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">
<I>Prepaid</I></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(248,363</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">(91,393</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Subscribers</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,427,482</B></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 face="Arial" size="2">7,242,048</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Average revenue per unit&#160;(ARPU) (&#36;/month)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>53.55</B></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 face="Arial" size="2">52.03</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Churn (%) (average per&#160;month)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">1.9</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cost of acquisition (COA) (&#36;/subscriber)<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>403</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">358</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</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">
<font face="Arial" size="1">
<I>In&nbsp;2011, we changed our methodology for calculating Wireless COA to better align with Canadian industry practice. All prior periods have been restated for&#160;comparability.</I></font></P></td>
	</tr>
	</table>
<P style="text-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 lines, 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, TV, high-speed Internet and other services, including ICT solutions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our Bell&#160;Wireline segment generates revenues from the following five major product&#160;lines:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">local and access&#160;services</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">long distance&#160;services</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">data&#160;services</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">TV&#160;services</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">equipment and&#160;other.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>LOCAL AND ACCESS&#160;SERVICES</B></font></P>
<P style="text-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&#233;bec. We also provide CLEC local telephone services in Alberta and British Columbia and in&nbsp;Canada&#146;s northern territories through Northwestel. The 6.1&#160;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&#160;include:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">call management services such as call display, call waiting and&#160;voicemail</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">services provided to competitors accessing our local&#160;network</font></LI>
<LI>
<p 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&#160;providers.</font></LI>
</UL>
<P style="text-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. Customers subscribing to one of our bundle-eligible plans receive a single bill for all of their Bell&#160;services.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">25</font></b></P>


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<P style="text-align: left; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
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<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We faced a continued high level of competitive intensity from cable companies in&#160;2011 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. In addition, increased customer adoption of wireless telephony as their primary means of voice communication is resulting in a reduced number of primary NAS lines and contributing to a higher rate of wireless substitution.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Canadian Radio-television and Telecommunications Commission (CRTC) regulates 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. The CRTC has determined that competition was sufficient to grant forbearance from price regulation for the vast majority of Bell&#146;s residential and business local telephone service lines in Ontario and Qu&#233;bec, 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)&#160;providers.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>LONG DISTANCE&#160;SERVICES</B></font></P>
<P style="text-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 to pay-per-minute plans. 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 territories.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer large usage long distance packages for a set monthly price to Bell&nbsp;Home Phone and business 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&#160;Bundle customers that allows for unlimited long distance calls to more than 70&#160;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, 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&#160;connections.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DATA&#160;SERVICES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We provide high-speed Internet access service under the Bell&#160;Internet brand to residential and business customers. At December&#160;31,&nbsp;2011, we provided high-speed Internet access to approximately 2.1&#160;million customers through digital subscriber line (DSL), fibre-optic or wireless broadband technology. Our high-speed Internet access footprint in Ontario and Qu&#233;bec reached approximately 90% of homes and business lines passed at December&#160;31,&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We currently offer three Internet packages to Bell&#146;s residential customers, marketed as Essential, Essential Plus and Performance, which provide download speeds of up to 500&#160;kilobits per second, 2&#160;megabits per second (Mbps) and 6&#160;Mbps, respectively. We also offer, where available in&#160;areas of Ontario and Qu&#233;bec, a fibre-optic-based Internet service that is being commercially marketed as Bell&#160;Fibe Internet, which provides customers with higher download speeds of up to 25&#160;Mbps. Fibe Internet is enabled by advanced very-high-speed digital subscriber line&#160;2&#160;(VDSL2) technology enhancements to Bell&#146;s fibre-to-the-node (FTTN) and fibre-to-the-home (FTTH) networks.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also offer wireless Internet through our Bell&#160;Wireless segment, which provides high-speed Internet access to personal desktop computers, laptops or tablets at speeds of up to 21&#160;Mbps, using a mobile Internet universal serial bus (USB) stick. In November&#160;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&#160;Mbps to as high as 42&#160;Mbps when using USB-capable modem devices. At December&#160;31,&nbsp;2011, 42&#160;Mbps dual cell service was available to over 70% of the Canadian population. Bell&nbsp;was also the first wireless service provider in&nbsp;Canada to launch a Fourth Generation (4G) Long Term Evolution (LTE) network in the Greater Toronto Area (GTA) on September&#160;14,&nbsp;2011, offering mobile Internet data access speeds as fast as 75&#160;Mbps with typical speeds ranging from 12&#160;to 25&#160;Mbps.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also sell a full range of data services to business customers. In addition to Internet access, some of the services we offer&#160;include:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>Internet protocol (IP)-based services </I>&#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 TV. Our IP-based services include IP&#160;VPNs, Ethernet, business Internet and&#160;VoIP.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>ICT solutions </I>&#150; Bell&nbsp;provides ICT solutions that include professional, managed and infrastructure&#160;services<br>
&#150; <I>Professional services </I>&#150; We offer customers consulting, IT&#160;integration and resource&#160;services</font></p>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">&#150; <I>Managed services </I>&#150; Services offered include network management, security, hosting, cloud computing, wireless and voice&#160;connectivity</font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">&#150; <I>Infrastructure services </I>&#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&#160;maintenance.</font></P>
</LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">We also continue to offer legacy data services, such as integrated services digital network, frame relay and asynchronous transfer mode (ATM) services to existing customers. The market for these services is declining over time as customers migrate to newer&#160;technologies.</font></P>
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| ANNUAL REPORT</font></b></P>


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<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>TV&#160;SERVICES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We are&nbsp;Canada&#146;s largest digital television provider, nationally broadcasting more than 500&#160;all-digital TV and audio channels and a wide range of domestic and international programming. We currently distribute our TV services to approximately 2.1&#160;million&#160;customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our primary TV operations are marketed nationally under the Bell&#160;TV brand and carried out through our wholly-owned Bell&#160;TV subsidiary, which has been offering DTH satellite service since 1997. Our DTH operations currently use three satellites. Telesat&nbsp;Canada (Telesat) 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 (OTA) and specialty programming, more than 100&#160;high-definition (HD) channels with TV shows, movies, sports and other entertainment options, as well as a broad selection of pay-per-view service offers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We also offer hardware, including personal video recorders (PVRs), online access to an array of top-rated programming from Bell&#160;Media and subscription video-on-demand (VoD) through Bell&#160;TV Online, pick-and-pay programming and the most HD channels offered by a single company in&#160;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In September&#160;2010, we launched Bell&#160;Fibe TV, our new IPTV service, in several Toronto and Montr&#233;al neighbourhoods. Since that time, we have significantly expanded our Fibe TV service footprint, which now encompasses approximately 2&#160;million households across Montr&#233;al and Toronto. Delivered over our advanced high-speed fibre-optic network and powered by Microsoft&#146;s Mediaroom multimedia software, Fibe TV complements our national TV satellite service and expands TV choice and competition in major urban markets where cable has dominated. Bell&#160;Fibe TV offers a wide range of flexible programming options and innovative features, including a whole-home PVR, the ability to record multiple programs simultaneously, a picture-in-picture program guide, advanced search capabilities and the fastest channel change capability on the market today. 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 in the television&#160;environment.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>EQUIPMENT AND&#160;OTHER</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">This category includes revenues from a number of other sources,&#160;including:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">renting, selling and maintaining business terminal&#160;equipment</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">TV set-top box (STB)&#160;sales</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">network installation and maintenance services for third&#160;parties</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">product sales, other than wireless products, at national consumer electronics retailer The&#160;Source.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>WIRELESS&#160;SERVICES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We offer a broad range of wireless voice and data communications products and services to consumers and business customers across&nbsp;Canada. Services offered include call display and voicemail, e-mail, web browsing, social networking, text, picture and video messaging, music downloads, ringtones, games and apps, video streaming, live TV, mobile Internet, and global positioning system (GPS) navigation, 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 monthly, are available with one, two or three-year contracts that offer handset discounts, but can also be obtained without a contract. At December&#160;31,&nbsp;2011, we served more than 7.4&#160;million wireless customers, of whom approximately 6.0&#160;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 owned and operated by Bell&#160;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&#160;Mobility positioned to compete against other flanker brands as well as the newer wireless entrants in&nbsp;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We offer a wide variety of single-user and shared postpaid rate plans, designed primarily for local and long distance voice service. A variety of data features and options can be added to voice service plans. Data-only plans are also available for tablets and wireless Internet USB sticks. 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 services such as music downloads, video streaming, live 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&#160;tools.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have deployed and operate a number of leading nationwide wireless broadband networks compatible with global standards that deliver high-quality and reliable voice and high-speed data services. Our wireless HSPA+ network, launched in November&#160;2009, offers high-speed mobile access of up to 21&#160;Mbps to over 97% of the Canadian population. The HSPA+ network supports global roaming, as well as a wide range of smartphones, data cards, USB sticks, tablets and other leading-edge mobile devices. Our HSPA+ network also supports international roaming in more than 200&#160;countries, including a 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 HSPA+ network was built with high-speed fibre and an all-IP architecture for enhanced reliability.</font></P>
<P style="text-align: left;">
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<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
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<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
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<P style="text-align: left;">
<font face="Arial" size="2">In November&#160;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&#160;Mbps to as high as 42&#160;Mbps when using capable USB modem devices. At December&#160;31,&nbsp;2011, 42&#160;Mbps dual cell service was available to over 70% of the Canadian population. Bell&nbsp;was also the first wireless service provider in&nbsp;Canada to launch a 4G LTE network in the GTA in September&#160;2011, offering mobile Internet data access speeds as fast as 75&#160;Mbps with typical speeds ranging from 12&#160;to 25&#160;Mbps. At December&#160;31,&nbsp;2011, Bell&nbsp;had deployed its 4G LTE network in certain areas of the GTA (including Mississauga), Hamilton, Kitchener-Waterloo, Guelph, Belleville, Yellowknife and Halifax-Dartmouth. In February&nbsp;2012, we expanded our LTE mobile network to seven more urban centres across&nbsp;Canada, including Montr&#233;al, Qu&#233;bec City, Ottawa, London, Calgary, Edmonton and Vancouver. We intend to expand service to more Canadian cities and towns in&#160;2012.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to our LTE and HSPA+ networks, we operate a national 3G code division multiple access (CDMA) evolution, data optimized (EVDO) network covering 99% of Ontario&#146;s and Qu&#233;bec&#146;s populations and approximately 97% of Atlantic&nbsp;Canada&#146;s population at December&#160;31,&nbsp;2011. Our CDMA network also covers major cities in the provinces of Alberta and British Columbia. At the end of&nbsp;2011, Bell&#146;s EVDO network covered over 90% of the Canadian population. EVDO delivers high-speed mobile services with data-rich content such as e-mail, video messaging, gaming, video conferencing, telematics and streaming entertainment. Bell&nbsp;plans to continue operating its CDMA network for the foreseeable&#160;future.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;Mobility also operates approximately 2,000&#160;public wireless fidelity (Wi-Fi) hotspots at McDonald&#146;s, Starbucks and Indigo retail outlets across&nbsp;Canada, in addition to hundreds of thousands of Wi-Fi hotspots managed through our Bell&nbsp;Business Markets unit at enterprise customer&#160;locations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;With our multiple high-speed data networks, we are able to offer Canadian consumers a broad range of choice in wireless smartphones, including devices from Apple, RIM, Samsung, HTC and LG, as well as other smartphones, touch screen tablets and other devices designed for data services such as e-mail, messaging, Internet access and social&#160;networking.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>MEDIA&#160;SERVICES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Media offers a varied and extensive array of television programming to broadcast distributors across&nbsp;Canada as a major operator of 28&#160;conventional OTA stations and 30&#160;English- and French-language specialty television channels. Through Bell&#160;Media, Bell&#160;TV customers have online access to an array of top-rated CTV programming anywhere in&nbsp;Canada when they have a high-speed Internet&#160;connection.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media also offers a mobile TV service with live and on-demand access to content from its conventional TV networks, CTV and CTV Two, as well as real-time access to BNN, TSN, RDS, MTV and other top brands in news, sports and entertainment. This mobile content is offered on commercial terms to all Canadian wireless&#160;providers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, Bell&#160;Media owns and operates 33&#160;FM and AM radio stations, along with their related websites, and runs&nbsp;Canada&#146;s largest general interest portal, Sympatico.ca. The portal receives about 18&#160;million unique visitors per month and reaches over 70% of online&#160;Canadians.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media derives the majority of its revenues from the sale of advertising airtime on its television, radio and digital media properties to both local and national advertisers across a wide range of industry sectors. Considerable revenue also is generated from fees payable by the broadcast distributors for carrying pay, pay-per-view (PPV) and specialty services, which are subject to negotiations between the broadcast distributors and Bell&#160;Media&#146;s programming&#160;services.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>EMPLOYEES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">At December&#160;31,&nbsp;2011, BCE&nbsp;employed 55,250&#160;people on a full- or part-time basis, compared to 50,200&#160;at the end of&nbsp;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The total number of Bell&nbsp;employees at the end of&#160;2011 was 48,550&#160;up from 43,400&#160;at December&#160;31,&nbsp;2010, due primarily to the acquisition of CTV, as well as to an increased workforce in our field operations service to support our ongoing broadband fibre deployment activities, IPTV rollout and service quality initiatives. This increase was partly offset by a management workforce reduction program as part of ongoing structural changes to achieve a competitive cost structure that resulted in the departure of approximately 1,200&#160;employees by the end of October&#160;2011. Approximately 45% of BCE&nbsp;employees are represented by labour&#160;unions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell&#160;Aliant, the total number of employees decreased to&#160;6,700&#160;in&#160;2011 from 6,800&#160;in the previous year, due mainly to voluntary retirement incentives offered to certain unionized staff and further reductions of Bell&#160;Aliant&#146;s management&#160;workforce.</font></P>
<P style="text-align: left;">
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<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">28</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>STRATEGIC&#160;IMPERATIVES</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="10">
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		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<p style="text-align: left; line-height: 150%">
<font face="Arial" size="2">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 <I>Business Outlook and Assumptions</I>. For a description of certain risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by such forward-looking statements, refer in particular to
		<I>Our&#160;Competitive Environment</I>, <I>Our Regulatory Environment </I>and <I>Risks that Could Affect Our Business and&#160;Results</I>.</font></td>
	</tr>
</table>
<P style="text-align: left; margin-bottom:0">
<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 the foremost provider in&nbsp;Canada 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 centres on our disciplined focus on our five existing strategic imperatives along with the addition of a new imperative to <I>Expand Media Leadership </I>following our acquisition of CTV and the formation of Bell&#160;Media. The six strategic imperatives that underlie our business plan&#160;are: </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">1. Invest in Broadband Networks and&#160;Services </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">2. Accelerate&#160;Wireless </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">3. Leverage Wireline&#160;Momentum </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">4. Expand Media&#160;Leadership </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">5. Achieve a Competitive Cost&#160;Structure </font></P>
<P style="text-align: left; margin-top:0; margin-bottom:0">
<font face="Arial" size="2">6. Improve Customer&#160;Service.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our ability to return cash to shareholders now and in the future is directly supported by delivering on our business plan. Our progress in executing on these strategic imperatives in&#160;2011 provides the financial flexibility to support ongoing value creation for shareholders, to maintain a strong balance sheet and to invest significantly in network and service program&#160;expansion.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table highlights some of the progress we made in&#160;2011 in advancing Bell&#146;s six strategic&#160;imperatives.</font></P>
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	<tr>
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  style="border-bottom: 1px dotted #000000">
<font face="Arial" size="1" color="#0065A4">
<B>STRATEGIC<br>
		IMPERATIVE</B></font></td>
		<td width="2%" valign="bottom"
  style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<P align="left">
<font face="Arial" size="1" color="#0065A4">
<B>OBJECTIVES</B></font></P></td>
		<td width="2%" valign="bottom"
  style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<P align="left">
<font face="Arial" size="1" color="#0065A4">
<B>2011 ACCOMPLISHMENTS</B></font></P></td>
	</tr>
	<tr>
		<td width="10%" valign="top" style="border-bottom: 1px dotted #000000">
		<p style="margin-top: 6px">
<font face="Arial" size="2" color="#0065A4">
<B>Invest in broadband networks and services</B></font></td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">
		<p style="margin-top: 6px">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">Continue investing in broadband fibre and wireless LTE build-outs and pursue advanced network enhancements to our wireless HSPA+ network to support continued subscriber growth on broadband platforms and deliver the most advanced TV, Internet and wireless services available.</font></P>
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">We aim to roll out thousands of new FTTN and FTTH network locations serving&nbsp;millions of households&#160;and businesses, enabling new online TV, networking and&#160;other rich, high-speed IP-based services.</font></P>
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">We also aim to launch next-generation 4G LTE wireless service to a substantial number of Canadian markets, while continuing to leverage the HSPA+ national network to attract high-value postpaid subscribers to Bell&nbsp;and maximize the profitability of our wireless&#160;business.</font></P>
<p style="margin-top: 6px">&nbsp;</td>
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		<p style="margin-top: 6px">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">In&nbsp;2011, Bell&nbsp;continued to lead&nbsp;Canada&#146;s investment in broadband wireless and wireline infrastructure with approximately &#36;2.7&#160;billion in capital&#160;expenditures.</font></P>
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">Launched 4G LTE wireless network service in seven urban areas, including the GTA (including Mississauga), Halifax-Dartmouth, Hamilton, Kitchener-Waterloo, Guelph, Belleville and Yellowknife. Bell&#146;s LTE network offers Internet and data access speeds as high as 75&#160;Mbps, making it easier for users to download applications, stream HD video and music, play online games or video&#160;conference and chat with virtually no delays or buffering. In February&nbsp;2012, we expanded our LTE mobile network to seven&#160;more urban centres across&nbsp;Canada, including Montr&#233;al, Qu&#233;bec City, Ottawa, London, Calgary, Edmonton and&#160;Vancouver.</font></P>
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">LTE complements Bell&#146;s HSPA+ wireless network, which was expanded during&#160;2011 to serve more than 97% of the Canadian&#160;population.</font></P>
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">Continued to deploy HSPA+ dual cell technology, which now covers over 70% of the Canadian population. Dual Cell technology effectively increases data speeds up to 42&#160;Mbps for compatible HSPA&#160;devices.</font></P>
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">Continued with FTTH expansion in Qu&#233;bec City while continuing to deploy FTTH to all new urban and suburban housing developments in Ontario and Qu&#233;bec. This is in addition to our ongoing deployment of fibre-to-the-building (FTTB) to&#160;multiple-dwelling units (MDUs) and&#160;businesses.</font></P>
<P style="text-align: left; margin-top:6px">
<font face="Arial" size="2">Completed the upgrade of our 40 Gigabyte (Gb) broadband network with fibre spanning more than 7,800&#160;km across&nbsp;Canada. Bell&nbsp;was the first carrier to deploy 40Gb, launching the national upgrade in&#160;2008 to increase network capacity and improve redundancy at major&#160;cross-sections.</font></P>


<p style="margin-top: 6px">&nbsp;</td>
	</tr>
</table>
<p style="margin-top: 6px">&nbsp;</p>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">29</font></b></P>


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





<P style="text-align: left; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<p style="margin-left:0px; margin-right:0px; margin-top:0px" align="left">&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="10%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<font face="Arial" size="1" color="#0065A4">
<B>STRATEGIC<br>
		IMPERATIVE</B></font></td>
		<td width="2%" valign="bottom"
  style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<P align="left">
<font face="Arial" size="1" color="#0065A4">
<B>OBJECTIVES</B></font></P></td>
		<td width="2%" valign="bottom"
  style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<P align="left">
<font face="Arial" size="1" color="#0065A4">
<B>2011 ACCOMPLISHMENTS</B></font></P></td>
	</tr>
	<tr>
		<td width="10%" valign="top" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">
<B>Accelerate wireless</B></font></td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-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 smartphone subscribers, increasing our share of in-bound global roaming, driving higher wireless data penetration and usage, as well as leveraging our HSPA+ and LTE networks, device and mobile content leadership.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Key elements of our wireless strategy&#160;include:</font></P>
<UL>
<LI>
<font face="Arial" size="2">focusing on voice and data services that are attractive to both residential and business&#160;customers</font></LI>
<LI>
<font face="Arial" size="2">maintaining the most technologically advanced, high-quality and pervasive wireless networks&#160;possible</font></LI>
<LI>
<font face="Arial" size="2">offering a wide range of high-quality&#160;devices</font></LI>
<LI>
<font face="Arial" size="2">improving customer service while reducing&#160;churn</font></LI>
<LI>
<font face="Arial" size="2">expanding sales distribution channels to increase points of presence and retail&#160;traffic.</font></LI>
</UL>
		</td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Maintained more than one-third market share of new postpaid gross and net activations among the three major wireless&#160;carriers.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Increased smartphone customer base by 73% in&nbsp;2011, driving wireless data revenue growth of 34% and blended ARPU growth of 2.9%. Smartphone users represented 48% of our postpaid subscriber base at the end of&nbsp;2011, up from 31% one year&#160;earlier.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Expanded our mobile TV offerings with more live content, including Bell&#160;Media&#146;s conventional TV networks, CTV and CTV Two. Bell&nbsp;Mobile TV also includes real-time, on-demand access to BNN, CTV News Channel, MTV, TSN and RDS plus additional programming from The Comedy Network, YTV, Treehouse, ATN, and major league hockey, football and&#160;soccer.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Expanded our wireless device line-up with more than 40&#160;new devices, adding to our extensive selection of HSPA+ and LTE&#160;devices.<br>
&nbsp;</font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">
<B>Leverage wireline momentum</B></font></td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Successfully manage the erosion of legacy services such as local phone and long distance telephone, while leveraging our TV and Internet services to develop attractive residential offers that drive strong multi-product bundle sales, improved customer retention and higher average revenue per&#160;household.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In our business markets, our focus will remain on retaining small business customers and winning important large business customer contracts. This will be supported by the strength of our broadband networks and the breadth of our innovative product and service&#160;offerings.</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Increased market traction of Bell&nbsp;Fibe TV by continuing to expand our IPTV service footprint in communities across Ontario and Qu&#233;bec. At the end of&nbsp;2011, approximately 2&#160;million households in Toronto and Montr&#233;al were IPTV&#160;enabled.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The number of triple-play households &#150; those that buy Home Phone, TV and Internet &#150; was up 11% due to the growing positive impact of our fibre-optic based TV service, Fibe&#160;TV.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Reduced the total number of local access line losses by 2.9% over&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Increased ARPU year over year for all Bell&nbsp;residential services &#150; TV, Internet and Home&#160;Phone.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Achieved Canadian industry-leading wireline EBITDA growth of 1.5% and expanded margins by 1.7&#160;percentage points over&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Maintained our industry leadership in HD television with more than 100&#160;HD&#160;channels.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Continued to invest in advanced data centres to support Bell&nbsp;Business Markets&#146; data hosting and broadband cloud computing services, including the construction of Qu&#233;bec&#146;s largest data facility and a major new hosting location in the National Capital&#160;Region.<br>
&nbsp;</font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">
<B>Expand media leadership</B></font></td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Leverage our advanced networks to enable the delivery of&nbsp;Canada&#146;s leading content across multiple broadband platforms &#150; TV, Internet, smartphones and&#160;tablets.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Support our four screen content strategy by leveraging our acquisition of CTV,&nbsp;Canada&#146;s leading network based on viewership, to introduce new services and create new revenue streams for media&#160;assets.</font></P>
<p>&nbsp;</td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Completed the acquisition of CTV and launched Bell&#160;Media, a new business unit encompassing all of CTV and the Sympatico.ca&#160;portal.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Agreed to acquire an equity ownership position in MLSE,&nbsp;Canada&#146;s largest sports and entertainment company, securing long-term access to TV, mobile, digital online and radio broadcast rights to the premier professional sports teams playing in&nbsp;Canada&#146;s largest marketplace: the&#160;Toronto Maple Leafs, Toronto Raptors, Toronto Marlies and Toronto&#160;FC.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Consistently reported the strongest ratings in all seasons in&nbsp;2011, holding a majority of the top 20&#160;programs nationally among all&#160;viewers.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&nbsp;Media specialty channels continued to maintain strong viewership levels in&nbsp;2011, led by TSN which remained the leading specialty channel in all key&#160;demographics.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Rebranded /A\ channel to CTV Two, launching in the fall with seven stations reaching approximately 90% of English viewers across&#160;Canada.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Launched RDS2, a companion sports channel to leading French-language specialty channel&#160;RDS.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Launched TSN Radio all-sports station in Toronto, Montr&#233;al and Winnipeg&#160;markets.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Secured media rights to a comprehensive soccer programming package for FIFA World Cup Soccer from&#160;2015 through to&#160;2022.<br>
&nbsp;</font></P>


		</td>
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<p style="text-align: left">&nbsp;</p>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">30</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<p style="margin-left:0px; margin-right:0px; margin-top:0px" align="left">&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="10%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<font face="Arial" size="1" color="#0065A4">
<B>STRATEGIC<br>
		IMPERATIVE</B></font></td>
		<td width="2%" valign="bottom"
  style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<P align="left">
<font face="Arial" size="1" color="#0065A4">
<B>OBJECTIVES</B></font></P></td>
		<td width="2%" valign="bottom"
  style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="bottom"
  style="border-bottom: 1px dotted #000000">
<P align="left">
<font face="Arial" size="1" color="#0065A4">
<B>2011 ACCOMPLISHMENTS</B></font></P></td>
	</tr>
	<tr>
		<td width="10%" valign="top" style="border-bottom: 1px dotted #000000">
		<font face="Arial" size="2" color="#0065A4">
		<B>Achieve a<br>
		competitive<br>
		cost structure</B></font></td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-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&#160;gains.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Reducing costs and increasing efficiency across the company enables us to invest in our broadband networks, supporting our wireless, TV and Internet growth services while enhancing our competitiveness in the&#160;marketplace.</font></P>
		</td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Reduced wireline operating costs (labour, general and administrative, and marketing and sales costs) by approximately &#36;290&#160;million.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Reduced the size of our management workforce by approximately 1,200&#160;employees.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Negotiated substantial savings with vendors by leveraging our greater purchasing power with Bell&nbsp;Media as part of the Bell&#160;team.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Integrated nearly a dozen different field services teams onto a common productivity tracking&#160;platform.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Continued to adhere to strict policies to minimize discretionary spending across the company to ensure only essential travel expenses are&#160;approved.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Made a voluntary &#36;750&#160;million contribution to our defined benefit (DB) pension plan which will provide significant cash tax savings while reducing our net pension&#160;expenses.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Completed two &#36;1&#160;billion debt offerings which replaced existing debt with new debt at a significantly lower&#160;cost.<br>
&nbsp;</font></P>
		</td>
	</tr>
	<tr>
		<td width="10%" valign="top" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">
<B>Improve <br>
		customer <br>
		service</B></font></td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Deliver the programs and investments we need to improve our front-line service capabilities, our networks, our products and our distribution channels to win and keep customers.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">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 and self-serve portal, all of which will help differentiate us from our competitors and gain long-term customer&#160;loyalty.</font></P>
		</td>
		<td width="2%" valign="top" style="border-bottom: 1px dotted #000000">&nbsp;</td>
		<td width="43%" valign="top" style="border-bottom: 1px dotted #000000">
<P style="text-align: left;">
<font face="Arial" size="2">Invested more than &#36;100&#160;million in call centre tools, training and technology to enhance&#160;service.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Enhanced customers&#146; online experience through improved self-serve features on the My Bell&nbsp;portal on bell.ca to provide a more user-friendly interface, better online chat systems and real-time account management tools, while reducing the number of steps needed for many self-serve options and making the user experience more consistent across our product&#160;lines.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We hired more than 1,000&#160;technicians in the field to improve service installation and contributing to Fibe TV&#146;s high customer satisfaction&#160;rates.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Installations and repairs made available seven days a week, including&#160;Sundays.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Residential customer care centres now open on&#160;Sundays.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Maintained Same Day Next Day service completion rates for repairing service issues with Bell&nbsp;Home Phone, Bell&nbsp;TV and Bell&nbsp;Internet above 90% and arrived on time for customer appointments more than 98% of the time for installations and&#160;repairs.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Opened a new state-of-the-art call centre in Laval, Qu&#233;bec, featuring the latest call centre technology and equipped with the latest customer service support systems to serve Bell&nbsp;residential customers across Qu&#233;bec and&#160;Ontario.<br>
&nbsp;</font></P>


		</td>
	</tr>
</table>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">31</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>BUSINESS OUTLOOK AND&#160;ASSUMPTIONS</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="10">
	<tr>
		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<p style="text-align: left; line-height: 150%">
<font face="Arial" size="2">This section contains forward-looking statements concerning the business outlook of our Bell&#160;Wireline, Bell&#160;Wireless, Bell&#160;Media and Bell&#160;Aliant segments. This section also describes certain key economic, market and operational assumptions we have used in making such forward-looking statements and other forward-looking statements contained in this MD&amp;A. For a description of risk factors that could cause actual results or events to differ materially from our expectations expressed in or implied by such forward-looking statements, refer in particular to
		<I>Our&#160;Competitive Environment</I>, <I>Our Regulatory Environment </I>and <I>Risks that Could Affect Our Business and&#160;Results</I>.</font></td>
	</tr>
</table>
<P style="text-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% in&nbsp;2012. In addition, we have made certain market assumptions in preparing our business outlook for&nbsp;2012, including the&#160;following:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">continued weak product sales, reflecting deferred business customer spending given the slow pace of economic&#160;growth</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">a softer advertising market expected for Bell&#160;Media</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">an ongoing intense level of wireline competition in both consumer and business&#160;markets</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">higher wireline replacement, due primarily to increasing wireless and Internet-based technological&#160;substitution</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">wireless industry penetration gain of 4&#160;to 5&#160;basis points in&#160;2012 driven, in particular, by increased competition, the accelerating adoption of smartphones, tablets and data applications, as well as by the introduction of more LTE&#160;devices.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">Our business outlook is also based on certain operational assumptions and other market assumptions that are discussed&#160;below.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;WIRELINE</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In our residential markets, we expect to continue to&#160;incur local access line losses in&nbsp;2012, primarily as a result of continuing aggressive competition from the cable TV service providers and&#160;increasing wireline replacement due to growing substitution to wireless and Internet&#160;services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our business plan for&#160;2012 assumes a stabilizing residential NAS line erosion rate as we leverage our broadband investment in IPTV to drive three-product household penetration,&#160;increase our MDU market share, and generate higher pull-through attach rates for our residential Internet and home phone services. Targeted retention and service bundle offers, customer winbacks and better service execution are expected to contribute to the improvement in residential NAS line losses year over year. However, more aggressive service bundle offers from the cable TV competitors in our local wireline areas, as well as marketing actions from the newer wireless entrants which may&#160;include offering low-priced wireless home phone replacement plans, could also lead to higher residential customer NAS line&#160;losses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell&nbsp;TV, we intend to drive&#160;increased subscriber acquisition based on the assumption of&#160;increased customer adoption of Fibe&#160;TV as we further extend our IPTV broadband fibre footprint in areas of Ontario and Qu&#233;bec. We also intend to seek greater penetration within the MDU market and capitalize on our extensive retail distribution network, which&#160;includes The&#160;Source,&#160;and leverage our market leadership position in HD programming to drive&#160;incremental subscriber growth and higher revenue per customer. 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 price&#160;increases, video revenue growth is expected to remain fairly strong in&#160;2012.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber acquisition at Bell&nbsp;Internet is expected to improve in&#160;2012 driven by pull-through from Fibe TV and&#160;increased adoption of Fibe Internet packages as we leverage our expanding broadband fibre network to offer higher-speed service to customers in more areas. This is expected to have an associated positive impact on ARPU growth and customer churn in&nbsp;2012. The proliferation of devices such as tablets and e-readers that consume vast quantities of bandwidth, as well as&#160;increasing customer consumption of over-the-top (OTT) TV services and streaming video, require significant ongoing capital investment to ensure that we continue to offer our customers the most competitive packages for the best value. Accordingly, we intend to pursue pricing methods which allow us to cover the capital costs of upgrading the network and expanding capacity to meet growing demand. 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&#160;competitors.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At our Business Markets unit, we expect improved overall financial performance in&nbsp;2012. While economy-related and competitive market challenges will likely continue to impact overall business markets results, we expect product revenues to begin stabilizing and the year-over-year decline in connectivity revenues to improve. We also will seek to minimize the overall 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&#160;services.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">32</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We will continue to deliver network-centric ICT solutions to large business and public sector clients that&#160;increase the value of connectivity services. We expect to experience continued competitive intensity in all business markets as cable operators continue to transition from the consumer market and other telecom competitors seek to grow their business in these markets. In&#160;addition, our ICT services business expects to experience continued competition from other system integrators, outsourcers and professional service firms. We also intend to introduce service offerings that help drive innovative solutions and value for our mass and mid-sized customers by leveraging Bell&#146;s network assets, broadband fibre expansion and service capabilities to expand our relationships with them, while maintaining a sharp focus on overall profitability by&#160;increasing revenue per customer and better customer retention, as well as improving and tightening our processes to achieve further operating efficiencies and productivity gains. As the economy strengthens and employment rates improve, we expect that the performance of our Business Markets unit will improve gradually based on an assumption of&#160;increased customer spending, new business formation and higher demand for connectivity and ICT&#160;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&#160;erosion.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Stronger forecasted TV and Internet revenue growth in&#160;2012 is expected to help offset the ongoing year-over-year decline in wireline voice revenues. We also intend to maintain a rigorous focus on cost management to support our objective of keeping wireline EBITDA margin stable year over year. This assumes that we will be able to achieve cost savings from a reduced management workforce, lower corporate support group costs, renegotiated contracts with our vendors and outsource suppliers, client care and field service productivity improvements, managing content costs and reducing traffic that is not on our own network. These cost reductions are expected to offset margin pressure from growing our Fibe TV service footprint and customer base, ongoing erosion of higher-margin wireline voice revenues and any potential revenue shortfalls in our Business Markets&#160;unit.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;WIRELESS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We expect that our Wireless segment will continue to be a key contributor to Bell&#146;s revenue and EBITDA results in&nbsp;2012. The financial performance of Bell&#160;Wireless is based on its continued ability to focus on profitable growth and execute its market strategies. Bell&#160;Wireless&#146; expected performance in&#160;2012 is based on the assumption that it will benefit from the flow-through of significant investments made in&#160;2011 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 newer wireless entrant&#160;competition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expect continued aggressive competition both from incumbents and newer wireless entrants in&#160;2012 in an effort to maintain or gain wireless market share. In addition, the newer wireless entrants are expected to continue enhancing the breadth and reach of their networks, improving their distribution reach and expanding their device portfolios. As a result, we expect pressures on pricing and customer churn to persist, highlighting the critical importance of continuing to improve customer satisfaction and proactively focusing on customer retention. This is expected to be mitigated by incremental growth in data usage and roaming driven by increasing adoption of smartphone devices, tablets and data applications, as well as the introduction of more LTE devices as we expand our 4G LTE wireless network in more urban markets across&nbsp;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have assumed that our expected wireless revenue growth will be underpinned by ARPU driven by a higher mix of smartphone and higher-value postpaid customers, increased distribution in western&nbsp;Canada, new service, and continued disciplined price management. We will seek to achieve our ARPU objectives through data revenue growth supported by our&#160;HSPA+ and LTE networks, higher demand for data services and increasing usage of wireless services such as text, picture and video messaging, web browsing, music and video downloads, live&#160;TV 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 key growth opportunity is enabled by the new category of tablet devices, which has the potential to generate incremental revenues and contribute&#160;to increasing wireless penetration levels in&nbsp;Canada. We intend to&#160;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, live&#160;TV and other functions. We believe that the introduction of such new applications will continue to drive 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 and our expectation for continued aggressive competition, including discounted pricing, we expect to benefit from higher wireless EBITDA in&#160;2012 reflecting the revenue flow-through of&#160;postpaid subscriber growth in&#160;2011 and careful management of incremental year-over-year spending on subscriber acquisition as we seek to maintain a reasonable market share of postpaid gross and net subscriber&#160;activations.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">33</font></b></P>


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





<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;MEDIA</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2012, we expect our Bell&#160;Media segment to drive revenue, EBITDA and cash flow growth based on its ability to leverage the strength of its market-leading conventional TV service, sports broadcast services and radio assets, accelerating the growth of its non-sports specialty services and further enhancing its digital online and mobile TV distribution platforms. Furthermore, Bell&#146;s overall financial performance in&#160;2012 will reflect one additional quarter of Bell&#160;Media results, as well as the revenue flow-through of rate increases for certain of Bell&#160;Media&#146;s specialty sports programming services, including TSN and RDS. We also will seek to continue to carefully manage costs with a particular focus on achieving productivity gains and other operating efficiencies related to Bell&#160;Media integration&#160;synergies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In conventional television, we will seek to maintain our leading position in all key demographics in order to continue offering advertisers both nationally and locally with premium opportunities to reach their target audiences. Success in this area requires that we focus on a number of factors, including building and maintaining strategic supply arrangements for content on four screens; continuing to successfully acquire high-rated programming and differentiated content to execute on Bell&#146;s multi-screen content strategy; producing and commissioning high-quality Canadian content; and producing market-leading&#160;news.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our sports broadcast operations, we will endeavour to hold our leading position by securing premium content for our viewers and by developing innovative high-quality programs and services that will attract and engage more viewers. We have assumed for&#160;2012 that revenue growth will be generated primarily by increased subscription revenue. We successfully completed a number of new agreements with distribution undertakings in the second half of&#160;2011 and we expect to complete the balance of the agreements during the course of the year. Additionally, we expect to see growth from new services such as RDS2&#160;and TSN&#146;s Winnipeg Jets offering. We anticipate that costs to secure content will increase as we face greater competition from both new and established entrants, and as market rates for specialty content generally increase. In the summer of&nbsp;2012, through our interest in the&nbsp;Canada&#146;s Olympic Broadcast Media Consortium, CTV&#146;s conventional and sports specialty services will be dedicated to the London Summer Olympic Games. The Olympics provide an excellent venue to showcase our four-screen capabilities and we believe that time zone differences will lead to a demand for on-the-go&#160;viewing.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our non-sports specialty services, we intend to support growth through investment in programming and marketing and by launching new services in both English and French. This, in combination with our past and ongoing investment in HD&#160;services, is expected to lead to increased audiences and a consequent increase in advertising. We also believe that strengthening these services will protect our subscriber revenues in the face of mounting pressure from increased flexibility in programming packaging by&#160;consumers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our radio operations, we are competitively positioned in&#160;our local markets from a format, ratings and demographics perspective. We expect to maintain our strong market position by leveraging strategic investments made in&nbsp;2011. In particular, we will focus on the development and growth of our recently launched TSN-branded sports radio stations in Toronto, Montr&#233;al, and&#160;Winnipeg.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;ALIANT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Aliant remains focused on its five strategic objectives initially implemented in&nbsp;2009. Firstly, Bell&#160;Aliant plans to focus on growing its broadband business, which supports all of the other four strategic objectives.&#160;2011 marked the first year of Bell&#160;Aliant&#146;s two-year plan to accelerate its FTTH coverage. After exceeding its original FTTH targets for&nbsp;2011, Bell&#160;Aliant has increased its&#160;2012 targets and now expects to pass approximately 650,000&#160;premises with FTTH technology by the end of&nbsp;2012, up from its previous target of 600,000. This investment will provide customers in the FTTH footprint with access to TV and fast Internet services. As well, Bell&#160;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&#160;50&#160;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. Secondly, Bell&#160;Aliant intends to improve the customer experience through improvements to service fundamentals supported by operational improvements to its processes, tools and training. Thirdly, it intends to mitigate customer churn through increasing the penetration of service bundles and increasing its retention efforts. Bell&#160;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&#160;Aliant is well-positioned to operate more efficiently in the future. Bell&#160;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;2012, Bell&#160;Aliant intends to maintain its performance-based culture by providing employees 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&#160;managers.</font></P>
<P style="text-align: left;">
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<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">34</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>2011&#160;OPERATING&#160;HIGHLIGHTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our results for&#160;2011 reflected significant revenue and EBITDA growth, driven primarily by the acquisition of CTV completed on April&#160;1,&nbsp;2011. Our operating performance for&#160;2011 also was highlighted by strong wireless postpaid subscriber growth and higher ARPU driven by increased smartphone adoption and accelerated data usage, which contributed to the improvement in wireless EBITDA even as spending on customer retention and acquisition rose due to more aggressive competition. In our wireline segment, we further reduced operating costs to offset the impact of ongoing legacy voice and data revenue declines, generated higher ARPU across all our consumer wireline product lines and achieved fewer NAS line losses year over year, all of which contributed to improved wireline EBITDA and margin expansion. Additionally, market traction for Fibe TV accelerated, delivering a significant number of new TV subscriber activations. Our improving asset mix, healthy wireless and wireline operating metrics, and cost management supported substantial net earnings and free cash flow generation in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&nbsp;grew 9.3% in&nbsp;2011. This significant year-over-year increase was the result of the CTV acquisition, which enjoyed strong advertising revenues from TV, radio and digital properties, subscriber revenues that reflected the impact of rate increases for certain Bell&#160;Media specialty sports services and growth from enhanced mobile TV services that offer live and on-demand access to content. Wireless, TV and residential Internet revenue growth, and higher IP broadband connectivity revenues in our Business Markets unit, also contributed to top-line improvement at Bell&nbsp;in&nbsp;2011. This improvement was moderated by lower legacy voice and data revenues year over year due to a decline in access lines and digital circuits as customers continued to adopt wireless and IP-based technologies. Consistent with a relatively sluggish economy and low levels of employment growth, wireline product and ICT sales also decreased in&nbsp;2011, reflecting reduced spending by business&#160;customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA increased 8.6% in&nbsp;2011, driven by the acquisition of CTV as well as by the improved operating performance of our Bell&#160;Wireline and Bell&#160;Wireless segments. Bell&#160;Wireless&#146; EBITDA grew 6.1% in&nbsp;2011, mainly as a result of higher wireless operating revenues driven by higher data usage from accelerating smart-phone adoption, partly offset by higher year-over-year wireless postpaid acquisition and retention spending. Bell&#160;Wireline&#146;s EBITDA improved 1.5%, reflecting a 5.7% reduction in operating costs that was driven by the non-recurrence of expenses incurred in&#160;2010 for the Vancouver Winter Olympics, decreased labour costs, reduced purchases of goods and services due to lower product sales year over year, decreased capital taxes, commodity tax settlements and efficiency-related productivity improvements in both our field operations and call&#160;centres.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We maintained Bell&#160;Mobility&#146;s wireless market competitiveness in&#160;2011 by leveraging our HSPA+ network, expanding our leading roster of smartphone devices, launching our next-generation LTE network in areas of Ontario (including Toronto) and Atlantic&nbsp;Canada, and providing consumers with attractive promotional offers. These all contributed to significant postpaid subscriber acquisitions and an accelerating number of new smartphone customers. Although postpaid net activations of 433,797&#160;in&#160;2011 were down from 500,139&#160;last year, reflecting higher year-over-year customer churn as competition intensified, our smartphone customer base grew 73% in&nbsp;2011, comprising 48% of postpaid subscribers at December&#160;31,&nbsp;2011, up from 31% at the end of&nbsp;2010. This drove wireless data revenue growth of 34% and blended ARPU growth of 2.9% in&nbsp;2011. As a result of aggressive acquisition offers from the newer wireless entrants for lower-value subscribers and our focus on postpaid customer acquisitions, we lost 248,363&#160;net prepaid customers in&nbsp;2011, compared to a loss of 91,393&#160;in&nbsp;2010, on 20% fewer prepaid gross activations year over year and higher churn. Accordingly, total wireless net activations decreased to 185,434&#160;in&#160;2011 from 408,746&#160;in&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 67,498&#160;net TV subscribers in&nbsp;2011, down 5.2% from 71,221&#160;in&nbsp;2010. TV subscriber acquisition in&#160;2011 was driven by higher sales of our Bell&#160;Fibe TV service, reflecting increasing customer demand as we continued to expand our IPTV service footprint during the year. This was moderated by lower satellite TV net activations attributable largely to higher customer churn as a result of aggressive competitive pricing on service bundles and other promotional activity by the cable TV operators. TV&#160;ARPU increased 1.5% in&#160;2011 to &#36;74.56&#160;per month, due mainly to price&#160;increases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 15,426&#160;net high-speed Internet subscribers in&nbsp;2011, compared to 40,335&#160;in&nbsp;2010. The year-over-year decrease in net activations can be attributed to higher residential and small business customer deactivations attributable largely to competitors&#146; more aggressive acquisition offers, fewer wholesale net activations and increasing wireless substitution. However, residential Internet ARPU increased 5% in&nbsp;2011, reflecting continued strong consumer demand for our fibre-based high-speed Internet service and price&#160;increases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our traditional local telephone business, total NAS net losses improved 2.9% in&#160;2011 to 374,049&#160;from 385,317&#160;in&nbsp;2010, due primarily to fewer business NAS line losses mainly as a result of reduced customer disconnections and growth in wholesale net additions. This improvement was offset by increased residential NAS line losses in&#160;2011 due to a greater number of customer losses to cable TV competitors from more intense competitive pricing and aggressive promotional offers, as well as increasing wireless substitution. As a result of higher year-over-year residential NAS line losses, the annual rate of erosion in our total NAS customer base increased to 5.8% in&#160;2011 from 5.6% in&#160;2010.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">35</font></b></P>


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





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell&#160;Media, advertising revenue was driven by solid demand across most industry sectors, mainly as a result of the maintenance of strong audience levels across its conventional and specialty TV channels. However, consistent with a slow-growing economy, advertising revenues began to soften in the third quarter of&nbsp;2011. CTV, Bell&#160;Media&#146;s conventional television network, consistently reported the strongest ratings in all seasons in&nbsp;2011, holding a majority of the top 20&#160;programs nationally among all viewers. During&nbsp;2011, Bell&#160;Media also rebranded the /A\ channel to CTV Two and launched TSN Radio in the Toronto, Montr&#233;al and Winnipeg markets. Additionally, Bell&#160;Media specialty channels continued to maintain strong viewership levels in&nbsp;2011, led by TSN, which remained the leading specialty channel in all key demographics based on viewership. At the end of&nbsp;2011, Bell&#160;Media had entered into agreements with most major broadcast distributors in&nbsp;Canada for rate increases on its sports specialty&#160;channels.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Capital expenditures at Bell&nbsp;increased 7.1% in&#160;2011 to &#36;2,683&#160;million, due to the deployment of broadband fibre to residential homes, neighbourhoods and businesses in Ontario and Qu&#233;bec, ongoing enhancement of the core wireline broadband network to support the commercial rollout of our IPTV service, construction of the 4G LTE network, increased investment in customer service tools and systems, and construction of business data hosting centres to support our cloud computing&#160;strategy.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For BCE, operating revenues grew 7.9% in&#160;2011 while EBITDA increased 6.2%, mainly as a result of improved year-over-year performance at Bell, which reflected the acquisition of CTV as described&#160;above.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s cash flows from operating activities were &#36;4,869&#160;million in&#160;2011 compared to &#36;4,367&#160;million in&nbsp;2010. Free cash flow available to BCE&#146;s common shareholders increased 5.1% to &#36;1,511&#160;million in&#160;2011 from &#36;1,437&#160;million in&nbsp;2010. The year-over-year increase was attributable primarily to higher EBITDA and an improved working capital&#160;position.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net earnings attributable to common shareholders increased 6.6% in&#160;2011 to &#36;2,221&#160;million, or &#36;2.88&#160;per share, compared to &#36;2,083&#160;million, or &#36;2.74&#160;per share, in&nbsp;2010. The year-over-year increase in earnings was due primarily to higher EBITDA and the fair value loss on the Bell&#160;Aliant fund unit liability in&nbsp;2010. Adjusted&#160;EPS&#160;was &#36;3.13&#160;per common share in&#160;2011 compared to &#36;2.79&#160;per common share in the previous year. Increased EBITDA, lower net pension finance costs and mark-to-market gains on share-based payments plan economic hedges in&#160;2011 resulting from the increase in BCE&#146;s common share price were offset partly by higher depreciation expense, increased interest expense attributable to long-term debt related to the CTV acquisition and the dilutive impact of shares issued as partial consideration for the CTV&#160;acquisition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continued to execute on our capital markets strategy in&nbsp;2011, delivering on our objective to increase shareholder returns through two increases in the common share dividend. In&#160;December&#160;2011, we also initiated a share buyback program for up to &#36;250&#160;million to be executed over a 12-month period starting December&#160;12,&nbsp;2011, which we believe represents an attractive use of funds to increase shareholder value. In a global financial climate of declining interest rates and weak equity returns, we made a &#36;750&#160;million voluntary prepayment in December&#160;2011 to Bell&#160;Canada&#146;s DB pension plan to accelerate the cash funding of Bell&#146;s future pension obligation and reduce the solvency deficit of the pension plan. We also repaid &#36;250&#160;million of long-term debt in&#160;2011 from cash on hand and accessed the capital markets on attractive terms while maintaining strong investment grade credit ratings, raising &#36;2&#160;billion in gross proceeds from the issuance of Bell&#160;Canada five- and ten-year MTN debentures and &#36;625&#160;million from the issuance of BCE&nbsp;preferred shares. The &#36;2&#160;billion of long-term debt issued in&#160;2011 completed the permanent debt financing in respect of the CTV acquisition, as well as our&#160;2012 debt refinancing&#160;requirements.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">36</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>SELECTED ANNUAL AND QUARTERLY&#160;INFORMATION</B></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>ANNUAL FINANCIAL&#160;INFORMATION</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following tables show selected consolidated financial data of BCE, prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB), for&#160;2011 and&nbsp;2010. These are our first annual consolidated financial statements prepared under IFRS and IFRS&#160;1 &#150; First-time Adoption of IFRS has been applied. An explanation of the impact of the changeover to IFRS on our reported financial position, financial performance and cash flows is provided in Note&#160;28 to BCE&#146;s consolidated financial statements for the year ended December&#160;31,&nbsp;2011. We discuss the factors that caused our results to vary over the past two years throughout this&#160;MD&amp;A.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>CONSOLIDATED INCOME&#160;STATEMENTS</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>19,497</B></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 face="Arial" size="2">18,069</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(11,868</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(10,884</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">EBITDA<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,629</B></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 face="Arial" size="2">7,185</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(409</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(262</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Depreciation</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,538</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,388</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Amortization</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(723</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(737</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Finance&#160;costs</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 width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest&#160;expense</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(842</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(685</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on employee benefit&#160;obligations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(984</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(992</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on fund unit&#160;liability</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2">(370</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected return on pension plan&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,032</B></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 face="Arial" size="2">898</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other income</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>129</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">173</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Earnings before income&#160;taxes</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,294</B></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 face="Arial" size="2">2,822</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income&#160;taxes</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(720</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(632</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings attributable to:</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 width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Common&#160;shareholders</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,221</B></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 face="Arial" size="2">2,083</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Preferred&#160;shareholders</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>119</B></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 face="Arial" size="2">112</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>234</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(5</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 6px">
<font face="Arial" size="2">Net earnings per common&#160;share</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 width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Basic</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.88</B></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 face="Arial" size="2">2.74</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Diluted</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2.88</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2.74</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Included in net earnings:</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 width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(282</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(189</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Net gains on&#160;investments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>89</B></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 face="Arial" size="2">133</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Fair value adjustment on fund unit&#160;liability</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2">49</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Adjustment to reflect interest on fund unit liability as non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2">(29</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjusted net earnings<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,414</B></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 face="Arial" size="2">2,119</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjusted EPS<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>3.13</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2.79</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Ratios</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 width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">EBITDA margin&#160;(%)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>39.1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">39.8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Return on equity&#160;(%)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>21.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">19.2</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</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">
<font face="Arial" size="1">
<I>The terms EBITDA, Adjusted net earnings and Adjusted EPS are non-GAAP financial measures. See </I>Non-GAAP Financial Measures &#150; EBITDA and Adjusted net earnings and adjusted&#160;EPS <I>in this MD&amp;A for more details, including a reconciliation to the most comparable IFRS financial&#160;measures.</I></font></P></td>
	</tr>
	</table>
<P style="margin-left:0px; margin-right:0px; margin-top:0px">&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">37</font></b></P>


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





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






<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>CONSOLIDATED STATEMENTS OF FINANCIAL&#160;POSITION</B></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>39,426</B></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 face="Arial" size="2">35,893</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 face="Arial" size="2">Cash and cash&#160;equivalents</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>175</B></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 face="Arial" size="2">771</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 face="Arial" size="2">Debt due within one year (including bank&#160;advances, notes payable and loan secured by trade&#160;receivables)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,106</B></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 face="Arial" size="2">2,570</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,721</B></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 face="Arial" size="2">10,581</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total non-current&#160;liabilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17,909</B></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 face="Arial" size="2">18,771</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Equity attributable to owners of the&#160;parent</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13,778</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">10,154</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1" color="#0065A4">
<B>RATIOS</B></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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total debt to total assets&#160;(times)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>0.38</B></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 face="Arial" size="2">0.37</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term debt to total equity&#160;(times)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>0.92</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1.14</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>CONSOLIDATED STATEMENTS OF CASH&#160;FLOWS</B></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows from operating&#160;activities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,869</B></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 face="Arial" size="2">4,367</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 face="Arial" size="2">Cash flows used in investing&#160;activities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,884</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,948</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Capital&#160;expenditures</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,256</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,998</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Business&#160;acquisitions</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(680</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(60</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows used in financing&#160;activities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,581</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,332</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Repurchase of common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(143</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(500</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Issue of common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152</B></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 face="Arial" size="2">39</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 face="Arial" size="2">Issue of preferred&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>345</B></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 face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Net (repayment) issuance of debt&#160;instruments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(6</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">660</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 face="Arial" size="2">Cash dividends paid on common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,520</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,318</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Cash dividends paid on preferred&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(118</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(108</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=center width="76%">
<p align="left" style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Cash dividends/distributions paid by subsidiaries&#160;to non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(315</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Free cash flow<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,511</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,437</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>SHARE&#160;INFORMATION</B></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Average number of common shares&#160;(millions)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>771.4</B></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 face="Arial" size="2">759.0</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 face="Arial" size="2">Common shares outstanding at end of year&#160;(millions)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>775.4</B></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 face="Arial" size="2">752.3</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Market&#160;capitalization</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>32,931</B></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 face="Arial" size="2">26,586</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 face="Arial" size="2">Dividends declared per common share&#160;(dollars)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.0450</B></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 face="Arial" size="2">1.7850</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 face="Arial" size="2">Book value per share&#160;(dollars)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13.75</B></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 face="Arial" size="2">9.82</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 face="Arial" size="2">Dividends declared on common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,579</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,352</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Dividends declared on preferred&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(119</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(112</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Market price per common share&#160;(dollars)</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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">High (end of&#160;day)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>42.47</B></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 face="Arial" size="2">36.09</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 face="Arial" size="2">Low (end of&#160;day)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>34.31</B></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 face="Arial" size="2">27.43</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Close</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>42.47</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">35.34</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1" color="#0065A4">
<B>RATIOS</B></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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Capital intensity&#160;(%)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>16.7</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">16.6</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Price to earnings ratio&#160;(times)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14.75</B></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 face="Arial" size="2">12.90</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 face="Arial" size="2">Price to book ratio&#160;(times)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.09</B></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 face="Arial" size="2">3.60</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Price to cash flow ratio&#160;(times)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>20.32</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">15.43</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1" color="#0065A4">
<B>OTHER&#160;DATA</B></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="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Number of employees&#160;(thousands)</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>55</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">50</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</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">
<font face="Arial" size="1">
<I>Free cash flow is a non-GAAP financial measure. See </I>Non-GAAP Financial Measures &#150; Free cash flow <I>in this MD&amp;A for more details, including a reconciliation to the most comparable IFRS financial&#160;measure.</I></font></P></td>
	</tr>
	</table>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">38</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows selected consolidated financial data of BCE&nbsp;prepared in accordance with previous Canadian generally accepted accounting principles (previous Canadian GAAP), for&nbsp;2009, and is not comparable to our&#160;2011 and&#160;2010 information.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2009</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>CONSOLIDATED INCOME&#160;STATEMENTS</B></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;revenues</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">17,735</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Earnings from continuing operations</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,749</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Discontinued operations</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(11</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,738</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings applicable to common&#160;shares</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,631</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings per common&#160;share</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Continuing operations &#150; basic</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2.12</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Continuing operations &#150; diluted</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2.12</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Net earnings &#150;&#160;basic</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2.11</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Net earnings &#150;&#160;diluted</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2.11</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>CONSOLIDATED BALANCE&#160;SHEETS</B></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;assets</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">38,050</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">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="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total long-term&#160;liabilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">15,241</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px dotted #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>SHARE&#160;INFORMATION</B></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px dotted #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Dividends declared per common&#160;share (dollars)</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1.58</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B><I>QUARTERLY FINANCIAL&#160;INFORMATION</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows selected consolidated financial data by quarter for&#160;2011 and&nbsp;2010. 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&#160;MD&amp;A.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=center width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=center width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=center width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<p align="right">
<font face="Arial" size="1" color="#0065A4">&nbsp;
<B>2011</B></font></TD>
	<TD align=center width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=center width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=center width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=center width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=center width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=center width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" style="border-bottom: 1px solid #000000">
<p align="right">
<font face="Arial" size="1">&nbsp;
2010</font></TD>
	<TD align=center width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>Q4</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>Q3</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>Q2</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>Q1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
Q4</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
Q3</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
Q2</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
Q1</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;revenues</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,166</B></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 face="Arial" size="2" color="#0065A4">
<B>4,910</B></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 face="Arial" size="2" color="#0065A4">
<B>4,955</B></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 face="Arial" size="2" color="#0065A4">
<B>4,466</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,679</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,517</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,440</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,433</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">EBITDA</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,869</B></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 face="Arial" size="2" color="#0065A4">
<B>1,941</B></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 face="Arial" size="2" color="#0065A4">
<B>1,986</B></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 face="Arial" size="2" color="#0065A4">
<B>1,833</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,748</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,841</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,843</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,753</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></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 face="Arial" size="2" color="#0065A4">
<B>(130</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(219</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(61</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(86</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(129</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(15</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(32</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Depreciation</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(661</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(628</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(638</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(611</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(607</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(600</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(595</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(586</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Amortization</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(181</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(180</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(183</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(179</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(193</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(181</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(183</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(180</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>573</B></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 face="Arial" size="2" color="#0065A4">
<B>736</B></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 face="Arial" size="2" color="#0065A4">
<B>683</B></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 face="Arial" size="2" color="#0065A4">
<B>582</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">344</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">482</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">630</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">734</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings attributable to common&#160;shareholders</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>486</B></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 face="Arial" size="2" color="#0065A4">
<B>642</B></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 face="Arial" size="2" color="#0065A4">
<B>590</B></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 face="Arial" size="2" color="#0065A4">
<B>503</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">318</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">454</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">605</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">706</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings per common&#160;share</font></TD>
	<TD align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Basic</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>0.62</B></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 face="Arial" size="2" color="#0065A4">
<B>0.83</B></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 face="Arial" size="2" color="#0065A4">
<B>0.76</B></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 face="Arial" size="2" color="#0065A4">
<B>0.67</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.42</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.60</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.80</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.92</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Diluted</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>0.62</B></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 face="Arial" size="2" color="#0065A4">
<B>0.83</B></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 face="Arial" size="2" color="#0065A4">
<B>0.76</B></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 face="Arial" size="2" color="#0065A4">
<B>0.67</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.42</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.60</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.80</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.92</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Included in net earnings:</font></TD>
	<TD align=left width="8%" 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="8%" 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="8%" 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="8%" 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="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2</B></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 face="Arial" size="2" color="#0065A4">
<B>(82</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(162</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(40</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(67</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(91</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(25</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Net gains on&#160;investments</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>89</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">125</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Fair value adjustment on fund unit&#160;liability</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(58</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(56</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">16</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">147</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="20%">
<p align="left" style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Adjustment to reflect interest on fund&#160;unit liability as non-controlling&#160;interest</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(3</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(10</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjusted net&#160;earnings</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>484</B></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 face="Arial" size="2" color="#0065A4">
<B>724</B></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 face="Arial" size="2" color="#0065A4">
<B>663</B></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 face="Arial" size="2" color="#0065A4">
<B>543</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">446</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">611</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">595</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">467</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjusted&#160;EPS</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>0.62</B></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 face="Arial" size="2" color="#0065A4">
<B>0.93</B></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 face="Arial" size="2" color="#0065A4">
<B>0.86</B></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 face="Arial" size="2" color="#0065A4">
<B>0.72</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.59</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.81</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.78</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">0.61</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Average number of common&#160;shares outstanding &#150; basic&#160;(millions)</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>778.1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>777.6</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>776.6</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>752.9</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">754.1</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">756.7</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">759.7</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">765.7</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="MARGIN:0px">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">39</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">
<B>FOURTH QUARTER&#160;HIGHLIGHTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&#146;s operating revenue was &#36;5,166&#160;million in the fourth quarter of&nbsp;2011, or 10.4% higher compared to the same period last year, due to the acquisition of CTV and improved wireless performance at Bell. BCE&#146;s EBITDA was &#36;1,869&#160;million in the fourth quarter of&nbsp;2011, or 6.9% higher compared to the same period last year. Growth at Bell, including Bell&#160;Media, was partly offset by lower EBITDA at Bell&#160;Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&nbsp;increased 12.6% in Q4&#160;2011&#160;to &#36;4,576&#160;million, while Bell&#146;s EBITDA grew 10.3% to &#36;1,548&#160;million. Higher year-over-year revenue and EBITDA reflected significant contributions from all Bell&nbsp;growth services, including strong revenue, EBITDA and postpaid subscriber performance at Bell&#160;Wireless, the addition of Bell&#160;Media, and fast subscriber growth in Bell&#146;s new Fibe TV&#160;service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Wireless operating revenues increased 5.9% to &#36;1,365&#160;million in Q4&#160;2011, with service revenue up 6.4% and EBITDA up 9.6%, reflecting the significant flow-through of increased postpaid smartphone subscribers acquired throughout&nbsp;2011. Postpaid net additions in Q4&#160;totalled 131,986, with smartphone users accounting for 48% of total postpaid subscribers at the end of&nbsp;2011, compared to 31% last year. Blended ARPU was up 4.1% to &#36;54.50&#160;per month, our highest year-over-year quarterly growth rate in&nbsp;2011, reflecting a 32% increase in wireless data revenue. Bell&#160;Wireless EBITDA grew 9.6% in Q4&#160;even with a &#36;24&#160;million year-over-year increase in customer acquisition and retention&#160;costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Wireline Q4&#160;performance reflected solid results from Internet and TV, with revenues up 10.0% and 1.6%, respectively. TV revenue grew on the strength of Bell&#160;Fibe TV, with 27,726&#160;net new subscriber activations, up 20.4% from last year. TV and residential Internet revenue growth was offset by declines in local and access, long distance, and data product and equipment revenues, resulting in a 4% overall decrease in Bell&#160;Wireline operating revenues to &#36;2,709&#160;million in Q4&#160;2011. Bell&#160;Wireline EBITDA was down 2.2% in Q4&#160;on lower operating revenues. A 5.0% improvement in wireline operating costs in the fourth quarter of&nbsp;2011 effectively offset the loss of higher-margin legacy revenues and costs related to growing the Fibe TV subscriber base, resulting in EBITDA margin expansion of 0.7&#160;percentage points to&#160;36.8%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media had revenues of &#36;578&#160;million in Q4&#160;2011, benefitting from strong subscriber revenue growth due to higher rates for broadcast distributors carrying leading Bell&#160;Media specialty channels, such as TSN and RDS, and increasing usage of online TV and mobile TV services. Bell&#160;Media&#146;s Q4&#160;EBITDA was &#36;130&#160;million, including a non-cash charge of &#36;33&#160;million to amortize the fair value increment of programming rights recognized on the acquisition of&#160;CTV.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&nbsp;invested &#36;871&#160;million in new capital in Q4&#160;2011&#160;to support its rapid broadband infrastructure development, including new fibre to residential homes and businesses in Ontario and Qu&#233;bec to support Bell&#160;Fibe TV, Fibe Internet and new cloud computing services for business, and the ongoing rollout of Bell&#146;s LTE mobile&#160;network.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation of &#36;661&#160;million increased from &#36;607&#160;million for the same period last year due to a higher depreciable asset base in&nbsp;2011, a reduction in assets&#146; useful lives as we invest more in technology-related assets and incremental depreciation due to our acquisition of CTV on April&#160;1,&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Amortization of &#36;181&#160;million in Q4&#160;2011 was lower compared to &#36;193&#160;million&#160;last year due to a lower depreciable asset base in&nbsp;2011, partly offset by&#160;incremental amortization due to our acquisition of CTV on April&#160;1,&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows from operating activities were &#36;838&#160;million compared to &#36;491&#160;million in the same period last year due to higher net earnings. Free cash flow in Q4&#160;2011, before and after the &#36;750&#160;million voluntary pension plan contribution, was &#36;564&#160;million and negative &#36;186&#160;million, respectively, compared to &#36;219&#160;million and negative &#36;531&#160;million, respectively, in the previous year. The year-over-year improvement was due to higher EBITDA and an improved working capital&#160;position.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s net earnings attributable to common shareholders were &#36;486&#160;million, or &#36;0.62&#160;per share, in Q4&#160;compared to &#36;318&#160;million, or &#36;0.42&#160;per share, in Q4&#160;2010. The year-over-year increase in earnings was due primarily to higher EBITDA and lower severance, acquisition and other costs, and a fair value loss in Q4&#160;2010&#160;on the publicly held units of Bell&#160;Aliant Income Fund, which were treated as debt under IFRS accounting. BCE&#146;s Adjusted EPS in Q4&#160;2011&#160;was &#36;0.62&#160;per common share, compared to &#36;0.59&#160;in&#160;Q4&#160;2010. This 5.1% increase was due to higher EBITDA, lower net pension finance costs, and gains on derivative contracts, partly offset by higher depreciation and net interest expense due mainly to the acquisition of CTV which, on a net basis, was accretive to&#160;overall earnings in&#160;2011.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Seasonality&#160;Considerations</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Some of our segments&#146; revenues and expenses vary slightly by season, which may impact quarter-to-quarter operating&#160;results.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireline segment revenues tend to be higher in the fourth quarter because of higher data and equipment product sales to business customers and higher consumer electronic equipment sales during the holiday period in December. Home Phone, TV and Internet subscriber activity is subject to modest seasonal fluctuations, attributable largely to residential moves during the summer months and the back-to-school period. Targeted marketing efforts conducted during various times of the year to coincide with special events or broad-based marketing campaigns also may have an impact on overall wireline operating&#160;results.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless operating results are influenced by the timing of our marketing and promotional expenditures and higher levels of subscriber additions and handset subsidies, resulting in higher subscriber acquisition and activation-related expenses in certain quarters. In particular, Wireless segment EBITDA 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&#160;quarter.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In our Media segment, a large part of its revenues and related expenses from television and radio broadcasting is derived from the sale of advertising, the demand for which is affected by prevailing economic conditions as well as cyclical and seasonal variations. Seasonal variations are driven by the strength of TV ratings particularly during the new Fall programming season, major sports league seasons and other special sporting events such as the Olympic Games, NHL hockey playoffs and World Cup soccer, as well as fluctuations in consumer retail activity during the&#160;year.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">40</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>FINANCIAL RESULTS&#160;ANALYSIS</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="10">
	<tr>
		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<p style="text-align: left; line-height: 150%">
<font face="Arial">This section provides detailed information and analysis about our performance in&#160;2011 compared with&nbsp;2010. It&#160;focuses on our consolidated operating results and provides financial information for each of our operating&#160;segments.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>CONSOLIDATED&#160;ANALYSIS</I></B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
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<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
&#160;%&#160;CHANGE</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>19,497</B></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 face="Arial" size="2">18,069</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">7.9</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;costs</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(11,868</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(10,884</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(9.0</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">EBITDA</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,629</B></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 face="Arial" size="2">7,185</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6.2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(409</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(262</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(56.1</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Depreciation</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,538</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,388</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(6.3</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Amortization</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(723</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(737</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1.9</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Finance&#160;costs</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="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest&#160;expense</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(842</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(685</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(22.9</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on employee benefit&#160;obligations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(984</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(992</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">0.8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on fund unit&#160;liability</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2">(370</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">100.0</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected return on pension plan&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,032</B></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 face="Arial" size="2">898</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">14.9</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other&#160;income</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>129</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">173</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(25.4</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Earnings before income&#160;taxes</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,294</B></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 face="Arial" size="2">2,822</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">16.7</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income&#160;taxes</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(720</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(632</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(13.9</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">17.5</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">Net earnings attributable to:</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="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Common&#160;shareholders</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,221</B></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 face="Arial" size="2">2,083</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6.6</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Preferred&#160;shareholders</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>119</B></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 face="Arial" size="2">112</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6.3</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>234</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(5</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">n.m.</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">17.5</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">Adjusted net earnings attributable to common&#160;shareholders</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,414</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,119</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">13.9</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">Earnings per share&#160;(EPS)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.88</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2.74</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">5.1</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjusted&#160;EPS</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.13</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2.79</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">12.2</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="100%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>n.m.: not&#160;meaningful</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>OPERATING&#160;REVENUES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Total operating revenues for BCE&nbsp;were &#36;19,497&#160;million in&nbsp;2011, representing a 7.9% increase over operating revenues of &#36;18,069&#160;million in&nbsp;2010. Higher revenues at Bell, partly offset by lower Bell&#160;Aliant revenues, brought about the improvement in BCE&#146;s total operating revenues in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating revenues increased 9.3% in&#160;2011 to &#36;17,133&#160;million from &#36;15,669&#160;million in&#160;2010 mainly due to the acquisition of CTV. Additionally, higher revenue at our Bell&#160;Wireless segment was offset by lower Bell&#160;Wireline revenue year over year, which excludes revenues from our portal business that are reported in our Bell&#160;Media segment as of Q2&#160;2011. Operating revenues for Bell&nbsp;in&#160;2011 were comprised of service revenues of &#36;15,469&#160;million, 11.4% higher than in&nbsp;2010, and product revenues of &#36;1,664&#160;million, a 6.9% decline from the previous&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Wireline&#146;s revenues decreased 3.0% in&#160;2011 due mainly to lower local and access, long distance and data product revenues and the transfer of our portal business. Growth in revenues from our TV and residential Internet services moderated this&#160;decline.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160; Wireless&#146; revenues grew 6.6% in&nbsp;2011, as a result of increased service revenues from a larger postpaid subscriber base, increased data usage that generated higher blended ARPU year over year, and higher product revenues generated by higher postpaid subscriber acquisition and handset&#160;upgrades.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media&#146;s revenues in&#160;2011 were &#36;1,542&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues at Bell&#160;Aliant were 1.2% lower in&#160;2011 compared to&nbsp;2010, due mainly to the continued decline in its local voice and long distance revenues and lower telecommunications equipment sales. The year-over-year decrease was offset partly by revenue growth from Internet, IP-based broadband connectivity, wireless and TV&#160;services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis </I>for a discussion of operating revenues on a segmented&#160;basis.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>OPERATING&#160;COSTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Operating costs for BCE&nbsp;were &#36;11,868&#160;million in&nbsp;2011, up from &#36;10,884&#160;million in&nbsp;2010. The year-over-year increase was the result of higher operating costs at Bell. Bell&#160;Aliant&#146;s operating costs were up slightly in&#160;2011 at &#36;1,458&#160;million, compared with &#36;1,435&#160;million in the previous&#160;year mainly due to higher TV costs consistent with growth in Bell&nbsp;Aliant&#146;s FibreOP TV subscriber&#160;base.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">41</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s operating costs increased 9.8% to &#36;10,821&#160;million in&#160;2011 from &#36;9,857&#160;million in&nbsp;2010. The year-over-year increase was due to the acquisition of CTV. Higher operating costs at Bell&#160;Wireless were more than offset by reduced operating costs at our Bell&#160;Wireline&#160;segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating costs at Bell&#160;Wireline decreased 5.7% in&#160;2011 to &#36;6,466&#160;million from &#36;6,854&#160;million in&nbsp;2010. The improvement was the result of lower labour costs, reduced purchases of goods and services due to lower product sales year over year, lower capital taxes, decreased marketing and sales expenses, billing and IT-related cost savings from previously renegotiated vendor contracts, and commodity tax settlements, as well as the cost savings realized through efficiency-related productivity improvements. Vancouver Winter Olympics-related expenses incurred in the first quarter of&#160;2010 that did not recur in&#160;2011 also contributed to lower overall Bell&#160;Wireline operating costs in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Wireless&#146; operating costs were &#36;3,408&#160;million in&nbsp;2011, compared with &#36;3,188&#160;million in&nbsp;2010. The increase was the result of costs related to higher year-over-year postpaid gross subscriber acquisitions, increased spending on customer retention and handset upgrades, higher payments to other carriers due to increased wireless data roaming, increased labour costs and higher real estate&#160;costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media&#146;s operating costs were &#36;1,208&#160;million in&nbsp;2011. This amount included a non-cash charge of &#36;63&#160;million for amortization of the fair value of certain programming rights, which resulted from the allocation of the purchase price for&#160;CTV.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total pension current service cost at BCE&nbsp;increased to &#36;241&#160;million in&#160;2011 from &#36;200&#160;million in&nbsp;2010. Pension current service cost at Bell&nbsp;totalled &#36;181&#160;million in&nbsp;2011, up from &#36;147&#160;million in the previous year. The increase was attributable to the impact of a lower discount rate used to value employee benefit obligations, as well as to incremental pension costs from the acquisition of CTV. Pension current service cost at Bell&#160;Aliant also was slightly higher, increasing to &#36;60&#160;million in&#160;2011 from &#36;53&#160;million in&#160;2010, due to the impact of a lower discount rate used to value employee benefit&#160;obligations.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>EBITDA</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">EBITDA at BCE&nbsp;increased 6.2% in&#160;2011 to &#36;7,629&#160;million from &#36;7,185&#160;million in&#160;2010 due to higher EBITDA at Bell, driven mainly by the acquisition of CTV. Solid Bell&#160;Wireless, TV and residential Internet revenue growth, as well as ongoing rigorous management of Bell&#160; Wireline operating costs as described above, also contributed to improved EBITDA in&nbsp;2011. Lower EBITDA&#160;at Bell&#160;Aliant in&#160;2011 moderated the increase in BCE&#146;s EBITDA. BCE&#146;s EBITDA margin decreased to 39.1% in&#160;2011 from 39.8% in the previous&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#146;s EBITDA was &#36;6,312&#160;million in&nbsp;2011, up 8.6% from &#36;5,812&#160;million in&nbsp;2010. This increase was driven by the acquisition of CTV and by improved year-over-year performance at both our Bell&#160;Wireline and Bell&#160;Wireless segments. Bell&#146;s EBITDA margin decreased slightly in&#160;2011 to 36.8% from 37.1% in the previous year. The decrease in Bell&#146;s EBITDA margin in&#160;2011 can be attributed to higher wireless operating costs combined with more modest year-over-year wireless service revenue growth, as well as to the inclusion of relatively lower-margin Bell&#160;Media revenues in our operating results beginning in the second quarter of&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EBITDA at our Bell&#160;Wireline segment increased 1.5% in&#160;2011 mainly as a result of lower operating costs year over year, partly offset by a decline in revenues as described&#160;above.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Wireless&#146; EBITDA increased 6.1% in&#160;2011 due mainly to higher wireless operating revenues, which were partly offset by higher year-over-year spending on postpaid customer acquisition and&#160;retention.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media&#146;s EBITDA was &#36;334&#160;million in&nbsp;2011, including &#36;63&#160;million of amortization of the fair value of certain programming&#160;rights.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Aliant&#146;s EBITDA decreased 4.1% in&nbsp;2011, reflecting both lower operating revenues and higher operating costs year over&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;See <I>Segmented Analysis </I>for a discussion of EBITDA on a segmented&#160;basis.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>SEVERANCE, ACQUISITION AND OTHER&#160;COSTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>This category includes various income and expenses that are not related directly to the operating revenues generated during the&#160;year.</I></font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>2011</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We recorded severance, acquisition and other costs of &#36;409&#160;million in&nbsp;2011. These&#160;included:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">severance charges related to voluntary and involuntary workforce reduction initiatives of &#36;191&#160;million</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">acquisition costs of &#36;165&nbsp;million, primarily related to CTV, which include &#36;164&#160;million relating to the CRTC tangible benefit obligation that we were ordered to pay over seven years to benefit the Canadian broadcasting system as part of our acquisition of CTV, partly offset by a pension curtailment gain of &#36;13&#160;million resulting from the transfer of certain employees to BCE&nbsp;from&#160;CTV</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">other charges of &#36;53&nbsp;million, which include &#36;18&nbsp;million for real estate costs and &#36;10&#160;million related to an administrative amount levied by the federal Competition&#160;Bureau.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>2010</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We recorded severance, acquisition and other costs of &#36;262&#160;million in&nbsp;2010. These&#160;included:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">severance charges related to voluntary and involuntary workforce reduction initiatives of &#36;45&#160;million</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">acquisition costs of &#36;26&nbsp;million, which include &#36;10&nbsp;million related to the acquisition of Virgin</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">other charges of &#36;191&#160;million, which include &#36;120&#160;million related to the CRTC&#146;s decision to include interest and other amounts in our deferral account balance and &#36;62&#160;million for the impairment of certain customer relationships at Bell&#160;Aliant as a result of a reduction in their useful lives from 25&#160;years to 10&#160;years.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DEPRECIATION AND&#160;AMORTIZATION</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>The amount of our depreciation and amortization in any year is affected&#160;by:</I></font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>how much we invested in new property, plant and equipment</I> <I>and intangible assets in previous years and the useful lives</I> <I>of those&#160;assets</I></font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>how many assets we retired during the&#160;year</I></font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>changes in&#160;estimates.</I></font></LI>
</UL>


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


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">42</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Depreciation</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Depreciation of &#36;2,538&#160;million in&#160;2011 represented an increase of &#36;150&#160;million, or 6.3%, compared to &#36;2,388&#160;million in&#160;2010 due to a higher depreciable asset base in&nbsp;2011, our investment in technology-based assets that have shorter useful lives, and incremental depreciation due to our acquisition of CTV on April&#160;1,&#160;2011.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Amortization</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Amortization of &#36;723&#160;million in&#160;2011 decreased compared to &#36;737&#160;million in&#160;2010 due to a lower depreciable asset base in&nbsp;2011, partly offset by incremental amortization resulting from our acquisition of CTV on April&#160;1,&#160;2011.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>FINANCE&#160;COSTS </B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Interest&#160;Expense</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Interest expense of &#36;842&#160;million in&#160;2011 represented an increase of &#36;157&#160;million, or 22.9%, compared to &#36;685&#160;million in&nbsp;2010. The increase resulted from higher average debt levels used to finance the CTV acquisition and the cessation of capitalization of interest expense on our spectrum licences, partly offset by lower average interest&#160;rates.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Interest on Employee Benefit&#160;Obligations</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2011, a lower discount rate was used to value our employee benefit obligations because of a reduction in market interest rates, which reduced interest expense on employee benefit obligations. The decrease was offset largely by increased interest on a higher benefit obligation. Therefore, interest on employee benefit obligations of &#36;984&#160;million in&#160;2011 represented a decrease of &#36;8&#160;million, or 0.8%, compared to &#36;992&#160;million in&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Interest on Fund Unit&#160;Liability</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2010, interest of &#36;370&#160;million on the fund unit liability, which represented the third-party ownership of the units of Bell&#160;Aliant prior to its conversion to a corporate structure, represented the distributions declared to third-party fund unit&#160;holders.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>EXPECTED RETURN ON PENSION PLAN&#160;ASSETS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Expected return on pension plan assets of &#36;1,032&#160;million in&#160;2011 represented an increase of &#36;134&#160;million, or 14.9%, compared to &#36;898&#160;million in&nbsp;2010. This increase was a result of higher assets in the pension plans in&#160;2011 due to the reinvested return on pension plan assets in&#160;2010 and a voluntary contribution of &#36;750&#160;million made to the pension plan in December&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>OTHER&#160;INCOME</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>Other income includes income and expense, such&#160;as:</I></font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>net gains or losses on investments, including gains or losses</I> <I>when we dispose of, write down or reduce our ownership</I> <I>in&#160;investments</I></font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>impairment of&#160;assets</I></font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>losses on disposal and retirement of software, plant</I> <I>and&#160;equipment</I></font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>net mark-to-market gains or losses on economic&#160;hedges</I></font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>interest income on cash and cash&#160;equivalents</I></font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">
<I>other miscellaneous income or&#160;expense.</I></font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">Other income of &#36;129&#160;million in&#160;2011 represented a decrease of &#36;44&#160;million, or 25.4%, compared to &#36;173&#160;million for the same period last year. In&nbsp;2011, we recognized and reclassified to earnings a gain of &#36;89&#160;million on our previously held 15% equity interest in CTV at the acquisition date and recognized a &#36;75&#160;million net mark-to-market gain on economic hedges. These were offset partly by losses on disposal and retirement of software, plant and equipment of &#36;45&#160;million, a goodwill impairment of &#36;17&#160;million for a business in Bell&#160;Wireline that will cease operations in&#160;2012 and an impairment of our Calgary Westwinds campus that is under a finance lease of &#36;14&#160;million, resulting from an arrangement to sublease the premises in their entirety. In&nbsp;2010, other income of &#36;173&#160;million included a gain on the sale of our investment in SkyTerra Communications&nbsp;Inc. and a fair value gain on our fund unit liability of &#36;49&#160;million, offset by losses of &#36;41&#160;million on the disposal and retirement of software, plant and&#160;equipment.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>INCOME&#160;TAXES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Income taxes of &#36;720&#160;million in&#160;2011 represented an increase of &#36;88&#160;million, or 13.9%, compared to &#36;632&#160;million in&#160;2010 due to higher taxable earnings and the effect of Bell&#160;Aliant being taxed as a corporation, partly offset by a lower corporate tax&#160;rate.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effective tax rate decreased to 21.9% in&#160;2011 compared to 22.4% in&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>NET EARNINGS ATTRIBUTABLE TO NON-CONTROLLING&#160;INTEREST</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Net earnings attributable to non-controlling interest of &#36;234&#160;million in&#160;2011 represented an increase of &#36;239&#160;million compared to a loss of &#36;5&#160;million for the same period last year. On January&#160;1,&nbsp;2011, Bell&#160;Aliant changed its corporate form from an income fund to a corporation, which eliminated our fund unit liability and created a non-controlling interest. The amounts, therefore, are not comparable. Our ownership interest remained the same as trust units were exchanged for common shares on a one-for-one&#160;basis.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>NET EARNINGS AND&#160;EPS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Net earnings attributable to common shareholders in&#160;2011 were &#36;2,221&#160;million, or &#36;2.88&#160;per common share, compared to net earnings of &#36;2,083&#160;million, or &#36;2.74&#160;per common share in&nbsp;2010. The increase in&#160;2011 was a result of higher EBITDA, lower net pension finance costs, lower interest on the fund unit liability, higher net mark-to-market gains on economic hedges and a lower tax rate. These were partly offset by: higher severance, acquisition and other costs; higher interest expense, depreciation, and impairment charges; a fair value gain in&#160;2010 on the fund unit liability that did not recur in&nbsp;2011; and lower net gains on&#160;investments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Excluding the impact of severance, acquisition and other costs, net gains on investments, the fair value adjustment to the fund unit liability and adjustments to earnings to reflect the interest on the fund unit liability as non-controlling interest, Adjusted net earnings were &#36;2,414&#160;million in&nbsp;2011, an increase of &#36;295&#160;million compared to &#36;2,119&#160;million for the same period last year. As a result, Adjusted EPS increased 12.2% in&#160;2011 to &#36;3.13&#160;per common share from &#36;2.79&#160;per common share in&#160;2010.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">43</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial">
<B><I>SEGMENTED&#160;ANALYSIS</I></B></font></P>
<P style="text-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&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&#160;1,&nbsp;2011, Bell&nbsp;acquired xwave, a division of Bell&#160;Aliant, specializing in IT professional services and advanced technology solutions. As a result,&#160;2010 results for Bell&#160;Wireline and Bell&#160;Aliant reflect the change in ownership of&#160;xwave.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&#160;1,&nbsp;2011, BCE&nbsp;acquired the remaining 85% of CTV common shares that it did not already own. CTV is reported as a new segment, Bell&#160;Media, which also includes certain assets that we transferred to it from our wireline business. The Bell&#160;Media segment provides specialty TV, digital media, conventional TV and radio broadcasting entertainment services to customers across&#160;Canada.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
OPERATING&#160;REVENUES</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
&#160;%&#160;CHANGE</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,621</B></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 face="Arial" size="2">10,948</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(3.0</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,231</B></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 face="Arial" size="2">4,906</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6.6</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,542</B></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 face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">n.m.</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inter-segment&#160;eliminations</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(261</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(185</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(41.1</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17,133</B></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 face="Arial" size="2">15,669</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">9.3</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,775</B></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 face="Arial" size="2">2,808</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1.2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inter-segment&#160;eliminations</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(411</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(408</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(0.7</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total operating&#160;revenues</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>19,497</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">18,069</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">7.9</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
&nbsp;</P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
EBITDA</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
&#160;%&#160;CHANGE</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,155</B></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 face="Arial" size="2">4,094</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1.5</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,823</B></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 face="Arial" size="2">1,718</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6.1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>334</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">n.m.</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6,312</B></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 face="Arial" size="2">5,812</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">8.6</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,317</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,373</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(4.1</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;EBITDA</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,629</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">7,185</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">6.2</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="100%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>n.m.: not&#160;meaningful</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>BELL&#160;WIRELINE&#160;SEGMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Wireline&#160;Revenue</B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
BELL WIRELINE&#160;REVENUE</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="1" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
&#160;%&#160;CHANGE</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Local and&#160;access</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,852</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3,012</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(5.3</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long&#160;distance</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>903</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">923</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2.2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Data</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,811</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3,985</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(4.4</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">TV</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,831</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,749</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">4.7</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Equipment and&#160;other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>911</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">962</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(5.3</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total external&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,308</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">10,631</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(3.0</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inter-segment&#160;revenues</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>313</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">317</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1.3</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total Bell&nbsp;Wireline&#160;revenue</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,621</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,948</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(3.0</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Wireline revenues totalled &#36;10,621&#160;million in&nbsp;2011, down 3.0% from &#36;10,948&#160;million in&nbsp;2010. Year-over-year revenue declines of &#36;160&#160;million in local and access, &#36;20&#160;million in long distance, &#36;174&#160;million in data, and &#36;51&#160;million in equipment and other were partly offset by an &#36;82&#160;million increase in TV&#160;revenue.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>Local and&#160;Access</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Local and access revenues declined 5.3% in&#160;2011 to &#36;2,852&#160;million from &#36;3,012&#160;million in&nbsp;2010. The decrease was due mainly to ongoing residential and business NAS erosion and re-pricing pressures, mainly within our large, mass and mid-sized business markets, as a result of competitive pricing offers in the marketplace. The rate of decline in local and access revenues in&#160;2011 lessened compared to the previous year, reflecting fewer NAS net losses and the favourable impact of price increases, which contributed to higher Home Phone ARPU in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;NAS net losses were 374,049&#160;in&nbsp;2011, representing a 2.9% improvement over net losses of 385,317&#160;in&nbsp;2010. This result reflected fewer year-over-year business access line losses, partly offset by a higher number of residential NAS line&#160;losses.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Residential NAS line losses totalled 332,766&#160;in&nbsp;2011, up 19.9% from 277,643&#160;in&nbsp;2010, reflecting higher year-over-year customer losses to cable TV competitors due to their aggressive service bundle pricing and promotional activities that intensified following our launch of Fibe TV in areas of Toronto and Montr&#233;al. Increasing wireless and Internet-based technology substitution also contributed to the increase in residential NAS net losses in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Business NAS line losses improved 62% in&#160;2011 to 41,283&#160;from 107,674&#160;in the previous year, due mainly to effective customer retention strategies that resulted in fewer NAS line disconnections among mass and mid-sized business customers year over year, as well as the provisioning of access lines in a new call centre for a large business customer in the financial services sector. This result was achieved even with increasingly intense competition in the mass and mid-sized business market, continued soft overall demand for new installations due to sluggish employment rates and spending rationalization by business customers, as well as ongoing conversion of voice lines to IP-based services. Growth in wholesale net additions via a third-party reseller of business NAS also contributed to the reduction in business NAS line losses in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&#160;31,&nbsp;2011, our combined residential and business NAS customer base totalled 6,101,656&#160;lines (comprised of 3,276,121&#160;residential lines and 2,825,535&#160;business lines), compared to 6,475,705&#160;lines (comprised of 3,608,887&#160;residential lines and 2,866,818&#160;business lines) at the end of&nbsp;2010. This corresponds&#160;to an annualized rate of NAS erosion of 5.8% in&#160;2011 compared to&#160;5.6% in&nbsp;2010, which was comprised of residential and business NAS erosion rates of 9.2% and 1.4%, respectively, compared to 7.1% and 3.6%, respectively, in&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>Long&#160;Distance</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Long distance revenues were &#36;903&#160;million in&nbsp;2011, down 2.2% from &#36;923&#160;million in&nbsp;2010. The rate of long distance revenue erosion in&#160;2011 improved considerably over a 13.5% decrease in the previous year, as a result of higher revenues from increased sales of global long distance minutes and the positive impact of price increases. These factors were offset by the impact of fewer minutes of use by residential and business customers resulting from NAS line losses and technology substitution to wireless calling and IP-based services, ongoing toll competition and rate pressures in our business markets, as well as the continuing shift by residential customers from per-minute rate plans to unlimited or high-usage packages for a set monthly&#160;price.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>Data</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Data revenues totalled &#36;3,811&#160;million in&nbsp;2011, down 4.4% from &#36;3,985&#160;million in&nbsp;2010. The decrease resulted primarily from the continued decline in legacy data revenues, as well as reduced</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">44</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">year-over-year sales of equipment and ICT-managed service solutions from lower spending by business customers across most industry sectors. The decrease in legacy data revenues can be attributed to continued business customer migration to IP-based systems, competitive losses, pricing pressures in our business and wholesale market segments, and a lower volume of digital network access circuits in use by our business customers due to continued cautious spending, reflecting low levels of growth in the economy. IP broadband connectivity revenues generated in the first quarter of&#160;2010 by our Business Markets unit as a result of the Vancouver Winter Olympics and the non-recurrence of revenues generated in the second quarter of&#160;2010 from the G8/G20&#160;Summit also had an unfavourable impact on data revenue growth at Bell&nbsp;in&nbsp;2011. Moreover, data revenues were impacted adversely by the Sympatico.ca portal revenues, which are reported in our Bell&#160;Media segment starting in Q2&#160;2011. Higher residential Internet service revenues, driven primarily by a larger subscriber base and a greater proportion of customers subscribing to Bell&#160;Fibe Internet packages year over year, as well as higher IP broadband connectivity revenues, moderated the decline in data revenues in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 15,426&#160;net high-speed Internet customers in&#160;2011 compared to net activations of 40,335&#160;in&nbsp;2010. Despite the pull-through effect of Fibe TV customer activations, as well as the continued broadband fibre service expansion that supported solid growth in our Fibe Internet customer base in&nbsp;2011, the year-over-year decrease in net activations can be attributed to decreased sales in our direct retail channels due to our competitors&#146; aggressive acquisition offers, higher residential and small business customer deactivations, fewer wholesale net activations and increasing wireless substitution. At December&#160;31,&#160;2011, our total number of high-speed Internet connections was 2,112,752, representing a 0.7% increase since the end of&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>TV</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">TV revenues increased 4.7% in&nbsp;2011 to &#36;1,831&nbsp;million from &#36;1,749&#160;million in&#160;2010 as a result of higher ARPU and a larger customer base, year over year. TV ARPU in&#160;2011 was up 1.5% to &#36;74.56&#160;per month from &#36;73.49&#160;per month in&nbsp;2010, due primarily to price&#160;increases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We added 67,498&#160;net TV subscribers in&nbsp;2011, down 5.2% from 71,221&#160;net activations in&nbsp;2010. TV subscriber acquisition in&#160;2011 was fuelled by increased sales of Fibe TV launched in September&#160;2010, reflecting increasing customer demand as we further expanded our IPTV service footprint. This was moderated by lower satellite TV net activations, due to greater customer churn as a result of aggressive competitive pricing on service bundles and other promotional activity by cable TV operators. Wholesale satellite TV net additions were relatively stable year over year. At December&#160;31,&nbsp;2011, our TV subscriber base totalled 2,087,596, representing a 3.3% increase since the end of&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>Equipment and&#160;Other</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Equipment and other revenues decreased 5.3% in&#160;2011 to &#36;911&#160;million from &#36;962&#160;million in&nbsp;2010. The year-over-year decline was due mainly to lower equipment sales, promotional offers at Bell&#160;TV that reduced the average retail price of our premium TV&#160;STBs and a higher proportion of TV STB rentals in&#160;2011 compared to the previous year, as well as lower consumer electronics equipment sales at The&#160;Source.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Wireline&#160;EBITDA</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">EBITDA for our Bell&#160;Wireline segment was &#36;4,155&#160;million in&nbsp;2011, up 1.5% from &#36;4,094&#160;million in&nbsp;2010. This corresponded to an EBITDA margin of 39.1% in&nbsp;2011, representing a 1.7&#160;percentage point improvement over the previous&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in Bell&#160;Wireline EBITDA in&#160;2011 was due to reduced operating costs, which declined 5.7% to &#36;6,466&#160;million from &#36;6,854&#160;million in&nbsp;2010. The reduction in operating costs more than offset the decrease in revenues. The cost reductions were due&#160;to:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">lower cost of goods sold as a result of decreased product&#160;sales</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">a decline in labour costs due to a reduced workforce, decreased use of outsourced labour, and lower share-based and variable management compensation&#160;expenses</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">IT savings from reduced contract maintenance costs, as well as lower print and mailing costs for customer&#160;billing</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">lower U.S. dollar hedge rates in&nbsp;2011 on our U.S. dollar-denominated&#160;purchases</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the elimination of capital taxes at the end of&#160;2010</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">commodity tax&#160;settlements</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">decreased marketing and sales&#160;expenses</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">other efficiency gains resulting from productivity and service improvements in both our field operations and residential services call&#160;centres.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">Lower operating expenses and marketing-related costs incurred for our sponsorship of the Vancouver Winter Olympics in the first quarter of&#160;2010 also contributed to the improvement in Bell&#160;Wireline&#146;s EBITDA in&nbsp;2011. Higher cost of revenue resulting from increased sales of global long distance minutes and higher fleet management costs, as well as higher pension current service costs, partly offset the improvement in Bell&#160;Wireline operating costs in&#160;2011.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>BELL&#160;WIRELESS&#160;SEGMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Wireless&#160;Revenue</B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
BELL WIRELESS&#160;REVENUE</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="1" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
&#160;%&#160;CHANGE</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Service</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,769</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">4,469</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6.7</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Product</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>422</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">407</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">3.7</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total external&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,191</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">4,876</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6.5</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inter-segment&#160;revenues</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>40</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">30</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">33.3</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total Bell&nbsp;Wireless&#160;revenue</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,231</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">4,906</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">6.6</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Wireless operating revenues, comprised of network service and product revenues, increased 6.6% in&#160;2011 to &#36;5,231&#160;million from &#36;4,906&#160;million in&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless service revenue was up 6.7% in&#160;2011 to &#36;4,769&#160;million from &#36;4,469&#160;million in&nbsp;2010. The year-over-year increase was the result of growth in postpaid subscribers and increased wireless data usage, which contributed to higher blended ARPU. Wireless data revenue grew 34% in&nbsp;2011, while wireless voice revenue decreased 1.0%. Wireless service revenue in&#160;2011 was impacted negatively by richer rate plan offers, as well as</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">45</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">increased customer acquisition credits and loyalty discounts offered on contract renewals in light of the higher overall level of competitive intensity throughout the&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Product revenue was 3.7% higher in&nbsp;2011, increasing to &#36;422&#160;million from &#36;407&#160;million in&nbsp;2010, even with lower average handset pricing driven by discounted acquisition and customer upgrade offers in response to aggressive competition. The year-over-year increase in product revenue reflected higher smartphone sales on both new postpaid subscriber acquisitions, which increased over&nbsp;2010, and customer&#160;upgrades.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Blended ARPU was &#36;53.55&#160;per month in&nbsp;2011, up 2.9% compared to &#36;52.03&#160;per month in&nbsp;2010, reflecting a greater percentage of higher-value postpaid customers in our subscriber base year over year. Lower voice ARPU, resulting mainly from competitive pricing pressures and lower usage by customers increasingly substituting for data features and services, was more than offset by higher data ARPU. Data ARPU growth reflected increased use of e-mail, wireless Internet, text messaging and other mobile applications, as well as increased adoption of data plans driven by increased penetration of smartphones and other data devices such as&#160;tablets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Postpaid gross activations increased 5.3% in&#160;2011 to 1,402,965 from 1,332,086&#160;in&nbsp;2010, and represented 72% of total gross activations compared to 67% in the previous year. The increase in postpaid gross activations was driven by our attractive promotional offers and effective sales efforts in all our direct channels, as well as our broad handset line-up, which includes the latest smartphones and other popular devices, many of which are exclusive to Bell&#160;Mobility for a certain period of time. At December&#160;31,&nbsp;2011, smartphone subscribers represented 48% of the postpaid subscriber base compared to 31% at the end of&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepaid gross activations decreased 20.1% in&#160;2011 to 533,431 from 667,396&#160;in&nbsp;2010, due primarily to our emphasis on postpaid acquisitions at Bell&#160;Mobility and Virgin, as well as aggressive acquisition offers from the newer wireless entrants for lower-value&#160;subscribers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Notwithstanding higher year-over-year postpaid gross activations, total gross wireless activations in&#160;2011 decreased 3.2% to 1,936,396&#160;from 1,999,482&#160;in&#160;2010 due to fewer prepaid gross&#160;activations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our blended churn rate increased to 2.0% in&#160;2011 from 1.9% in&#160;2010 as a result of higher postpaid and prepaid churn.&#160;Postpaid churn increased to 1.5% in&#160;2011 from 1.4% in&nbsp;2010, while prepaid&#160;churn increased to 3.9% from 3.5%. Higher postpaid and prepaid churn in&#160;2011 was driven mainly by heightened competitive intensity, particularly at the low end of the consumer market, reflecting richer acquisition offers that include unlimited voice and data usage rate plans and deeply discounted&#160;handsets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total wireless net subscriber activations decreased to 185,434&#160;in&#160;2011 from 408,746&#160;in the previous year, as growth in postpaid gross activations was offset by fewer prepaid gross activations and higher churn. Postpaid net activations totalled 433,797&#160;in&nbsp;2011, down from 500,139&#160;in&nbsp;2010, as a result of increased churn primarily at Virgin Mobile and Solo. Prepaid net customer losses increased in&#160;2011 to 248,363&#160;from 91,393&#160;in the previous year. At December&#160;31,&nbsp;2011, we provided service to 7,427,482&#160;wireless subscribers, representing a 2.6% increase since the end of&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Wireless&#160;EBITDA</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our Bell&#160;Wireless segment reported EBITDA of &#36;1,823&#160;million in&#160;2011 compared to &#36;1,718&#160;million in&nbsp;2010. The 6.1% increase in Bell&#160;Wireless&#146; EBITDA was mainly the result of higher wireless operating revenues as described above, partly offset by higher operating costs. Bell&#160;Wireless&#146; EBITDA margin as a percentage of wireless service revenue was 38.2% in&nbsp;2011, down from 38.4% in&nbsp;2010. The slight year-over-year decline in wireless EBITDA margin resulted from relatively higher spending on subscriber acquisition and customer retention in combination with slower service revenue growth in&#160;2011 compared to the previous&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Wireless operating costs, which increased 6.9% in&#160;2011 to &#36;3,408&#160;million from &#36;3,188&#160;million in&nbsp;2010, reflected increased year-over-year spending on customer retention and handset upgrades, higher subscriber acquisition costs attributable to increased smartphone sales and a greater number of postpaid gross activations compared to&nbsp;2010, as well as higher per-unit handset subsidies to maintain our postpaid market competitiveness. Other increases resulted from higher payments to other carriers due to increased data roaming volume, increased real estate costs, and higher labour costs related to customer support for a growing base of smartphone customers using more sophisticated data services and applications. Lower advertising and marketing costs, due to disciplined expense management and the non-recurrence of spending for the Vancouver Winter Olympics in&nbsp;2010, moderated the increase in wireless operating costs in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Beginning in the first quarter of&nbsp;2011, we changed our methodology for calculating wireless COA to better align with Canadian industry practices, which exclude certain recurring commissions paid from the calculation of COA and instead record them as a cost of maintaining customers. The prior period has been restated to make year-over-year comparisons&#160;consistent.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless COA per gross activation increased 12.6% in&#160;2011 to &#36;403&#160;from &#36;358&#160;in&nbsp;2010. This increase was due mainly to higher per-unit handset subsidies driven by a higher proportion of postpaid and smartphone customer activations in&#160;2011 compared to the previous year, as well as more aggressive handset pricing in the market. This was partly offset by the favourable impact of disciplined spending on advertising and lower U.S. dollar hedge rates in&#160;2011 on our U.S. dollar-denominated purchases of wireless&#160;devices.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>BELL&#160;MEDIA&#160;SEGMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Media&#160;Revenue</B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL MEDIA&#160;REVENUE</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="1" color="#0065A4" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<font face="Arial" size="2">Total external&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,455</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Inter-segment&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>87</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Total Bell&nbsp;Media&#160;revenue</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1,542</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font size="2" color="#0065A4" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Media&#146;s operating revenue in&#160;2011 was &#36;1,542&#160;million, benefitting from strong advertising sales in all media properties along with increased subscriber revenue in TV and digital online TV and mobile TV&#160;services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Advertising revenue in&#160;2011 was driven by solid demand across most industry sectors, mainly as a result of the maintenance of strong audience levels across Bell&#160;Media&#146;s conventional and specialty TV channels. However, consistent with a slow-growing</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">46</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">economy, advertising revenues began to soften in the third quarter of&nbsp;2011. CTV, Bell&#160;Media&#146;s conventional television network, consistently reported the strongest ratings in all seasons in&nbsp;2011, holding a majority of the top 20&#160;programs nationally among all viewers, while the Bell&#160;Media family of websites streamed more than 1.1&#160;billion video views and welcomed 14.4&#160;million unique visitors on average each month, serving up 72.7&#160;million hours of video and a total of 5.5&#160;million page views in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Subscriber revenue reflected implementation of higher rates charged to other broadcast distributors for certain Bell&#160;Media specialty sports services, as well as strong non-sports specialty channel and digital results. Digital subscriber revenue was driven by the introduction, on April&#160;1,&nbsp;2011, of an enhanced mobile&#160;TV service featuring live and on-demand access to expanded content from CTV, TSN, RDS, BNN, MTV and other top brands in Canadian news, sports and entertainment from Bell&#160;Media.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Media&#160;EBITDA</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Media&#146;s EBITDA was &#36;334&#160;million in&nbsp;2011, which included &#36;63&#160;million amortization of fair value adjustments to certain programming rights recognized as part of the acquisition of&#160;CTV.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media&#146;s operating costs totalled &#36;1,208&#160;million in&nbsp;2011, which reflected the impact of cost savings realized in purchased conventional TV programming due to scheduling changes, reduced general and administrative expenses, and cost synergies achieved as a result of CTV&#146;s integration into Bell, partly offset by the amortization of fair value adjustments to programming&#160;rights.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>BELL&#160;ALIANT&#160;SEGMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Aliant&#160;Revenue</B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
BELL ALIANT&#160;REVENUE</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
&#160;%&#160;CHANGE</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Local and&#160;access</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,231</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,287</font></TD>
	<TD align=right width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(4.4</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long&#160;distance</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>359</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">371</font></TD>
	<TD align=right width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(3.2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Data</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>713</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">659</font></TD>
	<TD align=right width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">8.2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Wireless</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>88</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">81</font></TD>
	<TD align=right width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">8.6</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Equipment and&#160;other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">164</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(7.3</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total external&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,543</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,562</font></TD>
	<TD align=right width="2%">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(0.7</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inter-segment&#160;revenues</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>232</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">246</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(5.7</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total Bell&nbsp;Aliant&#160;revenue</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,775</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,808</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(1.2</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Aliant revenues decreased 1.2% to &#36;2,775&#160;million in&#160;2011 from &#36;2,808&#160;million in&nbsp;2010. The year-over-year decline resulted from the continued erosion of Bell&#160;Aliant&#146;s legacy voice business and lower telecommunications equipment sales, largely offset by higher revenues from growth in Internet, data, wireless and TV&#160;services. Higher year-over-year growth in IP broadband connectivity service revenue also moderated the decrease in Bell&#160;Aliant&#146;s operating revenue in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Local and access revenues decreased 4.4% in&#160;2011 to &#36;1,231&#160;million from &#36;1,287&#160;million in&nbsp;2010. This reduction was due to a 5.3% decline in the NAS customer base since the end of&nbsp;2010, reflecting competitive losses driven by aggressive pricing by competitors as well as substitution for other services including wireless and VoIP. Programs targeted at retaining our highest value customers, increasing features penetration and selected price increases that reflect the higher value provided through Bell&#160;Aliant&#146;s bundled packages moderated the impact of a declining NAS customer base on revenues. At December&#160;31,&nbsp;2011, Bell&#160;Aliant had 2,628,775&#160;NAS in service, compared to 2,775,874&#160;NAS at the end of&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Long distance revenues were &#36;359&#160;million in&nbsp;2011, down 3.2% compared to &#36;371&#160;million in the previous year. Long distance revenues decreased year over year as a result of NAS line losses and technology substitution to wireless calling and IP-based services, as well as customer migration from legacy per-minute plans to flat rate plans. The effects of these declines were partly offset by selective price&#160;increases.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Data revenues increased 8.2% in&#160;2011 to &#36;713&#160;million from &#36;659&#160;million in&nbsp;2010. The year-over-year improvement was due mainly to higher Internet and IPTV revenues, attributable to a greater number of high-speed subscribers and increased residential ARPU resulting from the combined impact of price increases, and increased demand for bandwidth and premium services. At&#160;December&#160;31,&nbsp;2011, Bell&#160;Aliant had 862,369&#160;high-speed Internet subscribers compared to 842,460&#160;subscribers at the end of&nbsp;2010. Higher TV service revenues from growth in Bell&#160;Aliant&#146;s FibreOP TV customer base and increased IP broadband connectivity revenue also contributed to the increase in data revenue growth at Bell&#160;Aliant in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Wireless revenues grew 8.6% in&#160;2011 to &#36;88&#160;million from &#36;81&#160;million in&nbsp;2010, due mainly to subscriber growth. At December&#160;31,&nbsp;2011, Bell&#160;Aliant had 145,169&#160;wireless customers, a 9.7% increase since the end of&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Equipment and other revenues decreased 7.3% in&#160;2011 to &#36;152&#160;million from &#36;164&#160;million in&nbsp;2010, due mainly to lower telecommunications equipment sales and less custom work, mainly as a result of a sale in the second quarter of&#160;2010 related to the G8/G20&#160;Summit that did not recur in&nbsp;2011. This was partly offset by higher telephone pole revenues year over year due to the repurchase of telephone&#160;poles.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Bell&#160;Aliant&#160;EBITDA</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">EBITDA at Bell&#160;Aliant decreased 4.1% in&#160;2011 to &#36;1,317&#160;million from &#36;1,373&#160;million in&nbsp;2010. The decline was driven by lower operating revenues, as described previously, and higher operating costs year over&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Aliant&#146;s operating costs were &#36;1,458&#160;million in&nbsp;2011, up from &#36;1,435&#160;million in the previous year. The 1.6% year-over-year increase was due to higher TV costs as a result of IPTV content growth, increased marketing and sales expenses attributable to growth in FibreOP subscribers and increased FibreOP advertising, and higher labour costs as a result of increased pension current service cost and severances. Lower labour costs from workforce reductions in&#160;2010 and other productivity initiatives moderated higher operating costs at Bell&#160;Aliant in&#160;2011.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">47</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>FINANCIAL AND CAPITAL&#160;MANAGEMENT</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="10">
	<tr>
		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<p style="text-align: left; line-height: 150%">
<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&#160;basis.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>NET&#160;DEBT</I></B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Debt due within one year<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,106</B></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 face="Arial" size="2">2,570</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,721</B></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 face="Arial" size="2">10,581</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Preferred shares<font size="-2"><sup>(2)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,558</B></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 face="Arial" size="2">1,385</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash and cash&#160;equivalents</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(175</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(771</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;debt</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>16,210</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">13,765</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</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">
<font face="Arial" size="1">
<I>Includes bank advances, notes payable and securitized trade&nbsp;receivables.</I></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(2)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Assumes 50% debt classification of outstanding preferred shares of
&#36;3,115&nbsp;million and &#36;2,770&nbsp;million in&nbsp;2011 and&nbsp;2010, respectively, consistent
with the treatment by certain credit rating&nbsp;agencies.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">Net debt increased by &#36;2,445&#160;million to &#36;16,210&#160;million in&#160;2011 due to an increase in long-term debt and preferred shares, partly offset by a decrease in debt due within one year and cash and cash&#160;equivalents.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The increase in long-term debt and preferred shares is due&#160;to:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">issuance of three series of medium-term debentures at Bell&#160;Canada with a total principal amount of &#36;2&#160;billion</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">acquisition of CTV&#146;s debt of approximately &#36;1.8&#160;billion</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">issuance of 13.8&nbsp;million BCE&nbsp;Cumulative Redeemable First Preferred Shares, Series AK (Series AK Preferred Shares) for total gross proceeds of &#36;345&#160;million</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">issuance of medium-term notes at Bell&#160;Aliant with a principal amount of &#36;300&#160;million.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">These increases in long-term debt and preferred shares were partly offset by a &#36;1.5&#160;billion repayment of CTV acquired debt, of which &#36;1.3&#160;billion was paid in cash and &#36;167&#160;million was paid through the issuance of BCE&nbsp;common shares, redemption of medium-term notes at Bell&nbsp;Aliant Regional Communications, Limited Partnership (Bell&#160;Aliant LP) with a principal amount of &#36;405&#160;million and redemption of Bell&#160;Canada&#146;s medium-term debentures with a principal amount of &#36;250&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decrease in cash and cash equivalents is due to cash dividends paid on common shares of &#36;1,520&#160;million, cash used for the acquisition of CTV of &#36;680&#160;million, a reduction in securitized trade receivables of &#36;318&#160;million, and lower Bell&#160;Aliant free cash flow, excluding dividends/distributions paid of &#36;261&#160;million. This was partly offset by free cash flow of &#36;1,511&#160;million, the issuance of equity securities by Bell&#160;Aliant to non-controlling interest of &#36;403&#160;million, and issuance of BCE&nbsp;Series AK Preferred Shares for &#36;345&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decrease in debt due within one year was due to a reduction in securitized trade receivables of &#36;318&#160;million and current&#160;repayments.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>OUTSTANDING SHARE&#160;DATA</I></B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
(IN&#160;MILLIONS)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<font face="Arial" size="2">Common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>775.4</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">752.3</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Stock&#160;options</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4.0</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">8.5</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">We had 775.4&#160;million common shares outstanding at&#160;December&#160;31,&nbsp;2011, an increase of 23.1&#160;million shares from December&#160;31,&#160;2010, resulting from the issuance of 21.7&nbsp;million shares to The&#160;Woodbridge Company Limited as part of the acquisition of CTV on April&#160;1,&#160;2011 and stock options that were exercised in&#160;2011, partly offset by BCE&#146;s repurchase of 3.6&#160;million shares for cancellation through the&#160;2011 NCIB&#160;program.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The number of stock options outstanding at December&#160;31,&#160;2011 was 4.0&#160;million, a decrease of 4.5&#160;million from December&#160;31,&#160;2010. In&#160;2011:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">2.4&#160;million options were&#160;granted</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">5.1&#160;million previously granted options were&#160;exercised</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">1.8&#160;million previously granted options expired or were&#160;forfeited.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">The weighted average exercise price of the stock options outstanding at December&#160;31,&#160;2011 was &#36;33. Of the total outstanding stock options at December&#160;31,&nbsp;2011, 1.7&#160;million were exercisable at a weighted average exercise price of &#36;30. At March&#160; 8,&nbsp;2012,
773.7&#160;million common shares and 6.2&#160;million stock options were&#160;outstanding.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">48</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">
<B><I>CASH&#160;FLOWS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table is a summary of our cash inflows and&#160;outflows.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows from operating&#160;activities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,869</B></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 face="Arial" size="2">4,367</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 face="Arial" size="2">Bell&nbsp;Aliant dividends/distributions paid to&#160;BCE</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>214</B></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 face="Arial" size="2">291</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 face="Arial" size="2">Capital&#160;expenditures</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,256</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,998</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash dividends paid on preferred&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(118</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(108</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash dividends paid by subsidiaries to non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(315</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition costs&#160;paid</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>70</B></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 face="Arial" size="2">24</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&nbsp;Aliant free cash&#160;flow</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>47</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(139</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Free cash&#160;flow</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,511</B></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 face="Arial" size="2">1,437</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 face="Arial" size="2">Bell&nbsp;Aliant free cash flow, excluding dividends/distributions&#160;paid</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(261</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(152</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Business&#160;acquisitions</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(680</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(60</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition costs&#160;paid</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(70</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(24</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Business&#160;dispositions</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2</B></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 face="Arial" size="2">8</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 face="Arial" size="2">Increase in&#160;investments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(12</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(44</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Decrease in&#160;investments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>56</B></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 face="Arial" size="2">139</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 face="Arial" size="2">Other investing&#160;activities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6</B></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 face="Arial" size="2">7</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 face="Arial" size="2">Net (repayment) issuance of debt&#160;instruments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(6</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">660</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 face="Arial" size="2">Reduction in securitized trade&#160;receivables</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(318</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(37</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Issue of common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152</B></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 face="Arial" size="2">39</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 face="Arial" size="2">Repurchase of common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(143</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(500</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Issue of preferred&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>345</B></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 face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Issue of equity securities by subsidiaries to non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>403</B></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 face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash dividends paid on common&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,520</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,318</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other financing&#160;activities</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(61</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(68</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net (decrease) increase in cash and cash&#160;equivalents</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(596</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">87</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">
<B>CASH FLOWS FROM OPERATING&#160;ACTIVITIES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Cash flows from operating activities were &#36;4,869&#160;million in&nbsp;2011, an increase of &#36;502&#160;million, or 11.5%, compared to &#36;4,367&#160;million in&nbsp;2010. The increase was due to an increase in EBITDA, exclusive of pension current service costs of &#36;485&#160;million, an improvement in working capital, and a decrease in interest paid due to &#36;297&#160;million of interest paid to fund unit holders in&#160;2010, partly offset by higher interest paid from higher debt&#160;levels.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;This increase was partly offset&#160;by:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">an increase of &#36;180&nbsp;million in pension contributions due to a &#36;315&nbsp;million lump sum pension contribution at Bell&#160; Aliant, partly offset by lower contributions at&#160;Bell</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">an increase of &#36;219&nbsp;million in severance, acquisition and other costs paid mainly due to amounts paid to residential home phone customers further to our CRTC deferral account&#160;obligation.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>FREE CASH&#160;FLOW</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Free cash flow was &#36;1,511&#160;million in&nbsp;2011, an increase of &#36;74&#160;million compared to free cash flow of &#36;1,437&#160;million in&nbsp;2010. The increase was due to an increase in cash flows from operating activities of &#36;502&#160;million and an increase in the adjustment for Bell&#160;Aliant free cash flow of &#36;186&#160;million, partly offset by the payment of cash dividends to non-controlling interest of &#36;315&#160;million and higher capital expenditures of &#36;258&#160;million.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CAPITAL&#160;EXPENDITURES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Capital expenditures for BCE&nbsp;were &#36;3,256&#160;million in&nbsp;2011, up from &#36;2,998&#160;million in the previous year, reflecting higher spending at both Bell&#160;and Bell&#160;Aliant. As a percentage of revenue, capital expenditures for BCE&nbsp;increased slightly to 16.7% in&#160;2011 from 16.6% in&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At Bell, capital expenditures increased 7.1% in&#160;2011 to &#36;2,683&#160;million from &#36;2,504&#160;million in&nbsp;2010, corresponding to a capital intensity ratio of 15.7% of revenue compared to 16.0% in&nbsp;2010. The year-over-year increase was due mainly&#160;to:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the deployment of broadband fibre to residential homes and neighbourhoods, new condominiums and other MDUs, as well as businesses in Ontario and&#160;Qu&#233;bec</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">ongoing grooming of Bell&#146;s core wireline broadband network to support the commercial rollout of our IPTV&#160;service</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">construction of Bell&#146;s 4G LTE&#160;network</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">network capacity growth to accommodate increasing wireline and wireless data&#160;consumption</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">increased investment in customer service to improve client care support systems and self-serve&#160;tools</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">construction of data hosting centres in&#160;Ontario</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">spending to support the execution of customer contracts in our Business Markets&#160;unit.</font></LI>
</UL>


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


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">49</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">Additionally, Bell&#146;s capital expenditures were higher in&#160;2011 as a result of the acquisition of CTV, where capital investment has been focused on various projects, including the CRTC&#146;s mandated transition from analog to digital TV on August&#160;31,&nbsp;2011, as well as HD upgrades to broadcast studios and TV production&#160;equipment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Consistent with its strategic priority to grow broadband, Bell&#160;Aliant&#146;s capital expenditures increased 16.0% in&#160;2011 to &#36;573&#160;million from &#36;494&#160;million in&nbsp;2010, mainly reflecting accelerated expansion of its FibreOP Internet and TV service coverage through the deployment of&#160;FTTH.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>BUSINESS&#160;ACQUISITIONS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2011, we paid cash consideration of &#36;680&#160;million for the acquisition of CTV, net of &#36;33&#160;million of cash&#160;acquired.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DECREASE IN&#160;INVESTMENTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The decrease in investments of &#36;56&#160;million in&#160;2011 represents returns of capital from our equity&#160;investments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decrease in investments of &#36;139&#160;million in&#160;2010 resulted from the sale of our investment in SkyTerra Communications&#160;Inc.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DEBT&#160;INSTRUMENTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>We use a combination of short-term and long-term debt to finance our operations. Our short-term debt consists mostly of bank facilities, notes payable under commercial paper programs and loans securitized by trade receivables. We usually pay fixed rates of interest on our long-term debt and floating rates on our short-term&#160;debt.<br>
</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2011, we repaid debt of &#36;6&#160;million, net of issuances. This included a cash repayment of CTV&#146;s acquired debt of &#36;1.3&#160;billion, redemption of medium-term notes at Bell&#160;Aliant with a principal amount of &#36;405&#160;million, repayment of Bell&#160;Canada&#146;s medium-term debentures with a principal amount of &#36;250&#160;million, and payments under finance leases of &#36;382&#160;million. These repayments were partly offset by Bell&#160;Canada&#146;s issuance of three series of medium-term debentures having a total principal amount of &#36;2&#160;billion and the issuance of medium-term notes at Bell&#160;Aliant LP with a principal amount of &#36;300&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2010, we issued &#36;660&#160;million of debt, net of repayments. The issuances included Bell&#160;Canada&#146;s medium-term debentures having a principal amount of &#36;1&#160;billion, Bell&#160;Aliant LP&#146;s medium-term notes with a principal amount of &#36;350&#160;million and borrowings under notes payable and bank advances of approximately &#36;250&#160;million at Bell&#160;Canada and Bell&#160;Aliant&#160;LP. These were partly offset by redemptions of Bell&#160;Canada&#146;s debentures of &#36;394&#160;million, Bell&#160;Aliant LP&#146;s partial early redemption of medium-term notes having a principal amount of &#36;345&#160;million and payments under finance leases of &#36;217&#160;million.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>REDUCTION IN SECURITIZED TRADE&#160;RECEIVABLES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We repaid &#36;318&#160;million in securitized trade receivables in&#160;2011 compared to &#36;37&#160;million in&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ISSUE OF COMMON&#160;SHARES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The increase in the issue of BCE&nbsp;common shares in&#160;2011 compared to&#160;2010 resulted from an increase in the number of stock options exercised. Common shares issued as part of the CTV acquisition are a non-cash&#160;transaction.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>REPURCHASE OF COMMON&#160;SHARES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2011, BCE&nbsp;announced its plan to repurchase up to &#36;250&#160;million of its outstanding common shares through an NCIB. BCE&nbsp;repurchased and cancelled 3,500,466&#160;of its common shares for a total cash outlay of &#36;143&#160;million under the&#160;program.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2010, BCE&nbsp;repurchased and cancelled 16,236,182&#160;of its outstanding common shares for a total cash outlay of &#36;500&#160;million under the&#160;2010 NCIB program. The program was completed in December&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ISSUE OF PREFERRED&#160;SHARES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2011, BCE&nbsp;issued 13,800,000&#160;Series AK Preferred Shares for gross proceeds of &#36;345&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&#160;4,&nbsp;2012, BCE&nbsp;issued 11,200,000&#160;additional Series AK Preferred Shares for gross proceeds of &#36;280&#160;million.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ISSUE OF EQUITY SECURITIES BY SUBSIDIARIES TO NON-CONTROLLING&#160;INTEREST</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2011, Bell&#160;Aliant Preferred Equity&nbsp;Inc., an indirect subsidiary of Bell&#160;Aliant, issued preferred shares for gross proceeds of &#36;403&#160;million.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CASH DIVIDENDS PAID ON COMMON&#160;SHARES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The board of directors of BCE&nbsp;approved increases in the common dividend in&#160;2011 and&nbsp;2010. Accordingly, in&nbsp;2011, the cash dividend paid on a BCE&nbsp;common share increased to &#36;1.9850&#160;per common share, compared to a cash dividend of &#36;1.7325&#160;per&#160;common&#160;share in&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>CREDIT&#160;RATINGS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>Ratings generally address the ability of a company to repay principal and pay interest on debt or dividends on issued and outstanding&#160;securities.<br>
</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>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&#160;markets.<br>
</I>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As of March&#160;8,&nbsp;2012, the BCE&nbsp;and Bell&#160;Canada ratings remained unchanged at investment grade levels and were assigned stable outlooks from Standard &amp; Poor&#146;s Financial Services LLC (S&amp;P), a subsidiary of The McGraw-Hill Companies&nbsp;Inc., DBRS Limited (DBRS) and Moody&#146;s Investors Service,&#160;Inc.&#160;(Moody&#146;s).</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">50</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">The table below shows BCE&#146;s and Bell&#160;Canada&#146;s key credit ratings at March&#160;8,&#160;2012.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BCE</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" valign="top">
<font size="-2" face="Arial"><sup>(1)</sup></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DBRS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
MOODY&#146;S</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
S&amp;P</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">BBB&#160;(high</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">Baa2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">BBB+</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Preferred&#160;shares</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Pfd-3&#160;(high</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">P-2 (low)</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#160;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL CANADA</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" valign="top">
<font size="-2" face="Arial"><sup>(1)</sup></font><font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DBRS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
MOODY&#146;S</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
S&amp;P</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">Commercial&#160;paper</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">R-1 (low</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">P-2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">A-2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">A&#160;(low</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">Baa1</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">BBB+</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Subordinated long-term&#160;debt</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">BBB</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Baa2</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">BBB</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left; margin-top:0; margin-bottom:0">
&nbsp;</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">
<font face="Arial" size="1">
<I>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&nbsp;rating.</I></font></td>
	</tr>
	</table>
<P style="text-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&#160;EBITDA</font><font size="-2" face="Arial"><sup>(3)</sup></font><font face="Arial" size="2"><B><SUP> </SUP></B>ratio of between 1.5&#160;and 2.0&#160;times and an Adjusted EBITDA to net interest expense ratio greater than 7.5&#160;times. In these target ratios, net debt includes 50% of our total outstanding preferred shares to align with rating agencies methodology for the treatment of preferred shares. Net interest expense excludes interest on employee benefit obligations and interest expense on fund unit liability, and includes 50% of preferred dividends. The calculation and components of these ratios are intended to reflect the methodologies generally used by the credit rating&#160;agencies.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>LIQUIDITY</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>SOURCES OF&#160;LIQUIDITY</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our cash and cash equivalents balance at the end of&#160;2011 was &#36;175&#160;million. We expect that this balance, our&#160;2012 estimated cash flows from operations, and possible capital markets financing, including commercial paper, will permit us to meet our cash requirements in&#160;2012 for capital expenditures, employee benefit plans funding, dividend payments, the payment of contractual obligations, maturing debt, repurchase of common shares, ongoing operations and other cash requirements, including our MLSE&#160;investment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Should our&#160;2012 cash requirements exceed our cash and cash equivalents balance, cash generated from our operations, and capital markets financing, we would cover such a shortfall by drawing under committed revolving credit facilities that are currently in place or through new facilities, to the extent&#160;available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our cash flows from operations, cash and cash equivalents balance, capital markets financing and credit facilities should give us flexibility in carrying out our plans for future growth, including business acquisitions and&#160;contingencies.<br>
&nbsp;</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The table below is a summary of our total bank credit facilities at December&#160;31,&#160;2011.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
TOTAL&#160;</font></TD>
	<TD align=right width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
LETTERS</font></TD>
	<TD align=right width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
COMMERCIAL PAPER&#160;</font></TD>
	<TD align=right width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
NET&#160;</font></TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AVAILABLE</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OF&#160;CREDIT</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OUTSTANDING</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AVAILABLE</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<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 face="Arial" size="2">Committed credit&#160;facilities</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" face="Arial" 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" face="Arial" 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" face="Arial" 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" 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 face="Arial" size="2">Bell&nbsp;Canada<font size="-2"><sup>(1)</sup></font></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" face="Arial" 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" face="Arial" 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" face="Arial" 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" face="Arial" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Revolving facility supporting commercial paper&#160;program</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,000</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>275</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>120</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,605</B></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: 36px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>53</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>47</B></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 face="Arial" size="2">Bell&nbsp;Aliant<font size="-2"><sup>(1)</sup></font></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" face="Arial" 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" face="Arial" 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" face="Arial" 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" face="Arial" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Revolving facility supporting commercial paper&#160;program</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>750</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>175</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>201</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>374</B></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%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>126</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>126</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total committed credit&#160;facilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,929</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>582</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>321</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,026</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 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: 12px">
<font face="Arial" size="2">Non-committed credit&#160;facilities</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" face="Arial" 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" face="Arial" 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" face="Arial" 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" face="Arial" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Bell&#160;Canada</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>288</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>122</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>166</B></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%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>18</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total non-committed credit&#160;facilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>306</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>123</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>183</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total committed and non-committed credit&#160;facilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,235</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>705</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>321</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,209</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px"><font face="Arial">&nbsp;</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">
<font face="Arial" size="1">
<I>Bell&nbsp;Canada&#146;s &#36;2,000&nbsp;million supporting committed revolving bank credit
facility expires in November&nbsp;2016 and Bell&nbsp;Aliant&#146;s &#36;750&#160;million supporting committed revolving bank credit facility expires in June&#160;2015.</I></font></td>
	</tr>
	</table>
<p>&nbsp;</p>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(3)</font></I></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Adjusted EBITDA, as also defined in our credit agreements, is EBITDA
including dividends/distributions from Bell&nbsp;Aliant to BCE.</I></font></td>
	</tr>
	</table>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">51</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Canada and Bell&#160;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&#160;time.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our expectations relating to our ability to meet most of our cash requirements in&#160;2012 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 <I>Business Outlook and Assumptions</I>. For a description of risk factors that could affect our business and, consequently, our cash flows from operations, refer to <I>Our Competitive Environment</I>,
<I>Our Regulatory Environment </I>and <I>Risks that Could Affect Our Business and Results</I>. In addition, our ability to supplement our liquidity sources by issuing additional debt and equity 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 <I>If we are unable to raise the capital we need, we may need to limit our capital expenditures or our investments in new business, or try to raise capital by disposing of assets </I>under <I>Risks that Could Affect Our Business and&#160;Results.</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CASH&#160;REQUIREMENTS </B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Capital&#160;Expenditures</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2012, our capital spending is planned to focus on our strategic priorities, demand growth and service quality, reflecting an appropriate level of investment in our networks and&#160;services.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Employee Benefit Plans&#160;Funding</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our employee benefit plans include both DB and defined contribution (DC) 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&#160;2012 is detailed in the following table and is subject to actuarial valuations that will be complete in mid-2012. An actuarial valuation last was performed for our significant pension plans as at December&#160;31,&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a more detailed description of risks that could cause our actual employee benefit plans funding to differ materially from our current estimates, please refer to the risk entitled <I>We may be required to increase contributions to our employee benefit plans in the future depending on various factors </I>under <I>Risks that Could Affect Our Business and&#160;Results.</I></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
2012&#160;EXPECTED&#160;FUNDING</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL&#160;ALIANT</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Defined benefit pension plans &#150; service&#160;cost</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">191</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">50</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">241</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Defined benefit pension plans &#150;&#160;deficit</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">24</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">24</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Defined&#160;benefit</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">215</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">50</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">265</font></TD>
	<TD align=right 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 face="Arial" size="2">Other post-employment&nbsp;benefits</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">98</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">12</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">110</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Defined contribution pension&#160;plans</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">62</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">8</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">70</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total net benefit&#160;plans</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">375</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">70</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">445</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">We expect to contribute approximately &#36;265&#160;million to our DB pension plans in&nbsp;2012, subject to actuarial valuations being completed. We expect to pay approximately &#36;110&#160;million to beneficiaries under other employee benefit plans and to contribute approximately &#36;70&#160;million to the DC pension plans in&#160;2012.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2012, funding of our DB pension plans is expected to be lower than&#160;2011 mainly as a result of higher returns on pension plan assets in&#160;2011 and the &#36;750&#160;million voluntary pension plan contribution made in&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Canada closed the membership of its DB plan to new employees in January&#160;2005 to reduce the impact of pension volatility on its earnings over time. New employees now enroll in the DC plan. In 2006, we announced the phase-out, over a ten-year period, of post-employment benefits for all employees, which will result in Bell&#146;s post-employment benefits funding being phased out gradually after&#160;2016.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Dividend&#160;Payments</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2012, the cash dividends to be paid on BCE&#146;s common shares are expected to be higher than in&#160;2011 as the board of directors of BCE&nbsp;approved two increases in the annual dividend on BCE&#146;s common shares in&nbsp;2011. As a result, BCE&#146;s common share dividend increased by 10.2% to &#36;2.17&#160;per common share at the end of&#160;2011 from &#36;1.97&#160;per common share at the end of&nbsp;2010. These increases are consistent with BCE&#146;s common share dividend policy of a target payout ratio between 65% and 75% of Adjusted EPS. BCE&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&#146;s board of&#160;directors.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">52</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Contractual&#160;Obligations</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table is a summary of our contractual obligations at December&#160;31,&#160;2011 that are due in each of the next five years and&#160;thereafter.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0">
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2012</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2013</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2014</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2015</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2016</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
THEREAFTER</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">547</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">89</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,870</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,375</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,217</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">6,479</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">11,577</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Notes payable and bank&#160;advances</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">321</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">321</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Minimum future lease payments under finance&#160;leases</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">417</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">381</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">239</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">186</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">174</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,468</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,865</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Loan secured by trade&#160;receivables</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">950</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">950</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;leases</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">206</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">173</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">155</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">133</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">101</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">408</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,176</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Commitments for property, plant and equipment and&#160;intangible&#160;assets</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">287</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">116</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">99</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">68</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">65</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">682</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,317</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Purchase&#160;obligations</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,242</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">600</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">494</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">366</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">267</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">627</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3,596</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">MLSE&#160;investment</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">525</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">525</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Interest payable on long-term debt, notes payable and&#160;bank&#160;advances</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">666</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">622</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">562</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">498</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">438</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,961</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">7,747</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net interest receipts on&#160;derivatives</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(23</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(22</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(26</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(22</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(19</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(9</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(121</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">5,138</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,959</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3,393</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,604</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,243</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">14,616</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">29,953</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">BCE&#146;s significant finance leases are for office premises and satellites. The office and campus leases have a typical lease term of 15&#160;years. The leases for satellites, used to provide programming to our Bell&#160;TV customers, have lease terms ranging from 12&#160;to 15&#160;years. The satellite leases are non-cancellable. Minimum future lease payments under finance leases include future finance costs of &#36;906&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s significant operating leases are for office premises and retail outlets with lease terms ranging from 1&#160;to 20&#160;years. These leases are non-cancellable and are renewable at the end of the lease period. Rental expense relating to operating leases was &#36;253&#160;million in&#160;2011 and &#36;226&#160;million in&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist of contractual obligations under service and product contracts, for both operating and capital expenditures. Our commitments for capital expenditures include investments to expand and update our networks, and to meet customer&#160;demand.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&#160;9,&nbsp;2011, BCE&nbsp;announced it had, in a joint ownership arrangement with Rogers, agreed to purchase a net 75% ownership position in MLSE from Ontario Teachers&#146; Pension Plan Board. MLSE is a sports and entertainment company that owns the Toronto Maple Leafs, the Toronto Raptors, the Toronto Marlies and Toronto&#160;FC.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s cash commitment will total &#36;525&#160;million (or &#36;398&#160;million assuming the completion of a leveraged recapitalization of MLSE), representing a 28% indirect equity interest in MLSE, to be funded at closing. Through a co-investment arrangement with BCE, the BCE&nbsp;Master Trust Fund, an independent trust that holds and manages pension fund investments for the BCE&nbsp;group pension plans, will contribute &#36;135&#160;million toward the MLSE acquisition. BCE&nbsp;and the BCE&nbsp;Master Trust Fund will own an aggregate 37.5% interest in MLSE, equal to Rogers&#146; interest. The transaction is expected to close in mid-2012&#160;following required regulatory and sports league&#160;approvals.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Other Cash&#160;Requirements</B></font></P>
<P style="text-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 are not able to quantify all these risks for the following&#160;reasons.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Guarantees</B></font></P>
<P style="text-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&#160;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&#160;past.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>LITIGATION</B></font></P>
<P style="text-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,&nbsp;2011, 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 financial statements. With regard to those legal proceedings in which we are defendants, we believe that we have strong defences and we intend to vigorously defend our positions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A more detailed description of certain important legal proceedings pending at December&#160;31,&#160;2011 is included in the BCE&#160;2011&#160;AIF.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">53</font></b></P>


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





<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>OUR COMPETITIVE&#160;ENVIRONMENT</B></font></P>
<P style="text-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, service 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&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The degree of competition in all of our markets intensifies as markets mature, new entrants emerge and incumbents respond proactively or reactively with aggressive promotional offers and adjusted strategic brand positioning. If we fail to successfully implement a multi-product strategy that leverages our strengths and partner relationships while addressing areas of relative weakness to establish a winning presence and relationship with customers, this could have an adverse effect on our business, market position and financial&#160;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 or retain existing ones. We need to be able to anticipate&#160;and respond quickly to the constant changes in our businesses and&#160;markets. If we fail to do so, our business and market position could be adversely affected. Industry pricing pressure and customer acquisition efforts have intensified across all business segments and key product lines, and we expect this trend to continue in the&#160;future.<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. The CRTC has determined that competition was sufficient to grant forbearance from price regulation for the vast majority of Bell&#146;s residential and business local telephone service lines in Ontario and&#160;Qu&#233;bec.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>WIRELINE</I></B></font></P>
<P style="text-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&nbsp;Inc.) (Allstream), Primus Telecommunications&nbsp;Canada&nbsp;Inc. (Primus), Bragg Communications&nbsp;Inc. operating under the EastLink trade name (EastLink) and Vonage&nbsp;Canada Corp. (a subsidiary of Vonage Holdings Corp.) (Vonage), across&nbsp;Canada; Rogers, in Ontario, New Brunswick and Newfoundland and Labrador; Vid&#233;otron Lt&#233;e (Vid&#233;otron), in Qu&#233;bec; Cogeco Cable&nbsp;Inc. (a&#160;subsidiary of Cogeco&nbsp;Inc.) (Cogeco Cable), in Ontario and Qu&#233;bec; Shaw Communications&nbsp;Inc. (Shaw), in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario; and Yak (a division of Yak Communications (Canada) Corp., owned by Globalive Communications Corp.), in&#160;Ontario.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our major competitors in long distance services are: Allstream, TELUS, EastLink, Primus and Vonage, across&nbsp;Canada; Cogeco Cable, in Ontario and Qu&#233;bec; Rogers, in Ontario, New&#160;Brunswick, Newfoundland and Labrador; and Shaw, in British&#160;Columbia, Alberta, Saskatchewan, Manitoba and Ontario; dial-around providers, such as Yak and Looney Call (divisions of Yak&#160;Communications (Canada)&#160;Corp.), in Ontario; Teleshop Communications&nbsp;Inc. and Caztel Communications&nbsp;Inc., across&nbsp;Canada; and prepaid long distance providers, such as Group of Gold Line and Vonage, across&#160;Canada.<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) resulting, in particular, in an increasing number of households that have ceased to use wireline telephone services. Industry&nbsp;Canada&#146;s licensing of advanced wireless services (AWS) spectrum to new wireless entrants, many of which have started providing services, as well as increased competitive activity from incumbent local exchange carriers (ILECs), could cause technology substitution to further&#160;accelerate.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We continue to face 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 offered by cable operators in most major and mid-sized communities and in small communities as well. In addition, certain cable companies have launched wireless service, allowing them to offer, like Bell, telephone, Internet, wireless and television services and, consequently, enhancing their ability to leverage discounted bundles. There is also a risk that cable companies could respond to competitive pressure with more aggressive pricing on stand-alone products to help them retain market share for such products. Accordingly, we expect that competitive pressure from cable companies will continue to 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 financial&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is a risk that adverse changes in certain factors, including, in particular, competitive actions by alternative providers and increased wireless substitution that may result especially from new entrants providing wireless services at lower prices than 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 financial performance. 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&#160;business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prices for long distance services have been declining since these services were opened to competition. Our long distance services continue to face intense competitive pressure from 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</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">54</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





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





<P style="text-align: left;">
<font face="Arial" size="2">carriers and resellers. We also experience competition from telecommunications providers such as Skype Technologies that provide certain basic voice and TV services free of charge or at low prices using personal computers and broadband&#160;connections.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition for contracts to supply communications services to business customers is 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. In business markets, packaging local access, wireless, data and IP services has evolved to include professional and managed services, as well as other IT services and support formerly available only from IT firms. Both traditional and non-traditional competitors are now focused on providing a broad range of telecommunications services, particularly in the major urban areas. Non-traditional competitors have entered the telecom market space through new products like unified communications and cloud computing. The bundling of traditional telecom services with IT services means Bell&nbsp;faces a more extensive set of competitors, ranging from small Internet and niche service providers to global IT hardware, software and business consulting&#160;companies. We expect to experience continued competitive intensity in all business markets as cable operators continue to transition from the consumer market and other telecom competitors seek to grow their business in these markets. In addition, our ICT services business expects to experience continued competition from other system integrators, outsourcers and professional service&#160;firms.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In Bell&#160;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&#160;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&#233;bec. Bell&#160;Aliant&#146;s business markets are also increasingly competitive, with competition continuing to come from VoIP providers, cable television operators and system&#160;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 also 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 financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>WIRELESS</I></B></font></P>
<P style="text-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 (including its subsidiary Fido Solutions&nbsp;Inc.) and TELUS Mobility (a business unit of TELUS), as well as with four newer wireless entrants that, as described in more detail below, launched wireless service after having acquired spectrum in Industry&nbsp;Canada&#146;s AWS spectrum auction that concluded on July&#160;21,&nbsp;2008. In addition, there are a number of resellers known as mobile virtual network operators that aggressively launch, 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 in&#160;2008 of AWS spectrum to ten&#160;new facilities-based wireless competitors that each acquired spectrum in separate regions, many of which overlap. Following this acquisition of spectrum, four newer entrants launched wireless service, primarily in major population centres. More specifically, Vid&#233;otron, which launched wireless service on September&#160;9,&nbsp;2010, provides service in Montr&#233;al and other parts of Qu&#233;bec; Globalive Wireless Management Corp. (Globalive) has provided wireless service in Toronto and Calgary since December&#160;2009 and during&nbsp;2010 expanded to other large cities in&nbsp;Canada, including Vancouver and Ottawa, as well as to several communities in southwestern Ontario throughout&nbsp;2011; Data&#160;&amp;&#160;Audio Visual Enterprises Wireless&nbsp;Inc. (DAVE), which launched wireless service in Toronto in May&#160;2010 and also provides wireless service in Vancouver, Calgary and Edmonton; and Public&#160;Mobile&nbsp;Inc. (Public Mobile), which has provided wireless service in the Toronto and Montr&#233;al areas since May&#160;2010. In addition to Vid&#233;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. We are unaware of declarations of expected launch dates from these entities, except for EastLink, which in August&#160;2011 announced its intention to launch wireless service in Nova Scotia in&#160;2012, and Shaw, which in September&#160;2011 announced that it was abandoning its plan to use the acquired AWS spectrum to build a conventional wireless&#160;network.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Competition in the Canadian wireless telecommunications industry has significantly intensified, and is expected to continue to intensify, as a result of both incumbents and newer wireless entrants becoming increasingly aggressive in their hardware and service pricing and in their marketing and advertising efforts in an attempt to maintain or gain market share. In particular, in order to gain market share, the newer wireless entrants&#146; strategies include price discounting relative to our and other incumbents&#146; pricing, unlimited rate plans, zone-based pricing</font></P>
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<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
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<font face="Arial" size="2">and increased competition at the distribution level. They are also pursuing new data content and applications. The incumbents&#146; and newer wireless entrants&#146; pricing and other strategies could 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 financial performance. The incumbents and newer wireless entrants could achieve higher market shares than we currently expect, particularly as a result of their pricing strategies and focused product&#160;offerings.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The level of competitive intensity will also depend on the speed at which the newer wireless entrants achieve territorial expansion of their wireless service as well as the timing and scope of the launch of wireless service by the remaining potential newer wireless entrants that have not yet launched service.<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 or 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 launch of wireless service. This emphasis could also pressure our ARPU and increase churn and costs of acquisition and&#160;retention.<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&#160;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, such as in the case of Wi-Fi and worldwide interoperability for microwave access (WiMAX), or provide 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&#160;competition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we fail to acquire sufficient spectrum in the upcoming auction of spectrum in the 700&#160;megahertz (MHz) band for mobile and fixed wireless service, this could also adversely affect our competitive position. For more details on this auction and its potential effects, please refer to <I>Our&#160;Regulatory Environment &#150; Radiocommunication Act &#150; 700&#160;MHz Auction</I>.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>INTERNET</I></B></font></P>
<P style="text-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 adversely affect our ability to&#160;maintain ARPU performance and, consequently, our financial performance. As previously indicated, certain cable companies have launched wireless service enhancing their ability to leverage discounted bundles to retain existing customers and acquire new&#160;ones.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have incurred significant capital expenditures in order to deploy next-generation fibre networks and offer higher Internet speeds. If we fail to make continued investments in our Internet networks that enable us to offer Internet services at higher speeds as well as to offer a different range of products and services than our competitors, this would adversely affect our ability to compete, the pricing of our products and services, and our financial performance. Furthermore, as penetration of the Canadian broadband Internet market reaches higher levels, acquiring 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 will be adversely&#160;affected.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Developments in wireless broadband services, such as the ability of LTE-based systems to deliver speeds of up to 75&#160;Mbps and the intention of Industry&nbsp;Canada to auction additional spectrum that is capable of carrying LTE technology, may lead to increased wireless broadband substitution and, consequently, increased competition. 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, in Ontario, New Brunswick and Newfoundland and Labrador; Vid&#233;otron, in Qu&#233;bec; Cogeco Cable, in Ontario and Qu&#233;bec; Shaw, in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario; and EastLink,&#160;nationally.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>TELEVISION</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Competition for subscribers is based on the number and kinds of channels offered, the quality of the signal, STB features, availability of service in the region, price and customer service. Our TV services are fully digital and are offered both as an IP-based service (Bell&#160;Fibe TV) and as a DTH satellite-based service. These services provide unique competitive advantages relative to analog cable&#160;TV, such as time-shifted programming flexibility, on-screen caller ID and an all-digital broad selection of channels. Bell&#146;s DTH satellite-based service is offered throughout&nbsp;Canada and Bell&#160;Fibe TV, an advanced IP-based TV service, is offered in most Toronto and Montr&#233;al neighbourhoods. We also hold broadcasting distribution licences to offer Bell&#160;Fibe TV in other major centres in Ontario and Qu&#233;bec. The launch of our Bell&#160;Fibe TV service provides us with the opportunity to gain market share and enhance our competitive position in core urban markets, starting with the cities of Toronto and Montr&#233;al.</font></P>
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| ANNUAL REPORT</font></b></P>


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<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our competitors include Canadian cable companies such as Rogers, in Ontario, New Brunswick and Newfoundland and Labrador; Vid&#233;otron, in Qu&#233;bec; Cogeco Cable, in Ontario and&#160;Qu&#233;bec; Shaw, with its cable TV service, in British Columbia, Alberta, Saskatchewan, Manitoba and Ontario and Shaw with its national Shaw Direct DTH satellite service; and EastLink, across&nbsp;Canada; and traditional telephone companies such as TELUS, in British Columbia and Alberta; and Allstream, in Manitoba. Most of the cable companies continue to upgrade their networks, operational systems and services, which improves their competitiveness. This could negatively affect our business and financial&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition to the licenced broadcast distribution undertakings noted above, new unregulated TV services and OTT content offerings, such as Netflix&nbsp;Inc., as well as online channels offered by television networks such as CBC.ca, available over high-speed Internet connections, are competing with traditional television services and changing our traditional business models. The increased adoption of these alternative TV or OTT TV 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 increase customer losses. In addition, the increased speed and bandwidth of networks create platforms for new competition and product substitution. There can be no&#160;certainty that we will be able to recover 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 OTT TV services, could negatively affect our business and financial&#160;performance.<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 several legal actions against those who are selling U.S. DTH satellite television equipment in&nbsp;Canada. This illegal competition could have an adverse effect on our business and financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>WHOLESALE</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The main competitors in our wholesale business include both traditional and emerging carriers. Traditional competitors include Allstream and TELUS, across&nbsp;Canada, both of which may wholesale some or all of the same products and services as Bell. Non-traditional competitors include electrical utility-based telecommunications providers, cable operators, domestic CLECs and U.S. or other international 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 and Ethernet/IP is continuing to increase pressure on some legacy product&#160;lines.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>MEDIA</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Media&#146;s television and radio broadcasting businesses and the advertising markets in which they operate are highly competitive. Bell&#160;Media&#146;s ability to compete successfully depends on a number of factors, including its ability to secure popular television programs at cost-effective prices and to achieve high distribution levels. The financial success of Bell&#160;Media&#146;s television and radio broadcasting operations depends on obtaining revenues from advertising. In the case of Bell&#160;Media&#146;s specialty television business, a substantial portion of its revenues comes from subscription fees derived from contractual arrangements with distributors. As a result of increased competition in the specialty television market, there is no assurance that contracts with distributors will be renewed on equally favourable&#160;terms.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media&#146;s conventional and specialty television services compete principally for viewers and advertisers with other Canadian television stations that broadcast in their local markets, specialty channels and with other distant Canadian signals and U.S. border stations. The CRTC has substantially increased the number of specialty television licences, which has further increased competitive activity. New unregulated television services and OTT content offerings, such as Netflix&#160;Inc., as well as online channels, such as CBC.ca, available over high-speed Internet connections, TV downloading and DVD rentals, also represent competition for share of&#160;viewership.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;Media&#146;s radio stations compete with other radio stations in their respective markets as well as with other media, such as newspapers, magazines, television, outdoor advertising and the Internet. Competition within the radio broadcasting industry occurs primarily in discrete market areas among individual stations. On a national level, Bell&#160;Media competes generally with other large radio operators that also own and operate radio station clusters in various markets across&nbsp;Canada. New technologies, such as on-line music information services, music downloading, portable devices that store and play digital music&#160;and online music streaming services, provide competition for Bell&#160;Media radio stations&#146; audience&#160;share.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The level of competitive activity in the television and radio broadcasting industries could have an adverse impact on the level of audience acceptance for Bell&#160;Media&#146;s television programs, specialty television channels and radio stations, which in turn could have an adverse impact on revenues generated from advertising and subscription&#160;fees. Furthermore, the&#160;increasingly competitive media environment has resulted in content being made available through various platforms, such as OTT content offerings, in addition to television broadcasting. This may result in an&#160;increase in Bell&nbsp;Media&#146;s operating costs as it seeks to respond to such competitive intensity by acquiring the rights to exhibit its content on multiple&#160;platforms.</font></P>
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<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">57</font></b></P>


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<font face="Arial" color="#0065A4">
<B>OUR REGULATORY&#160;ENVIRONMENT</B></font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="10">
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<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&#160;Canada and Bell&#160;Aliant Regional&#160;Communications&nbsp;Inc. and several of their direct and indirect subsidiaries, including Bell&#160;Mobility, Bell&#160;ExpressVu, Limited Partnership (Bell&#160;ExpressVu), Bell&#160;Aliant LP, NorthernTel, Limited Partnership (NorthernTel), T&#233;l&#233;bec, Limited&#160;Partnership (T&#233;l&#233;bec) and Northwestel, are governed by the <I>Telecommunications Act</I>, the
<I>Broadcasting Act</I>, the <I>Radiocommunication Act </I>and/or the <I>Bell&#160;Canada Act</I>. Our business is affected by decisions made by various regulatory agencies, including the CRTC. The CRTC, an independent agency of the Government of&nbsp;Canada, is responsible for regulating&nbsp;Canada&#146;s telecommunications and broadcasting industries. Other aspects of the businesses of these companies are regulated in various ways by federal government departments, in&#160;particular Industry&#160;Canada.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>TELECOMMUNICATIONS&#160;ACT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The <I>Telecommunications Act </I>governs telecommunications in&nbsp;Canada. It defines the broad objectives of&nbsp;Canada&#146;s telecommunications policy and provides the Government of&nbsp;Canada with the power to give general direction to the CRTC on any of these objectives. It applies to several of the BCE&nbsp;companies and partnerships, including Bell&#160;Canada, Bell&#160;Mobility, Bell&#160;Aliant&#160;LP, NorthernTel, Northwestel and&#160;T&#233;l&#233;bec.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under the <I>Telecommunications Act</I>, 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 forborne from regulation. The CRTC may exempt an entire class of carriers from regulation under the <I>Telecommunications Act </I>if the exemption meets the objectives of&nbsp;Canada&#146;s telecommunications policy. TCCs must also meet certain Canadian ownership requirements. BCE&nbsp;Inc. monitors and periodically reports on the level of non-Canadian ownership of its common&#160;shares.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>KEY TELECOMMUNICATIONS&#160;ISSUES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>This section describes key regulatory issues which are being, or have been, addressed and that influence or have influenced our business and may continue to affect our flexibility to compete in the&#160;marketplace.</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Industry&nbsp;Canada Consultation on Reform of&nbsp;Canada&#146;s Telecommunications Foreign Ownership&#160;Rules</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Following through on a commitment that the federal government made in its March&#160;2010 Speech from the Throne, in June&#160;2010, Industry&nbsp;Canada issued a consultation paper entitled <I>Opening&nbsp;Canada&#146;s Doors to Foreign Investment in Telecommunications: Options for Reform</I>. The consultation paper sought public comments on proposals to reform&nbsp;Canada&#146;s foreign ownership and control restrictions that currently apply to TCCs, including Bell&#160;Canada and Bell&#160;Mobility and many of our competitors. The Industry&nbsp;Canada consultation paper proposed three foreign ownership reform options for comment. Option&#160;1 would raise the allowable non-Canadian voting share limits up to 49% for both TCCs and broadcasting licencees (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 licencees, including broadcast distribution undertakings, would be unchanged). Option 3&#160;would repeal the above rules for all TCCs, regardless of their share of annual Canadian telecommunications revenues, but retain the existing rules for broadcasting licencees, including broadcast distribution undertakings. 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 licencees and TCCs would place us at a disadvantage relative to some of our competitors as it relates to access to, and cost of,&#160;capital.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>CRTC Approval of Wholesale Capacity-Based&#160;Billing</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">CRTC regulations require primary ISPs to provide wholesale access to certain of their fixed wireline broadband networks to independent ISPs at a regulated wholesale rate. On November&#160;15,&nbsp;2011, the CRTC issued a usage-based billing (UBB) decision following almost three years of process. This decision lowers the monthly access rates that a primary ISP (such as Bell&#160;Canada and Bell&#160; Aliant LP) that chooses to have a wholesale UBB model may charge to independent ISPs, but also approves a &#147;capacity-based&#148; usage charge (&#147;capacity-based billing&#148; / &#147;CBB&#148;) that requires independent ISPs to buy network capacity to accommodate the bandwidth usage of their end-users on the primary ISP&#146;s network. The decision also substantially lowers certain cable carriers&#146; wholesale rates as compared to ILECs&#146; rates. The lower monthly access rates and lower cable carrier rates may negatively impact our wholesale&#160;revenues.</font></P>
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| ANNUAL REPORT</font></b></P>


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<font face="Arial" size="2" color="#0065A4">
<B>CRTC Review of Network Interconnection&#160;Regimes</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On January&#160;19,&nbsp;2012, the CRTC issued Telecom Regulatory Policy CRTC&nbsp;2012-24, which updates the local, wireless and toll network interconnection regulatory regimes. This policy establishes a set of principles to facilitate IP voice network interconnections between network operators while allowing market forces to shape the details of the arrangements. With respect to more traditional non-IP voice interconnection arrangements, the CRTC has largely maintained the existing regimes though it has allowed participants to negotiate off-tariff agreements. The CRTC has also made it easier for wireless providers to move from the wireless regime to the regime applicable to local carriers if they so choose. Although it is not known at this time what impact the decision will have on Bell&#160;Canada, Bell&#160;Aliant&#160;LP, Bell&#160;Mobility, T&#233;l&#233;bec, NorthernTel and Northwestel, the flexibility provided by this decision should be favourable to&#160;BCE.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BROADCASTING&#160;ACT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The <I>Broadcasting Act </I>defines the broad objectives of&nbsp;Canada&#146;s broadcasting policy and assigns the regulation and supervision of the broadcasting system to the CRTC. Key policy objectives of the <I>Broadcasting Act </I>are to protect and strengthen the cultural, political, social and economic fabric of&nbsp;Canada and to encourage the development of Canadian&#160;expression.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#160;corporation must also meet certain Canadian ownership requirements to obtain a broadcasting or broadcasting distribution licence, and corporations must have the CRTC&#146;s approval before they can transfer effective control of a broadcasting licencee. The CRTC may impose requirements, including the payment of certain benefits to the broadcasting system, as a condition of&#160;the&#160;transfer.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Bell&#160;TV&#146;s television distribution business and Bell&#160;Media&#146;s television and radio broadcasting operations are subject to the requirements of the <I>Broadcasting Act</I>, the policies and decisions of the CRTC and their respective broadcasting licences. Any changes in the <I>Broadcasting Act</I>, amendments to regulations or the adoption of new ones, or amendments to licences could negatively affect Bell&#160;TV and/or Bell&#160;Media&#146;s competitive positions or the cost of providing&#160;services.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>BELL&#160;TV&#160;LICENCES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The licence under which we offer DTH satellite TV service expires on August&#160;31,&nbsp;2012. The licences under which we offer Bell&#160;Fibe TV service throughout Ontario and Qu&#233;bec expire on August&#160;31, 2018. 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&#160;granted.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CANADIAN BROADCASTING IN NEW&#160;MEDIA</B></font></P>
<P style="text-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. One proposal under consideration was the requirement for direct financial contribution from ISPs like Bell&#160;Canada to fund the creation and promotion of Canadian new media broadcasting content. Although the CRTC, in Broadcasting Regulatory Policy CRTC&nbsp;2009-329, dated June&#160;4,&nbsp;2009, ruled against imposing such measures, it also referred to the Federal Court of Appeal the legal question of whether ISPs are subject to the <I>Broadcasting Act </I>and therefore subject to broadcasting regulation. The Federal Court of Appeal ruled on July&#160;7,&#160;2010 that ISPs &#147;do not carry&#160;on, in whole or in part, &#145;broadcasting undertakings&#146; subject to the <I>Broadcasting Act </I>when, in their role as ISPs, they provide access through the Internet to &#145;broadcasting&#146; requested by end-users.&#148; On February&#160;9,&nbsp;2012, the Supreme Court of&nbsp;Canada upheld the Federal Court&#146;s ruling. The CRTC therefore does not have the jurisdiction to impose a levy on ISP revenues to subsidize the creation and promotion of Canadian new media broadcasting&#160;content.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>PROCEEDING TO REVIEW OTT PROGRAMMING&#160;SERVICES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On May&#160;25,&nbsp;2011, the CRTC initiated a fact-finding exercise aimed at better understanding the impact OTT programming (programming delivered via the Internet) will have on the Canadian broadcasting system (Broadcasting and Telecom Notice of Consultation CRTC&#160;2011-344) and whether changes are necessary with regard to the regulation of either OTT programming or traditional regulated broadcasting distribution undertakings (BDUs). This exercise was intended to inform whether changes should be explored to the current regulatory framework which largely exempts new media broadcasting undertakings (online broadcasters) from regulation. New media broadcasting undertakings, both foreign and domestic, are currently exempt from broadcasting regulation pursuant to the CRTC&#146;s new media exemption order while conventional programmers and distributors, like Bell&#160;Media and Bell&#160;TV, continue to have regulatory obligations under the <I>Broadcasting Act </I>and its&#160;regulations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&#160;5,&nbsp;2011, the CRTC announced that its fact-finding exercise produced inconclusive results and that it will not, at this time, consider a general review of the current regulatory framework that applies to new media broadcasting undertakings. However, the CRTC will continue to monitor the evolving communications environment. OTT programming was the focus of the CRTC&#146;s annual consultation with the broadcasting industry in November&#160;2011, and another fact-finding exercise will be held in&#160;May&#160;2012 to re-assess the impact OTT programming is having on the Canadian broadcasting system. If no further action is taken by the CRTC, OTT providers that compete with traditional broadcasters will continue to be able to do so without making similar contributions to Canadian program creation and presentation, thus benefitting from an unbalanced regulatory&#160;environment.</font></P>
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<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
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<B>PROCEEDING TO REVIEW THE REGULATORY FRAMEWORK RELATING TO VERTICAL&#160;INTEGRATION</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On September&#160;21,&nbsp;2011, the CRTC issued Broadcasting Regulatory Policy CRTC&nbsp;2011-601, announcing its new policy framework relating to &#147;vertical integration&#148; and concerns that vertically integrated entities (that is, entities that own both programming and distribution services) have the potential to behave in an anti-competitive manner, to the detriment of the Canadian broadcasting industry. This policy announces a number of new regulatory measures and follow-up proceedings intended to guard against what the CRTC considers is the heightened risk of anti-competitive or unfair conduct that potentially could arise as a result of vertical integration.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following are some of the key changes announced in the CRTC&#146;s new vertical integration&#160;policy:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the policy prohibits the offering of programming designed primarily for conventional television, specialty or VoD services on an exclusive or otherwise preferential basis in a manner that is dependent on subscription to a specific mobile or retail Internet access service. This new policy applies to vertically integrated and non-vertically integrated&#160;entities</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the CRTC created a new &#147;no&#160;head start&#148; rule. This means that when an entity launches a newly licenced specialty or pay TV programming service, that programmer must make the service available to any distributor wanting to carry it, even if no distribution agreement has yet been&#160;reached</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the CRTC adopted a new Code of Conduct that sets guidelines designed to govern commercial relationships between programmers and&#160;distributors</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the CRTC also adopted a &#147;stand still rule&#148; which, in the event of disputes between programmers and distributors, effectively freezes in place current affiliation agreements (that is, agreements that outline the rates, terms and conditions relating to both programming rights and carriage) between them while the dispute is being&#160;resolved.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The new vertical integration policy will restrict BCE&#146;s flexibility in negotiating commercial arrangements with its partners, suppliers and distributors for access to, and the supply of, traditional and new media programming&#160;content.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>VALUE-FOR-SIGNAL FEE</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In Broadcasting Regulatory Policy CRTC&nbsp;2010-167, the CRTC announced its intention to implement a regime under which conventional television broadcasters can choose to either retain their existing regulatory protections or negotiate a value-for-signal (VFS) fee with distributors. Under the proposed regime, if&#160;broadcasters choose to negotiate a VFS fee, and negotiations fail, they would have the right to require the distributor to delete any conventional signals the broadcasters own and for which they have the exhibition rights. 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 which ruled that the CRTC does have jurisdiction. This matter is currently being considered by the Supreme Court of&nbsp;Canada. If an appeal is successful, and VFS were not implemented, Bell&#160;Media would lose the ability to obtain an additional revenue stream beyond advertising to compensate it for the value of its conventional TV&#160;signals.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>RADIOCOMMUNICATION&#160;ACT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Industry&nbsp;Canada regulates the use of radio spectrum by Bell&#160;&nbsp;Canada, Bell&#160; Mobility and other wireless service providers under the <I>Radiocommunication Act</I>. Under the <I>Radiocommunication Act</I>, Industry&nbsp;Canada ensures that radio communication in&nbsp;Canada is developed and operated efficiently. Under the <I>Radiocommunication Regulations</I>, companies that are eligible for radio licences, such as Bell&#160;Canada and Bell&#160;Mobility, must meet the same ownership requirements that apply to companies under the <I>Telecommunications Act</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companies must have a spectrum licence to operate a wireless system in&nbsp;Canada. 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, or of the terms under which renewal will be granted. 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. 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&#160;performance.</font></P>
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<B>CONSULTATION ON THE RENEWAL OF CELLULAR AND PERSONAL COMMUNICATIONS SERVICES (PCS) SPECTRUM&#160;LICENCES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">As a result of a March&#160;2011 Industry&nbsp;Canada decision, the licences under which we provide service, which would have expired on March&#160;31,&nbsp;2011, will now expire on March&#160;31, 2031. The PCS licences that were awarded in the&#160;2001 PCS auction, which would have expired on November&#160;29,&#160;2011, have also been renewed to 2031. While Industry&nbsp;Canada had proposed to eliminate the condition of licence requiring licencees to spend 2% of their revenues on R&amp;D, it has deferred its decision regarding this item to a future date. Industry&nbsp;Canada had also proposed to review the level of the current annual licence fees within this process. Pursuant to the decision that licence fees will apply to all renewed licences, including those acquired through spectrum auctions subsequent to the initial term, the current fee of &#36;0.035&#160;per MHz per population will be maintained at its current&#160;level.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DECISIONS AND CONSULTATION ON THE TRANSITION TO BROADBAND RADIO SERVICE IN THE 2500&#150;2690&#160;MHZ&#160;BAND</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On February&#160;10,&nbsp;2011, Industry&nbsp;Canada issued its <I>Decisions on a Band Plan for Broadband Radio Service (BRS) and Consultation on a Policy and Technical Framework to Licence Spectrum in the Band&#160;2500&#150;2690 MHz </I>document. The consultation is the next phase in Industry&nbsp;Canada&#146;s&#160;2500 MHz policy issued in 2006, which enables use of the Inukshuk Wireless&nbsp;Inc. spectrum for mobile services. The document is comprised of two parts: Part&#160;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&#160;MHz boundary) and the mapping of incumbents into the&#160;2500 MHz&#160;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 were due by April&#160;19,&#160;2011 and reply comments on May&#160;16,&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&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>700&#160;MHZ&#160;AUCTION</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Industry&nbsp;Canada will likely auction spectrum in the 700&#160;MHz band for mobile and fixed wireless service in 2013. In November&#160;2010, Industry&nbsp;Canada initiated its initial consultation leading to this auction. Among other things, the consultation asked whether measures are required to increase and/or sustain competition in&nbsp;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 as there was AWS spectrum auctioned in&nbsp;2008, either one of these measures could have an adverse impact on and limit Bell&#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 style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;CANADA&#160;ACT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under the <I>Bell&#160;Canada Act</I>, the CRTC must approve any sale or other disposal of Bell&#160;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&#160;Canada. Except in the ordinary course of business, the sale or other disposal of facilities integral to Bell&#160;Canada&#146;s telecommunications&#160;activities must also receive CRTC&#160;approval.</font></P>
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<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">61</font></b></P>


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<B>RISKS THAT COULD AFFECT OUR BUSINESS AND&#160;RESULTS</B></font></P>
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<font face="Arial">This section describes the principal risks that could have a material adverse effect on our business, financial position or results of operations, and cause actual results or events to differ materially from our expectations expressed in or implied by our forward-looking statements, in addition to the risks previously described under
<I>Our Competitive Environment </I>and <I>Our Regulatory Environment </I>and those described elsewhere in this MD&amp;A. A&#160;risk is the possibility that an event might happen in the future that could have a negative effect on our business, financial position 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 position or results of&#160;operations.</font></td>
	</tr>
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<font face="Arial" size="2" color="#0065A4">
<B><I>Adverse economic conditions, adverse conditions in the financial markets and the level of retail and commercial activity could have a negative impact on the demand for our products and services, potentially reducing revenues and profitability and threatening the ability of our customers to pay their&#160;expenses.</I></B></font></P>
<P style="text-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 the 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 position 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 financial&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A large part of Bell&#160;Media&#146;s revenue from its television and radio broadcasting businesses is derived from the sale of advertising, the demand for which is affected by prevailing economic conditions as well as cyclical and seasonal variations. An&#160;economic downturn tends to make it more difficult for Bell&#160;Media to maintain or increase advertising revenues. Certain advertisers have historically been sensitive to general economic cycles and, as a result, Bell&#160;Media&#146;s business and financial performance could be negatively affected by a downturn in the economy or a&#160;recession.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operational and financial objectives for&#160;&nbsp;2012 may not be achieved should economic growth be slower than currently&#160;anticipated.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>If we fail to achieve our strategic imperatives, this could have an adverse impact on our business, financial performance and growth&#160;prospects.</I></B></font></P>
<P style="text-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 of our existing five strategic imperatives along with the addition of a new strategic imperative, to Expand Media Leadership, reflecting our acquisition of CTV and the creation of the new Bell&#160;Media&#160;segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Executing on these imperatives requires shifts in employee skills, capital investments to implement our strategies and operating priorities, and 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 strategic imperatives, which could have an adverse effect on our business, financial performance and growth&#160;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 but there is no assurance that we will be successful in reducing costs, especially since incremental cost savings are more difficult to achieve on an ongoing basis. 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&#160;issues.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Improved customer service and an enhanced perception of Bell&#146;s service offerings by existing and potential customers are critical to increasing customer retention and ARPU and attracting new customers. There is a risk that we will not be able to retain existing or acquire new customers if our products, services and service experience do not meet customer expectations. There is also a risk that the increasing complexity of our networks could hinder the effective management of our services and networks, which could adversely affect service levels. In particular, our new Bell&#160;Fibe TV service delivery platform is built upon a large number of complex subsystems 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. Furthermore, 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 the quality of customer service and on our costs of providing such&#160;service.</font></P>
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<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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. There is a risk that customer service improvements will not be achieved or that, even if achieved, they will not necessarily translate into an enhanced public perception of Bell&#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 financial performance. Finally, there is a risk that customer operations initiatives that we may implement will fail to reduce call volumes, which could lead to increased costs or reduced service levels resulting in lower customer&#160;satisfaction.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If we are unable to achieve any or all of our strategic imperatives, our business and financial performance could be adversely&#160;affected.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>We need to anticipate technological change and invest in or develop new technologies, products and services that will gain market acceptance. If we are unable to upgrade our networks, launch new technologies, products and services on a timely basis that gain market acceptance or if regulation expands to delay newer technologies, our business and financial performance may be adversely&#160;affected.</I></B></font></P>
<P style="text-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. Rapidly evolving technology brings new service opportunities through transformational change or redeployment of existing infrastructure to new applications on an almost continuous basis. We must constantly secure and protect the relevance of our services and products and their position in the value chain as market expectations evolve, while opportunities to extract value from our networks are challenged by changes such as the proliferation of cheaper IP-based communication, OTT delivery mechanisms, the influence of global brands such as Apple and Google and the introduction of cloud services. 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 that will gain market acceptance are critical to increasing the number of our subscribers and achieving our financial performance&#160;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. New technologies, for example, may quickly become obsolete or may need more capital than initially expected. Development could be delayed for reasons beyond our control, and substantial investments usually need to be made before new technologies prove to be commercially viable. There is also a risk that current regulations could be expanded to apply to new technologies, which could delay our launch of new&#160;services.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that we will be successful in developing, implementing or 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. If we fail to upgrade our networks and to successfully develop, implement and market within a reasonable time new technologies, products, services or enhancements that gain market acceptance, this could have an adverse effect on our business and financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>If we fail to maintain network operating performance, this could have an adverse effect on our reputation, business and financial&#160;performance.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our residential and business customers require constant availability and reliable speed from our wireline, wireless and satellite networks. If we fail to provide reliable functional services or to design processes and redundancies that ensure the highest standards of performance associated with our brand in the context of increasing customer demand, or to establish response strategies and protocols to maintain service availability and consistency in the event of disastrous events, this could have an adverse effect on our reputation, business and financial&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In particular, the demand for TV 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&#160;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 beyond those expenditures already anticipated by our subscriber and traffic planning forecasts to provide additional capacity and reduce network congestion on our Internet and wireless networks. We may not be able to recover these costs from customers due to competitors&#146; short-term pricing of comparable services. There is also a risk that our efforts to optimize network performance, in the face of increasing 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 financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>Our operations depend on how well we protect, maintain and replace our networks, equipment, facilities, IT systems, software and other&#160;assets.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our operations depend on how well we protect our wireline, wireless and satellite networks (including transport facilities, communications switches, routers, microwave links, cell sites and other equipment), facilities, IT systems, software, electronic and physical records of business and other assets, as well as 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, hurricanes,</font></P>
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<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
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<font face="Arial" size="2">tornadoes and tsunamis), power loss, building cooling loss, unauthorized access or entry, cyber attacks (including hacking, computer viruses or other breaches of networks or IT security), 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, facilities, IT systems, software and other assets. Any of the above-mentioned events, as well as the failure to complete the planned replacement, maintenance or upgrade due to factors beyond our control, could disrupt our operations (including as a result of network failures, billing errors and delays in customer service), require significant resources, result in significant remediation costs, result in a loss of subscribers or impair our ability to attract new subscribers, which in turn could have an adverse effect on our business and financial performance. Our operations also depend on our ability to protect the privacy of customer and employee confidential information stored in our data centres against theft. The theft of such information could adversely affect our reputation and customer relationships and expose us to claims of damages by customers and&#160;employees.</font></P>
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<font face="Arial" size="2" color="#0065A4">
<B><I>Our failure to implement, on a timely basis, or maintain effective IT systems and the complexity and costs of our IT&#160;environment could have an adverse effect on our business and financial&#160;performance.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We currently use a very large number of highly complex interconnected operational and business support systems that are relevant to most aspects of our operations, including provisioning, networking, billing and accounting. We also have various IT&#160;system and process change initiatives that are in progress or are proposed to be implemented. This is typical of incumbent telecommunications service providers that support a wide variety of legacy and emerging telephony, mobility, data and TV 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&#160;systems.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance that any of our proposed IT&#160;systems or process change initiatives will be successfully implemented or implemented in accordance with anticipated timelines or that sufficiently skilled personnel will be available to complete such initiatives. If we fail to implement, on a timely basis, and maintain effective IT systems, or to create and maintain an effective governance and operating framework to support the management of a largely outsourced staff, or to understand and streamline our significant number of legacy systems and proactively meet constantly evolving business requirements, this could have an adverse impact on our business&#160;and financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>The complexity of our product offerings and pricing plans could have an adverse effect on our business and financial&#160;performance.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our product offerings and related pricing plans are vast and may be too complex for customers to evaluate and for Bell&nbsp;to manage. We rely on multiple billing systems, marketing databases and a myriad of rate plans, promotions and product offerings which create complexity in our operations and may lead to billing errors and limit our ability to respond quickly to marketplace changes and reduce&#160;costs.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>We depend on key third-party suppliers to provide products and services that we need to operate our&#160;business.</I></B></font></P>
<P style="text-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 be available only from a limited number of suppliers. We compete globally with other telecommunications service providers for access to critical products and services 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&#160;customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If, at any time, suppliers cannot provide us with critical products or services, including, without limitation, IT services and customer contact centre services, as well as telecommunications equipment, software and maintenance services that comply with evolving telecommunications standards and are compatible with our equipment, IT systems and software, our business and financial performance 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. As well, network development and expansion could be impeded, and our business, strategy and financial performance 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, natural disasters (including seismic events and severe weather-related events such as ice, snow or wind storms, flooding, hurricanes, tornadoes and tsunamis), general economic and financial market conditions, the intensity of competitive activity, labour disruptions, the availability of and access to capital, bankruptcy or other insolvency proceedings, and changes in technological&#160;standards.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, if we fail to optimize the supply chain with suppliers and vendors, ensure that effective governance and controls are applied to suppliers and vendors and properly manage the contracting process, this could adversely affect service delivery as well as our overall business and financial&#160;performance.</font></P>
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<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our networks are connected with the networks of other telecommunications carriers and suppliers, and we rely on them to deliver some of our services. Temporary or permanent operational failures or service interruptions by these carriers and suppliers due to technical difficulties, strikes or other work disruptions, bankruptcies or other insolvency proceedings, or other events including, but not limited to, those referred to under <I>Risks that Could Affect Our Business and Results &#150; Our operations depend on how well we protect, maintain and replace our networks, equipment, facilities, IT systems, software and other assets</I>, could have an adverse effect on our networks, services, business and financial&#160;performance.</font></P>
<P style="text-align: left;">
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<B><I>Regulatory initiatives or proceedings, pending or future litigation, changes in laws or regulations, government tax audits and other tax matters could have an adverse effect on our business and financial&#160;performance.</I></B></font></P>
<P style="text-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 financial performance. A&#160;decision of the CRTC can also within a year be varied, rescinded or referred back to the CRTC by&nbsp;Canada&#146;s Governor-in-Council, either by his/her own volition or upon petition in writing by third parties filed within 90&#160;days of the CRTC&#146;s decision. If we fail to meet the required regulatory standards or positively influence changes in any area affecting our business, this could result in significant financial, reputational or operational challenges or penalties. In addition, we become involved in various legal proceedings as a part of our business. We have observed an increased willingness on the part of claimants to launch class actions whereby a representative plaintiff seeks to pursue a legal claim on behalf of a large group of persons, and the number of class actions filed against us has continued to increase in recent years. Pending or future litigation, including an increase in class action claims which, by their nature, could result in sizeable damage awards and costs relating to litigation, could have an adverse effect on our business and financial&#160;performance.<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 financial&#160;performance.<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 that 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&#160;penalties.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Since&nbsp;2010, consumer protection legislation has been amended in the provinces of Qu&#233;bec and Manitoba, and other provinces are contemplating the adoption of similar measures. These amendments have introduced new provisions applicable to wireless, wireline, Internet and digital television service contracts relating to verbal and contract disclosures, amendments, renewals, terminations and the calculation of early cancellation fees. The adoption by governments of these increasingly stringent consumer protection laws may also increase the number of class actions against us. These consumer protection laws have resulted, and are expected to continue to result, in additional costs of providing products and services in the provinces that have adopted such protective measures, and may result in reduced revenues and additional&#160;churn.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For a description of the principal regulatory initiatives and proceedings affecting us, see <I>Our Regulatory Environment</I>. For a description of the principal legal proceedings involving us, please see the section <I>Legal Proceedings </I>in the BCE&#160;2011 AIF.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>Ineffective change management could adversely affect our business and our ability to achieve our strategic&#160;imperatives.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Corporate restructurings, system replacements and upgrades, process redesigns and the integration of business units and new business acquisitions must be carefully managed to ensure that we capture the intended benefits of such changes. Ineffective change management may adversely affect our business and negatively impact the achievement of our strategic imperatives. There can be no assurance that planned efficiency initiatives will be completed or that such initiatives, once implemented, will provide the expected benefits or will not have a negative impact on our operations, financial performance, employee engagement or customer&#160;service.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>We may be required to increase contributions to our employee benefit plans in the future.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The funding requirements of our employee benefit plans, resulting from valuations of our plan assets and liabilities, depend on a number of factors, including actual returns on pension plan assets, long-term interest rates, plan demographics, and applicable regulations and 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&#160;financial&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There is no assurance that our pension plans will 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&#160;requirements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our expected funding for&#160;2012 is in accordance with the latest pension valuations as of December&#160;31,&#160;2010 filed in June&#160;2011, adjusted to reflect&#160;2011 returns and market conditions at the end of&nbsp;2011, and takes into account voluntary contributions of</font></P>
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<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">65</font></b></P>


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<font face="Arial" size="1">MANAGEMENT&#146;S DISCUSSION AND ANALYSIS</font></P>
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<font face="Arial" size="2">&#36;500&#160;million in&#160;2009 and &#36;750&#160;million in each of&#160;2010 and&nbsp;2011. December&#160;31,&#160;2011 valuation results, to be filed with pension authorities by June&#160;30,&nbsp;2012, may impact actual funding for&#160;2012.</font></P>
<P style="text-align: left;">
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<B><I>Renegotiating collective bargaining agreements with employees could result in higher labour costs and work&#160;disruptions.</I></B></font></P>
<P style="text-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, in turn, our financial performance. In addition, work disruptions experienced by our third-party suppliers and other telecommunications carriers to whose networks ours are connected, including work slowdowns and work stoppages due to strikes, could harm our business, including our customer relationships and financial&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following collective agreements covering 100&#160;or more employees will expire in&#160;2012:</font></P>
<UL>
<LI>
<p 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 Bell&#160;Canada covering approximately 4,585&#160;craft employees will expire on November&#160;30,&#160;2012</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the collective agreement between the United Steel Workers of America (USWA) and Nordia&nbsp;Inc. covering approximately 775&#160;craft employees will expire on December&#160;31,&#160;2012</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the collective agreement between the CEP and Bell&#160; Aliant Regional Communications&nbsp;Inc. covering approximately 155&#160;clerical employees will expire on May&#160;31,&#160;2012</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the collective agreement between the CEP and Bell&#160;Media&nbsp;Inc. for TV station CFCF covering approximately 140&#160;craft employees will expire on December&#160;31,&nbsp;2012</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the collective agreement between the USWA and The&#160;Source covering approximately 125&#160; craft employees will expire on April&#160;30,&#160;2012.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, the following describes the status of collective agreements covering 100&#160;or more employees that have already&#160;expired:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the collective agreement between the CEP and Expertech Network Installation&nbsp;Inc. (Expertech) covering approximately 1,360&#160;craft employees expired on November&#160;30,&nbsp;2011. A&#160;second collective agreement proposal was tabled for ratification on February&#160;17,&nbsp;2012. Results of the ratification vote will be known on or about March&#160;27,&#160;2012.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the collective agreement between the CEP and Bell&#160;Aliant&#160;LP covering approximately 650&#160; craft employees expired on November&#160;30,&nbsp;2011. Negotiations are ongoing.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">a notice to bargain has been served for the following Bell&#160;Media collective agreements and bargaining will begin in the coming weeks or is already under-way:<br>
&#150; the collective agreement between the CEP and CTV Agincourt covering approximately 490&#160;craft employees
<br>
&#150; the collective agreement between the CEP and CTV Calgary/Edmonton (Alberta) covering approximately 290&#160;craft&#160;employees.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The CEP was certified on March&#160;1,&#160;2011 to represent approximately 105&#160;Bell&#160;ExpressVu broadcast employees working in the Toronto region of Ontario. Notice to bargain was served on April&#160;4,&#160;2011 and negotiation of a first collective agreement is&#160;ongoing.</font></P>
<P style="text-align: left;">
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<B><I>If we are unable to raise the capital we need, we may need to limit our capital expenditures or our investments in new businesses, or try to raise capital by disposing of&#160;assets.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">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 the 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, trade receivables through the use of our employees, systems and&#160;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 securitized trade&#160;receivables.<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&#160;industry.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our bank credit facilities, including credit facilities supporting our commercial paper programs, are provided by 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, due to the risk factors mentioned herein 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&#160;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 on acceptable terms, we may have to limit our ongoing capital expenditures, limit our investment in new businesses, or try to raise additional capital</font></P>
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<P style="text-align: left;">
<font face="Arial" size="2">by selling or otherwise disposing of assets. Any of these could have an adverse effect on our cash flows from operations or on our growth&#160;prospects.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>We may not be able to discontinue certain services as necessary to improve capital and operating&#160;efficiencies.</I></B></font></P>
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<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 discontinuation could be delayed or prevented by customers or regulatory actions. If we cannot discontinue these services as planned and have to maintain the operational status of the affected legacy infrastructures longer than planned, we will not be able to achieve the expected efficiencies and related savings, which may have an adverse effect on our financial&#160;performance.</font></P>
<P style="text-align: left;">
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<B><I>Satellites used by Bell&#160;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&#160;TV&#146;s business and financial&#160;performance.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In conjunction with the sale by BCE&nbsp;of its subsidiary, Telesat, on October&#160;31, 2007, a set of commercial arrangements between Telesat and Bell&#160;TV were put into place that provide Bell&#160;TV with access to satellite capacity. Pursuant to these commercial arrangements, Bell&#160;TV currently uses three satellites. Telesat operates or directs the operation of these satellites. In&#160;addition, Bell&#160;TV anticipates using Telesat&#146;s Nimiq&#160;6&#160;satellite, which is scheduled to be launched in mid-2012.<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. These risks include in-orbit equipment failures, malfunctions and other problems commonly referred to as anomalies that could reduce the commercial usefulness of a satellite used by Bell&#160;TV. Acts of war or terrorism, magnetic, electrostatic or solar storms, and space debris or micrometeoroids could also damage the satellites used by&#160;Bell&#160;TV.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Any loss, failure, manufacturing defect, damage or destruction of these satellites, of Bell&#160;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&#160;TV&#146;s business and financial performance and could result in many customers terminating their subscription to Bell&#160;TV&#146;s DTH satellite television&#160;service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In addition, there are 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&#160;satellite construction schedules are not met, a launch opportunity may not be available at the time the satellite is ready to be launched. A&#160;launch vehicle may fail, resulting in a significant delay in the deployment of a satellite because of the need to construct a replacement satellite, which typically takes up to&#160;30&#160;months or longer, and to obtain another launch vehicle. Such significant delays could adversely affect Bell&#160;TV&#146;s ability to launch new services and could reduce the competitiveness of its television services, and may adversely affect our financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>The theft of our satellite television services has an adverse effect on Bell&#160;TV&#146;s business and financial&#160;performance.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;TV faces a loss of revenue resulting from the theft of its services. As is the case for all other television distributors, Bell&#160;TV has experienced, and continues to experience, ongoing efforts to steal its services by way of compromise or circumvention of Bell&#160;TV&#146;s signal security systems. The theft of Bell&#160;TV&#146;s services has an adverse effect on Bell&#160;TV&#146;s business and financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>Bell&#160;Media&#146;s revenues are significantly dependent on the sale of&#160;advertising.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">A large part of Bell&#160;Media&#146;s revenues from its television and radio broadcasting businesses is derived from the sale of advertising. In addition to the previously discussed impact on the demand for advertising of prevailing economic conditions, most of Bell&#160;Media&#146;s advertising contracts are short term and are cancellable on relatively short notice. Furthermore, as previously discussed, Bell&#160;Media&#146;s advertising revenues are also affected by competitive pressures and, as discussed below, technological&#160;changes.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There can be no assurance that Bell&#160;Media&#146;s television and radio programming will be successful in attracting and retaining viewers and listeners given the unpredictability and volatility of viewer and listener preferences, competitive programming from other channels and stations, and an increasing number of alternative forms of entertainment. A&#160;significant number of advertisers base a substantial part of their purchasing decisions on audience ratings. If Bell&#160;Media&#146;s television and radio ratings were to decrease substantially, Bell&#160;Media&#146;s advertising sales volumes and the rates that it charges to advertisers could be adversely&#160;affected.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>Bell&#160;Media&#146;s specialty television business is significantly dependent on BDUs to distribute its specialty television&#160;services.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Media&#146;s specialty television business is dependent on BDUs to distribute its specialty television services. A significant majority of Bell&#160;Media&#146;s specialty television viewers is served by a small number of distributors. Many of the distribution agreements between Bell&#160; Media and its key distributors have expired. There could be a negative impact on Bell&#160;Media&#146;s business and revenues if agreements with distributors are not renewed on favourable terms.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>New technology and increasing fragmentation in television and radio markets could have an adverse effect on Bell&#160;Media&#146;s business and financial&#160;performance.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Television and radio advertising revenue depends largely on the potential audience size and the attractiveness of programming. The market has become increasingly fragmented and this trend is expected to continue as new services and technologies increase the diversity of information and entertainment outlets available</font></P>
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<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">67</font></b></P>


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<P style="text-align: left;">
<font face="Arial" size="2">to consumers. New technologies and alternative distribution platforms such as VoD, personal video/audio platforms, video and audio services over mobile devices and the Internet,&#160;including OTT content offerings such as Netflix&#160;Inc., and satellite radio could influence changes in consumer behaviour and patterns, resulting in a negative impact on the audience size for our broadcast services. In addition, the increasing use of PVRs could influence Bell&#160;Media&#146;s capability to generate television advertising revenues as viewers are more capable of skipping broadcast advertising. As a result, there is no assurance that Bell&#160;Media will be able to maintain or increase its advertising revenues or its ability to reach or retain viewers with attractive&#160;programming.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Additionally, new technologies and changes in broadcasting standards could result in the need to invest in the improvement or replacement of our current equipment and platforms. This&#160;could require us to incur significant unplanned&#160;expenses.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>Bell&#160;Media could be required to pay additional royalties under licences pursuant to the </I>Copyright&#160;Act<I>.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&#160;Media&#146;s radio, conventional television and specialty television undertakings rely on licences under the <I>Copyright Act </I>in order to make use of the music component of programming distributed by these undertakings. Under these licences, Bell&#160;Media is required to pay royalties established by the Copyright Board pursuant to the requirements of the <I>Copyright Act </I>to collecting societies that represent the copyright owners. These royalties are paid by these undertakings on a monthly basis in the normal course of their&#160;business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The levels of royalties payable by Bell&#160;Media are subject to change upon application by the collecting societies and upon approval by the Copyright Board. The Government of&nbsp;Canada may, from time to time, make amendments to the <I>Copyright Act </I>to implement&nbsp;Canada&#146;s international treaty obligations or other obligations or for other purposes. Any such amendments could result in Bell&#160;Media&#146;s broadcasting undertakings being required to pay additional royalties for these&#160;licences.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>Health concerns about radiofrequency emissions from wireless devices, as well as epidemics and other health risks, could have an adverse effect on our&#160;business.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Many studies have been performed over the past two decades to assess whether wireless networks, base stations or mobile phones pose a potential health risk. Some studies have indicated that radiofrequency emissions may be linked to certain medical conditions, while other studies could not establish such a link between adverse health effects and low level, long-term exposure to radiofrequency emissions. In May&#160;2011, a working group of the International Agency for Research on Cancer (IARC) of the World Health Organization classified radiofrequency electromagnetic fields from wireless phones as possibly carcinogenic to humans. The IARC noted that a positive association has been observed between the use of mobile phones and certain brain cancers for which a causal interpretation is considered to be credible, but that chance, bias or confounding could not be ruled out with reasonable confidence. The IARC has classified 267&#160;items as possibly carcinogenic to humans, including chloroform, coffee and nickel. The IARC called for additional research into long-term heavy use of mobile phones and, pending the availability of this additional research, recommended that pragmatic measures be taken to reduce exposure, such as the use of hands-free devices or texting. There can be no assurance that future health studies or government regulations concerning radiofrequency emissions will not have an adverse effect on our business and financial&#160;performance.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Increasing concern over the use of wireless 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. 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, higher costs as a result of modifying handsets, relocating wireless towers or addressing incremental legal requirements, product liability lawsuits or reduced outside financing being available to the wireless communications industry. In addition, public protest could result in a slower deployment of, or our inability to deploy, new wireless networks, towers and antennas. We rely on our suppliers to ensure that the network equipment and customer equipment supplied to us meet 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 financial&#160;performance.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>Our business depends on the performance of, and our ability to retain, our&#160;employees.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our business depends on the efforts, abilities, engagement and expertise of our employees and, more specifically, of our senior executives and other key employees. Competition for highly skilled management and customer service employees is intense in our industry. In addition, the increasing technical complexity of our businesses creates a challenging environment for hiring, retaining and developing skilled technical resources. If&#160;we fail to appropriately train, motivate, remunerate or deploy employees on initiatives that further our strategic imperatives, this could have an adverse impact on our ability to attract and retain talent and drive performance across the&#160;organization.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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 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&#160;us.</font></P>
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<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Finally, deterioration in employee morale and engagement resulting from continuing staff reductions, reorganizations and ongoing cost reductions could also adversely affect our business and financial&#160;results.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>BCE&nbsp;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&#160;it.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&nbsp;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&#160;Canada. BCE&#146;s cash flow and, consequently, its ability to service its indebtedness and to pay dividends on&#160;its equity securities are therefore dependent upon the ability of its&#160;subsidiaries, joint ventures and other companies in which it has an interest to pay dividends or otherwise make distributions&#160;to&#160;it.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#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. In addition, any right of BCE&nbsp;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&#160;companies.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>We cannot guarantee that BCE&#146;s dividend policy will be maintained or that dividends will be&#160;declared.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The board of directors of BCE&nbsp;reviews from time to time the adequacy of BCE&#146;s dividend policy. On February&#160;10,&nbsp;2009, the board of directors of BCE&nbsp;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 our business while growing returns to shareholders. Under this dividend policy, increases in the common share dividend are directly linked to growth in BCE&#146;s Adjusted EPS. BCE&#146;s dividend policy and the declaration of dividends are subject to the discretion of BCE&#146;s board of directors and, consequently, there can be no guarantee that BCE&#146;s dividend policy will be maintained or that dividends will be&#160;declared.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>A major decline in the market price of BCE&#146;s securities may negatively impact our ability to raise capital, issue debt, retain employees, make strategic acquisitions or enter into joint&#160;ventures.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Differences between BCE&#146;s actual or anticipated financial results and the published expectations of financial analysts may contribute to volatility in BCE&#146;s securities. A major decline in the capital markets in general, or an adjustment in the market price or trading volumes of BCE&#146;s securities, may negatively affect our ability to raise capital, issue debt, retain employees, make strategic acquisitions or enter into joint&#160;ventures.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B><I>The expected timing and completion of our proposed acquisition of an interest in MLSE is subject to closing conditions and other risks and&#160;uncertainties.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The expected timing and completion of the proposed acquisition by BCE&nbsp;of an interest in MLSE is subject to customary closing conditions, termination rights and other risks and uncertainties including, without limitation, any required regulatory and sports league 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. As well, there can be no assurance that the strategic benefits expected to result from the transaction will be fully&#160;realized.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>RISK MANAGEMENT&#160;PRACTICES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&#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 that 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 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&#146;s board of directors in evaluating the business plans for each of the business units and BCE&nbsp;as a whole. The Internal Audit group plans its annual activities employing a risk-based review of internal control processes within BCE. 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&#160;business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Audit Committee considers the effectiveness of the operation of our internal control procedures, and reviews reports from the Internal Audit group and BCE&#146;s external auditors. The Audit Committee reports its conclusions to BCE&#146;s board of&#160;directors.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">69</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>OUR ACCOUNTING&#160;POLICIES</B></font></P>
<table border="0" width="100%" cellspacing="1" cellpadding="10" id="table1">
	<tr>
		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<P style="text-align: left; line-height:150%">
<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&#160;statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have prepared our consolidated financial statements using IFRS. 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. See Note&#160;2 to the consolidated financial statements for more information about the accounting principles we used to prepare our financial&#160;statements.</font></P>
		</td>
	</tr>
</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>CRITICAL ACCOUNTING&#160;ESTIMATES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">As required under IFRS, 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&#160;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 under the circumstances. By their nature, these estimates are subject to measurement uncertainty and actual results could&#160;differ.<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 were highly uncertain at the time the estimate was made, and changes to these estimates could have a material impact on our financial&#160;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&#160;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&#160;linear.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT AND FINITE-LIFE INTANGIBLE&#160;ASSETS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>We review estimates of the useful lives of property, plant and equipment and finite-life intangible assets on an annual basis and adjust depreciation or amortization on a prospective basis,&#160;if&#160;necessary.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A significant proportion of our total assets consists of property, plant and equipment and finite-life intangible assets. 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&#160;change.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimated useful lives of property, plant and equipment and finite-life intangible assets are determined by internal asset life studies which take into account actual and expected future usage, physical wear and tear, replacement history and assumptions about technology evolution. When factors indicate that assets&#146; useful lives are different from the original assessment, we depreciate or amortize the remaining carrying value prospectively over the adjusted estimated useful&#160;lives.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS&#160;IMPAIRMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We make a number of estimates when calculating fair value using discounted future cash flows or other valuation methods. These estimates include the assumed growth rates for future cash flows, the number of years used in the cash flow model, and the discount&#160;rate.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>GOODWILL&#160;IMPAIRMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>We perform an annual test for goodwill impairment for each of our cash generating units (CGUs) to which goodwill is allocated in the fourth quarter and whenever there is an indication that goodwill might be&#160;impaired.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A CGU is the smallest identifiable group of assets that generates cash inflows that are independent of the cash inflows from other assets or groups of assets. We assess goodwill impairment at the level of each CGU or group of CGUs likely to benefit from acquisition-related synergies within an operating&#160;segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We identify any potential impairment by comparing the carrying value of a CGU to its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less costs to sell and its value in use. Fair value less costs to sell is based on estimates of discounted future cash flows or other valuation methods. Cash flows are projected based on past experience, actual operating results and business plans. When the recoverable amount of a CGU is less than its carrying value, the recoverable amount is determined for all its identifiable assets and liabilities. The excess of the recoverable amount of the CGU over the total of the amounts assigned to its assets and liabilities is the recoverable amount of&#160;goodwill.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its recoverable amount. Goodwill impairment losses may not be&#160;reversed.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We make a number of estimates when calculating the recoverable amount of goodwill using discounted future cash flows or other valuation methods. These estimates include the assumed growth rates for future cash flows, the number of years used in the cash flow model and the discount&#160;rate.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">70</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that all of our estimates are reasonable. They are consistent with our internal planning and reflect our best estimates, but they have inherent uncertainties that management may not be able to&#160;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 recoverable amount 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&#160;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&#160;reported.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2011, we recorded a &#36;17&#160;million goodwill impairment charge of a CGU within Bell&#160;Wireline that will cease operations in&nbsp;2012. There was no goodwill impairment charge in&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>FAIR VALUE OF FINANCIAL&#160;INSTRUMENTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Certain financial instruments, such as investments in equity securities, derivative financial instruments and certain elements of borrowings, are carried in the statements of financial position at fair value, with changes in fair value reflected in the income statements. Fair values are estimated by reference to published price quotations or by using other valuation techniques that may include inputs that are not based on observable market&#160;data.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CONTINGENCIES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>We become involved in various litigation and regulatory matters as a part of our business. Each of our operating segments may be affected. Pending litigation, regulatory initiatives or regulatory proceedings represent a potential financial cost to our&#160;business.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We accrue a potential loss if we believe the loss is probable and can be reasonably estimated, based on information that is available at the time. 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&#160;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 consolidated financial statements in the period in which the judgement or settlement occurs. Any accrual would be charged to earnings and included in <I>Trade payables and other liabilities </I>or <I>Other non-current liabilities</I>. Any cash settlement would be deducted from cash from operating&#160;activities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;None of our operating segments had any significant provisions relating to pending litigation, regulatory initiatives or regulatory proceedings at December&#160;31,&nbsp;2011. We have not made any significant changes to our estimates in the past two&#160;years.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>INCOME&#160;TAXES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The calculation of income taxes requires judgement in interpreting tax rules and regulations. There are transactions and calculations for which the ultimate tax determination is uncertain. Our tax filings are also subject to audits, the outcome of which could change the amount of current and deferred tax assets and liabilities. Management believes that it has sufficient amounts accrued for outstanding tax matters based on the information that currently is&#160;available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets / liabilities and future tax liabilities require management judgement in determining the amounts to be recognized. In particular, judgement is required when assessing the timing of the reversal of temporary differences to which future income tax rates are applied. Further, the amount of deferred tax assets, which is limited to the amount that is probable to be realized, is estimated with consideration given to the timing, sources and amounts of future taxable&#160;income.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>EMPLOYEE BENEFIT&#160;PLANS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>The amounts reported in the financial statements relating to DB pension plans and other employee future benefits are determined using actuarial calculations that are based on several&#160;assumptions.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We perform an actuarial 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, among other things, the discount rate, the expected long-term rate of return on pension plan assets, the rate of compensation increase, trends in healthcare costs and expected average remaining years of service of&#160;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 employee benefit plans&#160;costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We account for differences between actual and assumed results in benefit obligations and plan performance in other comprehensive income, which are then recognized immediately in the&#160;deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two most significant assumptions used to calculate the net employee benefit plans cost are the discount rate used to value the employee benefit obligation and the expected long-term rate of return on plan assets. Each of our operating segments is affected by these&#160;assumptions.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Discount&#160;Rate</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>The discount rate is used to determine the present value of the future cash flows that we expect will be needed to settle employee benefit obligations. It is based on the yield on long-term high-quality corporate fixed income investments, with maturities matching the estimated cash flows from the pension&#160;plan.</I></font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">71</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We determine the appropriate discount rate at the end of every year. The following table shows the impact of a 0.5% increase and a 0.5% decrease in the discount rate on the net employee benefit plans cost for&#160;2012 and the employee benefit obligation at December&#160;31,&#160;2012.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table2">
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
IMPACT ON NET</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">
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="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
EMPLOYEE BENEFIT</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">
EMPLOYEE BENEFIT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
PLANS COST</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">
OBLIGATION AT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
FOR&#160;2012 &#150;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
DECEMBER&#160;31,&#160;2012 &#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Discount rate increased to 5.6%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">3</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(940</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(18</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(29</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(233</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,220</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Discount rate decreased to 4.6%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(8</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">998</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">19</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">31</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">247</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(8</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,295</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Expected Long-Term Rate of&#160;Return</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>The expected long-term rate of return is a weighted average of estimated long-term returns on each of the major plan asset categories in our pension&#160;funds.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows the impact of a 0.5% increase and a 0.5% decrease in the expected rate of return on plan assets on the net employee benefit plans cost for&#160;2012 and the employee benefit obligation at December&#160;31,&#160;2012.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table3">
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
IMPACT ON NET</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">
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="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
EMPLOYEE BENEFIT</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">
EMPLOYEE BENEFIT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
PLANS COST</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">
OBLIGATION AT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
FOR&#160;2012 &#150;</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
DECEMBER&#160;31,&#160;2012 &#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected rate of return increased to 7.5%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(81</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(81</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected rate of return decreased to 6.5%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">81</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">81</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FUTURE CHANGES TO ACCOUNTING&#160;STANDARDS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In November&#160;2009, the IASB issued IFRS&#160;9 &#150; Financial Instruments, introducing new requirements for classifying and measuring financial assets. In October&#160;2010, the IASB reissued IFRS&#160;9, incorporating new requirements on accounting for financial liabilities, and carrying over from International Accounting Standard (IAS)&#160;39 the requirements for derecognition of financial assets and financial liabilities. In December&#160;2011, the IASB amended IFRS&#160;9, deferring the mandatory effective date to annual periods beginning on or after January&#160;1, 2015. The amendment also provides relief from restating comparative information and required disclosure in IFRS&#160;7 &#150; Financial Instruments:&#160;Disclosures.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2010, the IASB amended IFRS&#160; 7 &#150; Financial Instruments: Disclosures to require quantitative and qualitative disclosures for transfers of financial assets where the transferred assets are not derecognized in their entirety or the transferor retains continuing managerial involvement. The amendment also requires disclosure of supplementary information if a substantial portion of the total amount of the transfer activity occurs in the closing days of a reporting period. This amendment to IFRS&#160;7 must be applied for annual periods beginning on or after July&#160;1,&#160;2011, with early adoption permitted. In December&#160;2011, the IASB further amended IFRS&#160;7 to require disclosures to better assess the effect or potential effect of offsetting arrangements in the statements of financial position. This amendment to IFRS&#160;7 must be applied retrospectively for annual periods beginning on or after January&#160;1,&#160;2013.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;10 &#150; Consolidated Financial Statements, which establishes principles for the presentation and preparation of consolidated financial statements. Under IFRS&#160;10, control is identified as the single basis of consolidation for all types of entities. IFRS&#160;10 must be applied retrospectively for annual periods beginning on or after January&#160;1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;11 &#150; Joint Arrangements, which establishes principles for financial reporting by parties to an arrangement that is jointly controlled by two or more parties. IFRS&#160;11 clarifies that joint control only exists when decisions about the relevant activities of an arrangement require the unanimous consent of the parties that control the arrangement collectively. IFRS&#160;11 requires a joint venturer to account for its investment using the equity method. IFRS&#160;11 must be applied retrospectively for annual periods beginning on or after January&#160;1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;12 &#150; Disclosure of Interests in Other Entities, which integrates and enhances the disclosure requirements for entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity. IFRS&#160;12 is effective for annual periods beginning on or after January&#160;1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;13 &#150; Fair Value Measurement, which establishes a single source of guidance for fair value measurement under IFRS. IFRS&#160;13 defines fair value, provides guidance on measurement and introduces certain disclosure requirements. IFRS&#160;13 must be applied prospectively for annual periods beginning on or after January&#160; 1, 2013, with early adoption&#160;permitted.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">72</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2011, the IASB amended IAS&#160; 1 &#150; Presentation of Financial Statements, providing guidance on items contained in other comprehensive income and their classification within other comprehensive income. The amendments to IAS&#160;1 must be applied retrospectively for annual periods beginning on or after July&#160;1,&#160;2012.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2011, the IASB amended IAS&#160;32 &#150; Financial Instruments: Presentation, clarifying the application of the offsetting requirements of financial assets and financial liabilities. The amendments to IAS&#160;32 must be applied retrospectively for annual periods beginning on or after January&#160;1,&#160;2014.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adoption of IFRS standards and amendments outlined above is not expected to have a significant impact on our financial&#160;statements.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In June&#160;2011, the IASB amended IAS&#160;19 &#150; Employee Benefits, eliminating the corridor approach for recognizing actuarial gains and losses. Annual finance expense for a funded benefit plan will include net interest expense or income, calculated by applying the discount rate to the net DB asset or liability, replacing the finance charge and expected return on plan assets. Entities will also need to segregate changes in the DB obligation and in the fair value of plan assets into three components: service costs, net interest on the net DB liabilities (assets) and remeasurements of the net DB liabilities (assets). The amendments also enhance disclosure about the risks arising from DB plans. The amendments to IAS&#160;19 must be applied retrospectively (with certain exceptions) for annual periods beginning on or after January&#160;1,&#160;2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendments to IAS&#160;19 are expected to result in an increase in net financing costs related to employee benefit&#160;plans.</font></P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>EFFECTIVENESS OF INTERNAL&#160;CONTROLS</B></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>DISCLOSURE CONTROLS AND&#160;PROCEDURES</I></B></font></P>
<P style="text-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&#146;s President and Chief Executive Officer&#160; (CEO) and Executive Vice-President and Chief&#160;Financial Officer (CFO), to allow timely decisions regarding required&#160;disclosure.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As at December&#160;31,&nbsp;2011, 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. <I>Securities Exchange Act of&#160;1934 </I>and under National Instrument 52-109&#160;&#150; <I>Certification of Disclosure in Issuers&#146; Annual and Interim Filings</I>. The CEO and CFO have limited the scope of their design and evaluation of our disclosure controls and procedures to exclude the disclosure controls and procedures of Bell&#160;Media&nbsp;Inc. (Bell&#160;Media), previously known as CTV, which we acquired on April&#160;1,&nbsp;2011. Bell&#160;Media&#146;s contribution to our consolidated financial statements for the year ended December&#160;31,&#160;2011 was 7% of consolidated revenues and had no material impact on consolidated earnings. Additionally, at December&#160;31,&nbsp;2011, Bell&#160;Media&#146;s current assets and current liabilities were approximately 12% and 5% of consolidated current assets and current liabilities, respectively, and its non-current assets and non-current liabilities were approximately 3% and 5% of consolidated non-current assets and non-current liabilities, respectively. The design and evaluation of Bell&#160;Media&#146;s disclosure controls and procedures will be complete in the first half of&nbsp;2012. Further details related to the acquisition of CTV are disclosed in Note&#160;4 to BCE&#146;s&nbsp;2011 consolidated financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on that evaluation, which excluded Bell&#160;Media&#146;s disclosure controls and procedures, the CEO and CFO concluded that our disclosure controls and procedures were effective as at December&#160;31,&#160;2011.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>INTERNAL CONTROL OVER FINANCIAL&#160;REPORTING</I></B></font></P>
<P style="text-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. <I>Securities Exchange Act of&#160;1934 </I>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 IFRS. However, because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements on a timely&#160;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&#160;31,&nbsp;2011, based on the framework and criteria established in
the<I> Internal Control &#150; Integrated Framework </I>issued by the COSO. The CEO and CFO have limited the scope of their design and evaluation of our internal control over financial reporting to exclude Bell&#160;Media&#146;s internal control over financial&#160;reporting.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on that evaluation, which excluded Bell&#160;Media&#146;s internal control over financial reporting, the CEO and CFO concluded that our internal control over financial reporting was effective as at December&#160;31,&nbsp;2011. There were no material weaknesses that have been identified by management as at December&#160;31,&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;There have been no changes during the year ended December&#160;31,&#160;2011 in our internal control over financial reporting that have materially affected, or are reasonably likely to materially affect, our internal control over financial&#160;reporting.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">73</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NON-GAAP FINANCIAL&#160;MEASURES</B></font></P>
<table border="0" width="100%" cellspacing="1" cellpadding="10" id="table4">
	<tr>
		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<P style="text-align: left; line-height:150%">
<font face="Arial">This section describes the non-GAAP financial measures we use in this MD&amp;A to explain our financial results. It&#160;also provides reconciliations of the non-GAAP financial measures to the most comparable IFRS financial&#160;measures.</font></P>
		</td>
	</tr>
</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>EBITDA</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>The term EBITDA does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other companies. We define EBITDA as operating revenues less operating costs, as shown in BCE&#146;s consolidated income statements. EBITDA for BCE&#146;s segments is the same as segment profit as reported in Note&#160;3 to BCE&#146;s&#160;2011 consolidated financial&#160;statements.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use EBITDA to evaluate the performance of our businesses as it reflects their ongoing profitability. 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. EBITDA also is one component in the determination of short-term incentive compensation for all management employees. EBITDA has no directly comparable IFRS financial measure. Alternatively, the following table provides a reconciliation of net earnings to&#160;EBITDA.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table5">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,190</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 face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>409</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">262</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 face="Arial" size="2">Depreciation</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,538</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,388</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Amortization</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>723</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">737</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 face="Arial" size="2">Finance&#160;costs</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Interest&#160;expense</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>842</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">685</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 face="Arial" size="2">Interest on employee benefit&#160;obligations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>984</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">992</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 face="Arial" size="2">Interest on fund unit&#160;liability</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">370</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 face="Arial" size="2">Expected return on pension plan&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,032</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(898</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other&#160;income</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(129</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(173</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income&#160;taxes</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>720</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">632</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">EBITDA</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,629</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">7,185</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B><I>ADJUSTED NET EARNINGS AND ADJUSTED&#160;EPS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>The terms Adjusted net earnings and Adjusted EPS do not have any standardized meaning according to IFRS. They are therefore unlikely to be comparable to similar measures presented by other&#160;companies.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We define Adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, and net (gains) losses on investments. For&nbsp;2010, Adjusted net earnings also excludes the fair value adjustments on the fund unit liability and adjusts earnings to reflect the interest on the fund unit liability as non-controlling interest. We define Adjusted EPS as Adjusted net earnings per BCE&nbsp;common&#160;share.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use Adjusted net earnings and Adjusted EPS, among other measures, to assess the performance of our businesses without the effects of severance, acquisition and other costs, and net (gains) losses on investments, net of tax and non-controlling interest. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are&#160;non-recurring.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">74</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">MANAGEMENT&#146;S
DISCUSSION AND ANALYSIS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">The most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS. The&#160;following table is a reconciliation of net earnings attributable to common shareholders and earnings per share to Adjusted net earnings on a consolidated basis and per BCE&nbsp;common share (Adjusted EPS),&#160;respectively.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table6">
<TR valign="bottom">
	<TD align=center width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font face="Arial" size="1" color="#0065A4">2011</font></b></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=center width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
TOTAL</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
PER&#160;SHARE</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PER&#160;SHARE</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings attributable to&#160;common shareholders</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,221</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.88</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,083</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2.74</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 face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>282</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>0.37</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">189</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">0.25</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net gains on&#160;investments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(89</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(0.12</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(133</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(0.18</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Fair value adjustment of fund unit&#160;liability</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(49</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(0.06</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjustment to reflect interest on fund&#160;unit liability as&#160;non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">29</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">0.04</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjusted net&#160;earnings</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,414</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.13</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,119</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2.79</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FREE CASH&#160;FLOW</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>The term free cash flow does not have any standardized meaning according to IFRS. It is therefore unlikely to be comparable to similar measures presented by other&#160;companies.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<I>We define free cash flow as cash flows from operating activities, excluding acquisition costs paid, and dividends/distributions received from Bell&#160;Aliant, less capital expenditures, preferred share dividends, dividends/distributions paid by subsidiaries to non-controlling interest and Bell&#160;Aliant free cash&#160;flow.</I><br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We consider free cash flow to be an important indicator of the financial strength and performance of our business because it shows how much cash is available to repay debt and reinvest in our company. We present free cash flow consistently from period to period, which allows us to compare our financial performance on a consistent&#160;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&#160;assets.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The most comparable IFRS financial measure is cash flows from operating activities. The following table is a reconciliation of cash flows from operating activities to free cash flow on a consolidated&#160;basis.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table7">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows from operating&#160;activities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,869</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">4,367</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 face="Arial" size="2">Bell&nbsp;Aliant dividends/distributions to&#160;BCE</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>214</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">291</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 face="Arial" size="2">Capital&#160;expenditures</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,256</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,998</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash dividends paid on preferred&#160;shares</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(118</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(108</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash dividends/distributions paid by subsidiaries to non-controlling&#160;interest</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(315</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition costs&#160;paid</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>70</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">24</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&nbsp;Aliant free cash&#160;flow</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>47</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(139</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Free cash&#160;flow</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,511</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,437</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">75</font></b></P>


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





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="5">CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>MANAGEMENT&#146;S RESPONSIBILITY FOR&#160;FINANCIAL&#160;REPORTING</B></font></P>
<P style="text-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. (BCE) 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&#160;&amp; Touche&#160;LLP, Independent Registered Chartered Accountants, have audited the financial statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management has prepared the financial statements according to International Financial Reporting Standards (IFRS). Under these principles, management has made certain estimates&#160;and assumptions that are reflected in the financial statements and&#160;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&#160;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&#160;122 of this annual report. The&#160;internal auditors and the shareholders&#146; auditors have free and independent access to the Audit&#160;Committee.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) George A. Cope<I><br>
President and Chief Executive Officer</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) Siim A. Vanaselja<I><br>
Executive Vice-President and Chief Financial&#160;Officer</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) Karyn A. Brooks<I><br>
Senior Vice-President and&#160;Controller</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">March&#160;8,&#160;2012</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">78</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>REPORT OF INDEPENDENT REGISTERED CHARTERED&#160;ACCOUNTANTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">To the board of directors and shareholders of BCE&#160;Inc.</font></P>
<P style="text-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 statements of financial position as at December&#160;31,&nbsp;2011, December&#160;31,&#160;2010 and January&#160;1,&nbsp;2010, and the consolidated income statements and statements of comprehensive income, statements of changes in equity, and statements of cash flows for the years ended December&#160;31,&#160;2011 and December&#160;31,&nbsp;2010, and a summary of significant accounting policies and other explanatory&#160;information.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>MANAGEMENT&#146;S RESPONSIBILITY FOR THE CONSOLIDATED FINANCIAL&#160;STATEMENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Management is responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board, 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&#160;error.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>AUDITOR&#146;S&#160;RESPONSIBILITY</I></B></font></P>
<P style="text-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&#160;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&#160;statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We believe that the audit evidence we have obtained in our&#160;audits is sufficient and appropriate to provide a basis for&#160;our audit&#160;opinion.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>OPINION</I></B></font></P>
<P style="text-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&nbsp;Inc. and subsidiaries as at December&#160;31,&nbsp;2011, December&#160;31,&#160;2010 and January&#160;1,&#160;2010 and their financial performance and cash flows for the years ended December&#160;31,&#160;2011 and December&#160;31,&#160;2010 in accordance with International Financial Reporting Standards as issued by the International Accounting Standards&#160;Board.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>OTHER&#160;MATTER</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">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&#160;31,&nbsp;2011, based on the criteria established in <I>Internal Control &#150; Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated March&#160;8,&#160;2012 expressed an unqualified opinion on the Company&#146;s internal control over financial&#160;reporting.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) Deloitte &amp; Touche LLP<font size="-2"><sup>(1)</sup></font><I><br>
Independent Registered Chartered Accountants</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Montr&#233;al,&nbsp;Canada <br>
March&#160;8,&#160;2012</font></P>
<P style="text-align: left;">
<font face="Arial" size="1">
<I>(1) Chartered accountant auditor permit no. 9335</I></font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">79</font></b></P>


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





<P style="text-align: left; margin-top:0">
<font face="Arial" size="1">CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<b>
<font face="Arial" size="4" color="#0065A4">
CONSOLIDATED INCOME&#160;STATEMENTS</font></b></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table8">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</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>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
(IN MILLIONS OF CANADIAN DOLLARS, EXCEPT SHARE&#160;AMOUNTS)</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;revenues</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
3</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>19,497</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">18,069</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;costs</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
5</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(11,868</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(10,884</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
6</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(409</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(262</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Depreciation</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
13</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,538</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,388</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Amortization</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
14</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(723</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(737</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Finance&#160;costs</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Interest&#160;expense</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
7</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(842</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(685</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on employee benefit&#160;obligations</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(984</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(992</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on fund unit&#160;liability</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(370</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected return on pension plan&#160;assets</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,032</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">898</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other&#160;income</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">
8</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>129</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">173</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Earnings before income&#160;taxes</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,294</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,822</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income&#160;taxes</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">
9</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(720</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(632</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR>
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="10%">
&nbsp;</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
	<TD width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="10%">
&nbsp;</TD>
	<TD 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="2">Net earnings attributable&#160;to:</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Common&#160;shareholders</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,221</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,083</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 face="Arial" size="2">Preferred&#160;shareholders</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>119</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">112</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>234</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(5</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR>
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="10%">
&nbsp;</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
	<TD width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="10%">
&nbsp;</TD>
	<TD 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="2">Net earnings per common&#160;share</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Basic</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
10</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.88</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2.74</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 face="Arial" size="2">Diluted</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
10</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp; </font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.88</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2.74</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR>
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="10%">
&nbsp;</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
	<TD width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Average number of common shares outstanding &#150; basic&#160;(millions)</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>771.4</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">759.0</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>CONSOLIDATED STATEMENTS OF COMPREHENSIVE&#160;INCOME</B></font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table9">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</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>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
(IN MILLIONS OF CANADIAN&#160;DOLLARS)</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
2011</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></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 face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other comprehensive loss, net of income&#160;taxes</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<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 face="Arial" size="2">Net change in unrealized (losses) gains on available-for-sale financial assets, net of income taxes of nil for&#160;2011 and&#160;2010</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<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: 36px">
<font face="Arial" size="2">Unrealized (losses)&#160;gains</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(12</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">4</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Gains realized in&#160;earnings</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
8</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(89</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(125</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Net change in unrealized gains (losses) on derivatives designated as cash flow hedges, net of income taxes of (&#36;11)&nbsp;million and &#36;2&#160;million for&#160;2011 and&nbsp;2010,&#160;respectively</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<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: 36px">
<font face="Arial" size="2">Unrealized gains&#160;(losses)</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>25</B></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 face="Arial" size="2">(34</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Losses realized in&#160;earnings</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4</B></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 face="Arial" size="2">35</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Actuarial losses on employee benefit plans, net of income taxes of &#36;253&#160;million and &#36;389&#160;million for&#160;2011 and&nbsp;2010,&#160;respectively</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">
20</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(686</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(969</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other comprehensive&#160;loss</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(758</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,089</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Comprehensive&#160;income</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,816</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,101</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR>
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="10%">
&nbsp;</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
	<TD width="10%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD width="10%">
&nbsp;</TD>
	<TD 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="2">Comprehensive income attributable&#160;to:</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<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 face="Arial" size="2">Common&#160;shareholders</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,442</B></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 face="Arial" size="2">996</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 face="Arial" size="2">Preferred&#160;shareholders</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>119</B></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 face="Arial" size="2">112</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>255</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(7</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Comprehensive&#160;income</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,816</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,101</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>


<P style="margin-left:0px; margin-right:0px" align="left">&nbsp;</P>
<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">80</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">
CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<B>CONSOLIDATED STATEMENTS OF CHANGES IN&#160;EQUITY</B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table10">
<TR valign="bottom">
	<TD align=left width="20%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31,&#160;2011<br>
(IN MILLIONS OF CANADIAN&#160;DOLLARS)</font></TD>
	<TD align=left width="6%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right"><font face="Arial" size="1">NOTE</font></TD>
	<TD align=left width="1%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" colspan=5
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ATTRIBUTABLE TO OWNERS OF THE PARENT</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<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=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PREFERRED<br>
SHARES</font></TD>
	<TD width="1%" align="right" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
COMMON<br>
SHARES</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SHARES<br>
SUBJECT<br>
TO CANCEL-<br>
LATION</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CONTRI-<br>
BUTED<br>
SURPLUS</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ACCUMU-<br>
LATED OTHER<br>
COMPREHEN-<br>
SIVE INCOME</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">DEFICIT</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">TOTAL</font></TD>
	<TD align=right width="1%" style="border-bottom:1px solid #000000; border-right:1px dashed #000000; border-left-width:1px; border-top-width:1px">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NON-<br>
CONTROL-<br>
LING<br>
INTEREST</font></TD>
	<TD align=right width="1%" style="border-bottom:1px solid #000000; border-right:1px dashed #000000; border-left-width:1px; border-top-width:1px">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">TOTAL<br>
EQUITY</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Balance at January&#160;1,&#160;2011</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,770</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,691</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,579</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>66</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(7,952</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,154</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,168</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,340</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,340</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>234</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000; ">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other comprehensive (loss)&#160;income</font></TD>
	<TD align=left width="6%" style="border-bottom: 1px solid #000000; ">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000; ">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000; " bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(74</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(705</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(779</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>21</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(758</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000; "
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Comprehensive (loss)&#160;income</font></TD>
	<TD align=left width="6%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(74</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,635</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,561</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>255</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,816</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Preferred shares&#160;issued</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>345</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(11</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>334</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>334</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Common shares issued under stock option&#160;plan</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>172</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(20</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Common shares repurchased and&#160;cancelled</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(61</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(4</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(78</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(143</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(143</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Common shares subject to&#160;cancellation</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(50</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(50</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(50</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other share-based payments</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>26</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>29</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>37</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Common shares issued for the&#160;acquisition of&#160;CTV</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
4</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>764</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>764</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>764</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition of&#160;CTV</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
4</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>215</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>215</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Dividends declared on BCE&nbsp;common and preferred&#160;shares</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,698</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,698</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,698</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Dividends declared by subsidiaries to non-controlling interest</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(284</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(284</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Issue of equity securities by subsidiaries to non-controlling interest</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>394</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>394</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Equity transaction with non-controlling interest</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(54</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(54</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>48</B></font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(6</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Conversion of fund unit&#160;liability</font></TD>
	<TD align=right width="6%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
19</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,716</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,729</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>331</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,060</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Balance at December&#160;31,&#160;2011</font></TD>
	<TD align=left width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,115</B></font></TD>
	<TD width="1%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13,566</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(50</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,527</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5,385</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13,778</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>981</B></font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14,759</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="MARGIN:0px">&nbsp;</P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table11">
<TR valign="bottom">
	<TD align=left width="28%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p>
<font face="Arial" size="1">FOR THE YEAR ENDED DECEMBER&#160;31,&#160;2010<br>
(IN MILLIONS OF CANADIAN&#160;DOLLARS)</font></TD>
	<TD align=left width=6% rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="right"><font face="Arial" size="1">NOTE</font></TD>
	<TD width="1%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" colspan=7
 style="border-bottom: 1px solid #000000">
<p align="center">
<font face="Arial" size="1">
ATTRIBUTABLE TO OWNERS OF THE&#160;PARENT</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">NON-<br>
CONTROL-<br>
LING<br>
INTEREST</font></TD>
	<TD align=right width="1%" style="border-bottom:1px solid #000000; border-right:1px dashed #000000; border-left-width:1px; border-top-width:1px" rowspan="2">
&nbsp;</TD>
	<TD align=right width="7%" rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">TOTAL<br>
EQUITY</font></TD>
	<TD align=left width=2% rowspan="2" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">PREFERRED<br>
SHARES</font></TD>
	<TD width="1%" align="right" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">COMMON<br>
SHARES</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">CONTRI-<br>
BUTED<br>
SURPLUS</font></TD>
	<TD width="1%" align="right" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ACCUMU-<br>
LATED OTHER<br>
COMPREHEN-<br>
SIVE INCOME</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">DEFICIT</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">TOTAL</font></TD>
	<TD align=left width="1%" style="border-bottom:1px solid #000000; border-right:1px dashed #000000; border-left-width:1px; border-top-width:1px">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Balance at January&#160;1,&#160;2010</font></TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">2,770</font></TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">12,921</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">2,517</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="2">186</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(7,508</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">10,886</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">21</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">10,907</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">2,195</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">2,195</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(5</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other comprehensive&#160;loss</font></TD>
	<TD align=left width=6% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(120</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(967</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,087</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(2</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,089</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Comprehensive (loss)&#160;income</font></TD>
	<TD align=left width=6% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(120</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,228</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,108</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(7</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,101</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">Common shares repurchased and&#160;cancelled</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">
23</font></TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(274</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(18</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(208</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(500</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(500</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Common shares issued under&#160;stock option&#160;plan</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">
23</font></TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">44</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(5</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">39</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">39</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other share-based payments</font></TD>
	<TD align=left width=6%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">85</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">85</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">85</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="28%" style="border-bottom: 1px solid #000000">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Dividends declared on BCE&#160;common and&#160;preferred&#160;shares</font></TD>
	<TD align=left width=6% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,464</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,464</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,464</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Balance at December&#160;31,&#160;2010</font></TD>
	<TD align=left width=6% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="1%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,770</font></TD>
	<TD width="1%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">12,691</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,579</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">66</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(7,952</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,154</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">14</font></TD>
	<TD align=left width="1%"
 style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,168</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">81</font></b></P>


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





<P style="text-align: left; margin-top:0">
<font face="Arial" size="1">
CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<B>CONSOLIDATED STATEMENTS OF FINANCIAL&#160;POSITION</B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table12">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
DECEMBER&#160;31,&#160;</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
DECEMBER&#160;31,&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
(IN MILLIONS OF CANADIAN&#160;DOLLARS)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>ASSETS</B></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Current&#160;assets</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Cash</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>130</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">129</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">195</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Cash&#160;equivalents</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>45</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">642</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">489</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Trade and other&#160;receivables</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
11</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,119</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,885</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,779</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Current tax&#160;receivable</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>43</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">139</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">118</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Inventory</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
12</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>427</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">431</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">442</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Prepaid&#160;expenses</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>262</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">224</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">290</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other current&#160;assets</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">205</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">138</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total current&#160;assets</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,178</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">4,655</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">4,451</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-current&#160;assets</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Property, plant and&#160;equipment</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
13</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>18,785</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">17,775</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">17,347</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Intangible&#160;assets</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
14</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8,013</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6,201</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">6,347</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Deferred tax&#160;assets</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
9</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>329</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">501</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">401</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Investments in associates and joint&#160;ventures</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>307</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">303</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">260</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other non-current&#160;assets</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
15</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>629</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">652</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">855</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Goodwill</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
16</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,185</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">5,806</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">5,774</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total non-current&#160;assets</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>35,248</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">31,238</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">30,984</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;assets</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>39,426</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">35,893</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">35,435</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">
<B>LIABILITIES</B></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Current&#160;liabilities</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Trade payables and other&#160;liabilities</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
17</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,056</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3,848</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3,632</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 face="Arial" size="2">Interest&#160;payable</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>134</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">143</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">144</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Dividends&#160;payable</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>415</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">356</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">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 face="Arial" size="2">Current tax&#160;liabilities</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>47</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">37</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Debt due within one&#160;year</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
18</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,106</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,570</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,894</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total current&#160;liabilities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6,758</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">6,954</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">5,993</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-current&#160;liabilities</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
19</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,721</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">10,581</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">10,299</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Fund unit&#160;liability</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
19</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3,060</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3,104</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Deferred tax&#160;liabilities</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
9</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>881</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">526</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">406</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Employee benefit&#160;obligations</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,966</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3,302</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,995</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other non-current&#160;liabilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
21</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,341</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,302</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,731</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total non-current&#160;liabilities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17,909</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">18,771</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">18,535</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;liabilities</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>24,667</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">25,725</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">24,528</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Commitments and&#160;contingencies</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
25</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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; margin-top: 12px">
<font face="Arial" size="2">
<B>EQUITY</B></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Equity attributable to owners of the&#160;parent</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Preferred&#160;shares</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,115</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,770</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,770</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Common&#160;shares</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13,566</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">12,691</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">12,921</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Shares subject to&#160;cancellation</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(50</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Contributed&#160;surplus</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,527</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,579</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,517</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Accumulated other comprehensive&#160;income</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">66</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">186</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Deficit</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5,385</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(7,952</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(7,508</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total equity attributable to owners of the&#160;parent</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13,778</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">10,154</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">10,886</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>981</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">14</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">21</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;equity</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14,759</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">10,168</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">10,907</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total liabilities and&#160;equity</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>39,426</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">35,893</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">35,435</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">82</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">
CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<B>CONSOLIDATED STATEMENTS OF CASH&#160;FLOWS</B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table13">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31&#160;</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%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<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>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
(IN MILLIONS OF CANADIAN&#160;DOLLARS)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows from operating&#160;activities</font></TD>
	<TD align=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%" 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: 12px">
<font face="Arial" size="2">Net&#160;earnings</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,574</B></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 face="Arial" size="2">2,190</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 face="Arial" size="2">Adjustments to reconcile net earnings to cash flows from operating&#160;activities</font></TD>
	<TD align=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%" 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: 36px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
6</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>409</B></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 face="Arial" size="2">262</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Depreciation and&#160;amortization</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
13, 14</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,261</B></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 face="Arial" size="2">3,125</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Net employee benefit plans&#160;cost</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>193</B></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 face="Arial" size="2">294</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Net interest&#160;expense</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">7, 8</font></TD>
	<TD align=left width=2%>
<b><font face="Arial" size="2">&nbsp;</font></b></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>821</B></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 face="Arial" size="2">1,049</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Gains on&#160;investments</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(89</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(135</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Income&#160;taxes</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
9</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>720</B></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 face="Arial" size="2">632</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Contributions to employee pension&#160;plans</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,491</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,315</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Payments under other employee future benefit&#160;plans</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(102</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(98</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Severance and other costs&#160;paid</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(411</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(238</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Acquisition costs&#160;paid</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(70</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(24</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Interest&#160;paid</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(795</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,092</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Income taxes paid (net of&#160;refunds)</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(130</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(129</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Net change in operating assets and&#160;liabilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
27</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(21</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(154</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows from operating&#160;activities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>4,869</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">4,367</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows used in investing&#160;activities</font></TD>
	<TD align=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%" 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: 36px">
<font face="Arial" size="2">Capital&#160;expenditures</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,256</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,998</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Business&#160;acquisitions</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
4</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(680</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(60</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Business&#160;dispositions</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2</B></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 face="Arial" size="2">8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Increase in&#160;investments</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(12</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(44</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Decrease in&#160;investments</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>56</B></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 face="Arial" size="2">139</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Other investing&#160;activities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>6</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">7</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows used in investing&#160;activities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(3,884</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(2,948</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows used in financing&#160;activities</font></TD>
	<TD align=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%" 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: 36px">
<font face="Arial" size="2">Increase in notes payable and bank&#160;advances</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>30</B></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 face="Arial" size="2">250</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Reduction in securitized trade&#160;receivables</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(318</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(37</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Issue of long-term&#160;debt</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,314</B></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 face="Arial" size="2">1,366</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Repayment of long-term&#160;debt</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,350</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(956</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Issue of common&#160;shares</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152</B></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 face="Arial" size="2">39</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Issue of preferred&#160;shares</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>345</B></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 face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Issue of equity securities by subsidiaries to non-controlling&#160;interest</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>403</B></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 face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Repurchase of common&#160;shares</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(143</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(500</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Cash dividends paid on common&#160;shares</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,520</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,318</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Cash dividends paid on preferred&#160;shares</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(118</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(108</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Cash dividends/distributions paid by subsidiaries to non-controlling&#160;interest</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(315</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Other financing&#160;activities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(61</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(68</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash flows used in financing&#160;activities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(1,581</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,332</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net increase (decrease) in&#160;cash</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></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 face="Arial" size="2">(66</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash at beginning of&#160;period</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>129</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">195</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash at end of&#160;period</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>130</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">129</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net (decrease) increase in cash&#160;equivalents</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(597</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">153</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash equivalents at beginning of&#160;period</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>642</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">489</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cash equivalents at end of&#160;period</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>45</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">642</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">83</font></b></P>


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





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="5">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<table border="0" width="100%" cellspacing="0" cellpadding="10" id="table14">
	<tr>
		<td style="border-left: 1px dashed #000000; border-right: 1px dashed #000000; ">
		<p style="text-align: left; line-height: 150%">
<font face="Arial">
<I>We</I>, <I>us</I>, <I>our</I>, <I>BCE&nbsp;</I>and <I>the company </I>mean either BCE&nbsp;Inc. or, collectively, BCE&nbsp;Inc., its subsidiaries, joint ventures and associates; <I>Bell&nbsp;</I>means our Bell&nbsp;Wireline, Bell&nbsp;Wireless and Bell&nbsp;Media segments on an aggregate basis; and <I>Bell&nbsp;Aliant </I>means either Bell&#160;Aliant&nbsp;Inc. or, collectively, Bell&nbsp;Aliant&nbsp;Inc. and its&#160;subsidiaries.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<B>NOTE 1 </B>| <B>CORPORATE&#160;INFORMATION</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE is incorporated and domiciled in Canada. BCE&#146;s
head office is located at 1, Carrefour Alexander-Graham Bell, Verdun, Qu&eacute;bec,
Canada. BCE is a communications and media company providing wireline, wireless,
Internet and television (TV) services to residential, business and wholesale
customers in Canada. Our Bell Media segment provides specialty TV, digital
media, conventional TV and radio broadcasting entertainment services to
customers across Canada. The consolidated financial statements (financial
statements) were approved by BCE&#146;s board of directors on March 8, 2012.</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 2 | SIGNIFICANT ACCOUNTING&#160;POLICIES</b></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BASIS OF PRESENTATION</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The financial statements were prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB). These are our first annual financial statements prepared under IFRS and IFRS&#160;1&#160;&#150; First-time Adoption of IFRS has been applied. We adopted IFRS effective January&#160;1,&#160;2010 and are required to provide only one year of comparative&#160;information.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An explanation of the impact of the changeover to IFRS on our reported financial position, financial performance and cash flows is provided in Note&#160;28, <I>First-time Adoption of&#160;IFRS</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The financial statements have been prepared on a historical cost basis, except for certain financial instruments that are measured at fair value as described in our accounting&#160;policies.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All amounts are in&nbsp;millions of Canadian dollars, except where&#160;noted.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>FUNCTIONAL&#160;CURRENCY</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The financial statements are presented in Canadian dollars, the company&#146;s functional&#160;currency.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BASIS OF&#160;CONSOLIDATION</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We consolidate the financial statements of all our subsidiaries. Subsidiaries are entities we control, where control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its&#160;activities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The results of subsidiaries acquired or sold during the year are consolidated from the date of acquisition and up to the date of disposal. Where necessary, adjustments are made to the financial statements of subsidiaries to conform their accounting policies with ours. All intercompany transactions, balances, income and expenses are eliminated on&#160;consolidation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in BCE&#146;s ownership interest in a subsidiary that do not result in a loss of control are accounted for as equity transactions, with no effect on net earnings or on other comprehensive&#160;income.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&#160;31,&nbsp;2011, BCE&nbsp;owned 44.1% of Bell&#160;Aliant, with the remaining 55.9% publicly held. BCE&nbsp;has the right to appoint a majority of the board of directors of Bell&#160;Aliant and, therefore, controls and consolidates Bell&#160;Aliant.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>REVENUE&#160;RECOGNITION</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We recognize revenues from the sale of products or the rendering of services when they are earned; specifically when all the following conditions are&#160;met:</font></P>
<ul>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">the significant risks and rewards of ownership are transferred to customers and we retain neither continuing managerial involvement nor effective&#160;control
	</font></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">there is clear evidence that an arrangement&#160;exists
	</font></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">the amount of revenue and related costs can be measured reliably
	</font></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">it is probable that the economic benefits associated with the transaction will flow to the&#160;company.</font></P>
	</li>
</ul>
<P>
<font face="Arial" size="2">In particular, we&#160;recognize:</font></P>
<ul>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">fees for local, long distance and wireless services when we provide the&#160;services
	</font></P></li>
	<li>
	<P 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&#160;contract
	</font></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">subscriber revenues when customers receive the&#160;service
	</font></P></li>
	<li>
	<P style="margin-top: 0; margin-bottom: 0"><font face="Arial" size="2">advertising revenue, net of agency commissions, when advertisements are aired or delivered on the&#160;Internet
	</font></P></li>
	<li>
	<P 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&#160;customers
	</font></P></li>
	<li>
	<P 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&#160;met.</font></P>
	</li>
</ul>
<P style="text-align: left;">
<font face="Arial" size="2">We measure revenues at the fair value of the arrangement consideration. We record payments we receive in advance, including upfront non-refundable payments, as deferred revenues until we provide the service or deliver the product to customers. Deferred revenues are presented in <I>Trade payables and other liabilities </I>or in <I>Other non-current liabilities </I>on the consolidated statements of financial position (statements of financial&#160;position).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues are reduced for customer rebates and allowances and exclude sales and other taxes we collect from our&#160;customers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We expense subscriber acquisition costs when the related services are&#160;activated.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">84</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>MULTIPLE-ELEMENT&#160;ARRANGEMENTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We enter into arrangements that may include the sale of a number of products and services together, notably in our wireless and video product lines and to our business customers. When two or more products or services have value to our customers on a stand-alone basis, we separately account for each product or service according to the methods previously described. The total price to the customer is allocated to each product or service based on its relative fair value. When an amount allocated to a delivered item is contingent upon the delivery of additional items or meeting specified performance conditions, the amount allocated to that delivered item is limited to the non-contingent&#160;amount.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If the conditions to account separately for each product or service are not met, we recognize revenue proportionately over the term of the sale&#160;agreement.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>SUBCONTRACTED&#160;SERVICES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We may enter into arrangements with subcontractors and others who provide services to our customers. When we act as the principal in these arrangements, we recognize revenue based on the amounts billed to our customers. Otherwise, we recognize the net amount that we retain as&#160;revenue.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>SHARE-BASED&#160;PAYMENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our equity-settled, share-based payment arrangements include stock option plans, restricted share units (RSUs), deferred share units (DSUs) and employee savings plans&#160;(ESPs).</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>STOCK&#160;OPTIONS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We use a fair value-based method to measure the cost of our employee stock options, based on the number of stock options that are expected to vest. Compensation expense is adjusted for subsequent changes in management&#146;s estimate of the number of stock options that are expected to&#160;vest.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We credit contributed surplus for stock option expense recognized over the vesting period. When stock options are exercised, we credit share capital for the amount paid and the amounts previously credited to contributed&#160;surplus.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>RSUs</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">For each RSU granted, we recognize compensation expense equal to the market value of a BCE&nbsp;common share at the date of grant based on the number of RSUs expected to vest, recognized over the term of the vesting period, with a corresponding credit to contributed surplus for equity-settled RSUs and a corresponding credit to a liability for cash-settled RSUs. Additional RSUs are issued to reflect dividends declared on the common&#160;shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation expense is adjusted for subsequent changes in management&#146;s estimate of the number of RSUs that are expected to vest and, for cash-settled RSUs, changes in the market value of BCE&nbsp;common shares. The effect of these changes is recognized in the period of the change. Upon settlement of the equity-settled RSUs, any difference between the cost of shares purchased on the open market and the amount credited to contributed surplus is reflected in the deficit. Vested RSUs are settled either in BCE&nbsp;common shares, in cash, in DSUs, or through a combination of these, depending on the terms of the&#160;grant.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DSUs</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">DSUs issued are recognized at the fair value of the services received. Additional DSUs are issued to reflect dividends declared on the common shares. DSUs are settled in BCE&nbsp;common shares purchased on the open market following the cessation of employment or when a director leaves the board. We credit contributed surplus for the fair value of DSUs at the issue date. Upon settlement of the DSUs, any difference between the cost of shares purchased on the open market and the amount credited to contributed surplus is reflected in the&#160;deficit.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ESPs</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We recognize our contributions under our ESPs as compensation expense. Beginning in July&#160;2010, employer ESP contributions accrue over a two-year vesting period. We credit contributed surplus for the ESP expense recorded over the vesting period, based on management&#146;s estimate of the accrued contributions that are expected to vest. We adjust the deficit for any difference between the cost of shares purchased at the time of settlement and the amount previously credited to contributed&#160;surplus.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>INCOME&#160;TAXES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Income tax expense is comprised of current and deferred taxes. It is recognized in the income statements, except to the extent that the expense relates to items recognized in other comprehensive income or directly in&#160;equity.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A current or non-current tax liability/asset is the estimated tax payable/receivable on taxable earnings for the current and past periods. We also record future tax liabilities which is included in <I>Other non-current&#160;liabilities</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We use the liability method to account for deferred tax assets and liabilities, which arise&#160;from:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">temporary differences between the carrying amount of assets and liabilities recognized in the statements of financial position and their corresponding tax&#160;basis</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the carryforward of unused tax losses and&#160;credits.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">Deferred tax assets and liabilities are calculated at the tax rates that are expected to apply when the asset or liability is recovered or settled. Both our current tax and deferred tax assets and liabilities are calculated using tax rates that have been enacted or substantively enacted at the end of the reporting&#160;date.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax is provided on temporary differences arising from investments in subsidiaries and associates, except where the timing of the reversal of the temporary difference is controlled by us and it is probable that the temporary difference will not reverse in the foreseeable&#160;future.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Tax liabilities are, where permitted, offset against tax assets within the same taxable entity and&#160;tax jurisdiction.</font></P>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">85</font></b></P>


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





<P style="text-align: left; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>INVESTMENT TAX CREDITS, OTHER TAX CREDITS AND GOVERNMENT&#160;GRANTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We recognize investment tax credits (ITCs), other tax credits and government grants given on eligible expenditures when it is reasonably assured that they will be realized. They are presented as part of <I>Trade and other receivables </I>and <I>Other non-current assets </I>on the statements of financial position. We use the cost reduction method to account for ITCs and government grants, under which the credits are applied against the expense or asset to which the ITC or government grant&#160;relates.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>CASH&#160;EQUIVALENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<I>Cash equivalents </I>are comprised of highly liquid investments with original maturities of three months or less from the date of&#160;purchase.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>SECURITIZATION OF TRADE&#160;RECEIVABLES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Proceeds on the securitization of trade receivables are recognized as a collateralized borrowing as we do not transfer control and substantially all the risks and rewards of ownership to another&#160;entity.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>INVENTORY</I></B></font></P>
<P style="text-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 held for resale and the weighted-average cost formula for all other inventory items. We maintain inventory valuation reserves for inventory that is slow-moving or obsolete, calculated using an inventory ageing&#160;analysis.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>PROPERTY, PLANT AND&#160;EQUIPMENT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We record property, plant and equipment at historical cost, except for certain assets which were valued at deemed cost on the changeover to IFRS. Historical cost includes expenditures that are attributable directly to the acquisition or construction of the asset, including the purchase cost, labour and overhead. Borrowing costs are capitalized for qualifying assets if the time to build or develop is in excess of one year. Deemed cost is the fair value of the assets as at January&#160;1,&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We initially measure and record asset retirement obligations at management&#146;s best estimate using a present value methodology, adjusted subsequently for any changes to the timing or amount of the original estimate of cash flows and changes in discount rates. We capitalize asset retirement costs as part of the related assets and amortize them into earnings over time. We also increase the recorded asset retirement obligation and record a corresponding amount in interest expense to reflect the passage of time. Gains or losses on the sale or retirement of property, plant and equipment are recognized in <I>Other&#160;income</I>.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>LEASES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Leases of property, plant and equipment are classified as finance leases when we obtain substantially all the risks and rewards of ownership of the underlying assets. At the inception of the lease, we record an asset together with a corresponding long-term liability at the lower of the fair value of the leased asset or the present value of the minimum lease payments. Thereafter, the asset is amortized over the shorter of its useful life and the lease term and the liability is measured at amortized cost using the effective interest&#160;method.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;All other leases are classified as operating leases. Lease payments are expensed on a straight-line basis over the term of the&#160;lease.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>INTANGIBLE&#160;ASSETS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>FINITE-LIFE INTANGIBLE&#160;ASSETS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Finite-life intangible assets are carried at cost less accumulated amortization and accumulated impairment losses, if&#160;any.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Software</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We record internal-use software at historical cost. Cost includes expenditures that are attributable directly to the acquisition or development of the software, including the purchase cost, labour and&#160;overhead.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Research costs are expensed as incurred. Software development costs are capitalized&#160;when all the following conditions are&#160;met:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">technical feasibility can be&#160;demonstrated</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">management has the intent and the ability to complete the asset for use or&#160;sale</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">it is probable that economic benefits will be generated</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">costs attributable to the asset can be measured&#160;reliably.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Customer&#160;Relationships</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Customer relationship assets are acquired through business combinations and are recorded at fair value at the date of&#160;acquisition.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Program and Feature Film&#160;Rights</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We account for program and feature film rights as intangible assets when these assets are acquired for the purpose of broadcasting. Program and feature film rights, which include producer advances and licence fees paid in advance of receipt of the program or film, are stated at acquisition cost less accumulated amortization and accumulated impairment losses. Programs and feature films under licence agreements are recorded as assets and liabilities for rights acquired and obligations incurred&#160;when:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the company receives a broadcast master and the cost is known or reasonably determinable for new program and feature film&#160;licences</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the licence term commences for licence period extensions or syndicated&#160;programs.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">Programs and feature films are classified as non-current assets with related liabilities classified as current or non-current, based on the payment terms. Amortization of program and feature film intangible assets is recorded in <I>Operating costs </I>in the income&#160;statements.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">86</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>INDEFINITE-LIFE INTANGIBLE&#160;ASSETS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Brand assets, mainly comprised of the Bell&nbsp;and Bell&nbsp;Media brands, and broadcast licences are acquired through business combinations and are recorded at fair value at the date of acquisition. Wireless spectrum licences are recorded at acquisition cost, including borrowing costs when the time to build or develop the related network is in excess of one&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Currently there are no legal, regulatory, competitive or&#160;other factors that limit the useful lives of our brands or spectrum&#160;licences.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>DEPRECIATION AND&#160;AMORTIZATION</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We depreciate property, plant and equipment and amortize finite-life intangible assets on a straight-line basis over their estimated useful lives. We review our estimates of useful lives on an annual basis and adjust depreciation and amortization on a prospective basis, if needed. Land and assets under construction or development are not&#160;depreciated.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table15">
<TR valign="bottom">
	<TD align=left width="80%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="18%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ESTIMATED USEFUL LIFE</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Property, plant and equipment</font></TD>
	<TD align=left width="18%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Network infrastructure and equipment</font></TD>
	<TD align=right width="18%">
<font face="Arial" size="2">2 to 50 years</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Buildings</font></TD>
	<TD align=right width="18%">
<font face="Arial" size="2">10 to 50 years</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Finite-life intangible assets</font></TD>
	<TD align=left width="18%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Software</font></TD>
	<TD align=right width="18%">
<font face="Arial" size="2">2 to 7 years</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Customer relationships</font></TD>
	<TD align=right width="18%">
<font face="Arial" size="2">5 to 30 years</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="80%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Program and feature film rights</font></TD>
	<TD align=right width="18%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Up to 5 years</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial">
<B><I>INVESTMENTS IN ASSOCIATES AND JOINT&#160;VENTURES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our financial statements incorporate our share of the results of our associates and joint ventures using the equity method of accounting, except when the investment is classified as held for&#160;sale.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments in associates and joint ventures are recognized initially at cost and adjusted thereafter to include the company&#146;s share of income or loss and comprehensive income on an after-tax basis. Investments are reviewed for impairment by comparing their recoverable amount to their carrying&#160;amount.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BUSINESS COMBINATIONS AND&#160;GOODWILL</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Business combinations are accounted for using the acquisition method. The consideration transferred in a business combination is measured at fair value at the date of acquisition. Acquisition-related transaction costs are expensed as&#160;incurred.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Identifiable assets and liabilities, including intangible assets, of acquired businesses are recorded at their fair values at the date of acquisition. When we acquire control of a business, any previously-held equity interest also is remeasured to fair value. The excess of the purchase consideration and any previously-held equity interest over the fair value of identifiable net assets acquired is goodwill. If the fair value of identifiable net assets acquired exceeds the purchase consideration and any previously-held equity interest, the difference is recognized in earnings immediately as a bargain purchase&#160;gain.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Changes in our ownership interest in subsidiaries that do not result in a loss of control are accounted for as equity transactions. Any difference between the change in the carrying amount of non-controlling interest and the consideration paid or received is attributed to owner&#146;s&#160;equity.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>IMPAIRMENT OF NON-FINANCIAL&#160;ASSETS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Goodwill and indefinite-life intangible assets are tested for impairment annually or when there is an indication that the asset may be impaired. Property, plant and equipment and finite-life intangible assets are tested for impairment if events or changes in circumstances, assessed quarterly, indicate that their carrying amount may not be recoverable. For the purpose of impairment tests, assets are grouped at the lowest level for which there are separately identifiable cash&#160;inflows.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Impairment losses are recognized and measured as the excess of the carrying value of the assets over their recoverable amount. An asset&#146;s recoverable amount is the higher of its fair value less costs to sell and its value in use. Previously recognized impairment losses, other than those attributable to goodwill, are reviewed for possible reversal at each reporting date and, if the asset&#146;s recoverable amount has increased, all or a portion of the impairment is&#160;reversed.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>GOODWILL IMPAIRMENT&#160;TESTING</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We perform an annual test for goodwill impairment for each of our cash generating units (CGUs) to which goodwill is allocated in the fourth quarter and whenever there is an indication that goodwill might be&#160;impaired.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A CGU is the smallest identifiable group of assets that generates cash inflows that are independent of the cash inflows from other assets or groups of assets. We assess goodwill impairment at the level of each CGU or group of CGUs likely to benefit from acquisition-related synergies within an operating&#160;segment.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We identify any potential impairment by comparing the carrying value of a CGU to its recoverable amount. The recoverable amount of a CGU is the higher of its fair value less costs to sell and its value in use. Fair value less costs to sell is based on estimates of discounted future cash flows or other valuation methods. Cash flows are projected based on past experience, actual operating results and business plans. When the recoverable amount of a CGU is less than its carrying value, the recoverable amount is determined for all its identifiable assets and liabilities. The excess of the recoverable amount of the CGU over the total of the amounts assigned to its assets and liabilities is the recoverable amount of&#160;goodwill.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;An impairment charge is deducted from earnings for any excess of the carrying value of goodwill over its recoverable amount. Goodwill impairment losses may not be&#160;reversed.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Recoverable&#160;Amount</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The value in use for our CGUs is determined by discounting five-year cash flow projections from business plans approved by senior management. The projections reflect management&#146;s expectations of revenue, EBITDA, capital expenditures, working capital and operating cash flows, based on past experience and future expectations of operating&#160;performance.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">87</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<P style="text-align: left; margin-bottom:0">
&nbsp;</P>





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash flows beyond the five-year period have been extrapolated using a perpetuity growth rate of up to 1%. None of the perpetuity growth rates exceed the long-term historical growth&#160;rates.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The pre-tax discount rates, ranging from 8.7% to 9.1%, are applied to the five-year pre-tax cash flow projections and are derived from the weighted average cost of capital for each CGU or group of&#160;CGUs.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FINANCIAL&#160;INSTRUMENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DERIVATIVES USED AS ECONOMIC&#160;HEDGES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Derivatives not designated as hedging instruments are marked to market each reporting period. These derivatives are used to manage cash flow exposures related to RSUs and capital expenditures. The changes in fair value of these financial assets and liabilities are recognized in <I>Other income </I>in the income&#160;statements.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>AVAILABLE-FOR-SALE (AFS) FINANCIAL&#160;ASSETS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our portfolio investments in equity securities are classified as AFS and are presented in our statements of financial position as <I>Other non-current assets</I>. These securities are recorded at fair value on the date of acquisition, plus related transaction costs. Investments in publicly-traded and privately-held securities are adjusted to fair value at each reporting date. The corresponding unrealized gains and losses are recorded in other comprehensive income and are reclassified to <I>Other income </I>in the income statements when realized or when an impairment is determined. Income from investments is recorded in <I>Other income </I>in the income&#160;statements.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>TRADE AND OTHER&#160;RECEIVABLES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Trade and other receivables, which include trade receivables and other short-term receivables, are measured at amortized cost using the effective interest method, net of any allowance for doubtful&#160;accounts.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>OTHER FINANCIAL&#160;LIABILITIES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Other financial liabilities, which include trade payables and accruals, compensation payable, obligations imposed by the Canadian Radio-television and Telecommunications Commission (CRTC), interest payable and long-term debt, are recorded at amortized cost using the effective interest&#160;method.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>COSTS OF ISSUING DEBT AND&#160;EQUITY</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The cost of issuing debt is included as part of long-term debt and is accounted for at amortized cost using the effective interest method. The cost of issuing equity is reflected in the consolidated statements of changes in equity as a reduction of the proceeds&#160;received.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>DERIVATIVE FINANCIAL&#160;INSTRUMENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We use derivative financial instruments to manage interest rate risk and foreign currency risk. We do not use derivative financial instruments for speculative or trading&#160;purposes.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>HEDGE&#160;ACCOUNTING</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">To qualify for hedge accounting, we document the relationship between the derivative and the exposure it hedges and our risk management objective and strategy. This includes associating each derivative to a specific asset or liability, a specific firm commitment, or a specific anticipated&#160;transaction.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We assess the effectiveness of a derivative in managing an identified risk when hedge accounting is initially applied, and on an ongoing basis thereafter. If a hedge becomes ineffective, we stop using hedge&#160;accounting.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Fair Value&#160;Hedges</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our fair value hedges primarily consist of interest rate swaps used to manage the effect of changes in interest rates relating to fixed-rate long-term debt. These swaps usually involve exchanging interest payments without exchanging the notional amount on which the payments are based. We record the exchange of payments as an adjustment to interest expense on the hedged debt. We include the related net receivable or payable from counterparties in <I>Other current assets </I>or <I>Trade payables and other liabilities </I>for swaps that mature within one year and in <I>Other non-current assets </I>or <I>Other non-current liabilities </I>for swaps that have a maturity of more than one year. Changes in the fair value of these derivatives and the related long-term debt are recognized in <I>Other income </I>in the income statements and offset, except for any ineffective portion of the hedging&#160;relationship.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Cash Flow&#160;Hedges</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our cash flow hedges are used to mitigate foreign currency risk on certain long-term debt instruments and purchase commitments. We use foreign currency forward contracts to manage the exposure to anticipated transactions denominated in foreign currencies. We use cross-currency swaps to hedge firm commitments to pay interest and/or principal amounts in a foreign currency. Changes in the fair value of these derivatives are recognized in our consolidated statements of comprehensive income (statements of comprehensive income), except for any ineffective portion, which is recognized immediately in earnings. Realized gains and losses in accumulated other comprehensive income are reclassified to <I>Other income </I>in the income statements in the same periods as the corresponding hedged items are recognized in earnings. Cash flow hedges that mature within one year are included in <I>Other current assets </I>or <I>Trade payables and other liabilities</I>, whereas hedges that have a maturity of more than one year are included in <I>Other non-current assets </I>or <I>Other non-current&#160;liabilities</I>.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>EMPLOYEE BENEFIT&#160;PLANS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DEFINED BENEFIT (DB)&#160;PLANS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We maintain DB plans that provide pension benefits for most of our employees. Benefits are based on the employee&#146;s length of service and average rate of pay during the highest paid consecutive five years of service. Most employees are not required to contribute to the plans. The plans provide increasing pension benefits to help protect a portion of the income of retired employees against&#160;inflation.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">88</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right;margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<p style="margin: 0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are responsible for adequately funding our DB pension plans. We make contributions to them based on various actuarial cost methods permitted by pension regulatory bodies. Contributions reflect actuarial assumptions about future investment returns, salary projections and future&#160;service.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We provide other employee future benefits to some of our employees,&#160;including:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">healthcare and life insurance benefits during retirement. The provision of such benefits is being phased out over a ten-year period ending on December&#160;31, 2016. We do not fund most of these other employee future benefit&#160;plans.</font></LI>
<LI>
<p 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&#160;circumstances.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">We accrue our obligations and related costs under employee benefit plans, net of the fair value of pension plan assets. Pension and other employee future benefit costs are determined&#160;using:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the projected unit credit method, prorated on years of service, which takes into account future pay&#160;levels</font></LI>
<LI>
<p 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&#160;plans</font></LI>
<LI>
<p 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&#160;costs.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">The expected long-term rate of return is a weighted average rate of our forward-looking view of long-term returns on each of the major plan asset categories in our funds. We value pension plan assets at fair value using current market&#160;values.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The expense relating to our employee benefit plans is shown in operating costs, interest on our employee benefit obligations and expected return on pension plan assets. Pension current service cost is included in operating costs. The interest on our employee benefit obligations and the expected return on pension plan assets are recognized in net earnings and are displayed on the face of the income statements. Interest on our employee benefit obligations is the accretion of interest on the obligations under the employee benefit plans and the expected return on pension plan assets is based on conditions that existed at the beginning of the&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Actuarial gains and losses for all employee benefit plans are recorded in other comprehensive income in the period in which they occur and recognized immediately in the&#160;deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;December&#160;31&#160;is the measurement date for our significant 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 our significant pension plans on December&#160;31,&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DEFINED CONTRIBUTION (DC) PENSION&#160;PLANS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We also maintain DC plans that provide certain employees with pension benefits. Under these plans, we are responsible for contributing a predetermined amount to an employee&#146;s retirement savings, based on a percentage of that employee&#146;s&#160;salary.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We recognize a pension current service cost for DC plans when the employee provides service to the company, essentially coinciding with our cash&#160;contributions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Generally, new employees can participate only in the DC pension&#160;arrangements.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>USING ESTIMATES AND KEY&#160;JUDGEMENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">When preparing financial statements according to IFRS, management makes estimates and assumptions relating&#160;to:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">reported amounts of revenues and&#160;expenses</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">reported amounts of assets and&#160;liabilities</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">disclosure of contingent assets and&#160;liabilities.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">We base our estimates on a number of factors, including historical experience, current events and actions that the company may undertake in the future, and other assumptions that we believe are reasonable under the circumstances. By their nature, these estimates are subject to measurement uncertainty and actual results could differ. In particular, we use estimates when accounting for certain items such as revenues, allowance for doubtful accounts, useful lives of property, plant and equipment and intangible assets, asset impairments, legal and tax contingencies, share-based payment plans, employee benefit plans, deferred income taxes and goodwill impairment. We also use estimates when recording the fair values of assets acquired and liabilities assumed in a business&#160;combination.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions are recognized&#160;when all the following conditions are&#160;met:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the company has a present legal or constructive obligation based on past&#160;events</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">it is probable that an outflow of economic resources will be required to settle the obligation</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the amount can be reasonably&#160;estimated.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">Provisions are measured at the present value of the estimated expenditures expected to settle the obligation, if the effect of the time value of money is material. The present value is determined using the current market assessments of the time value of money and risks specific to the obligation. The obligation increases as a result of the passage of time and is recorded as interest&#160;expense.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The estimates involving a higher degree of judgement or complexity are described&#160;below.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>USEFUL LIVES OF PROPERTY, PLANT AND EQUIPMENT AND FINITE-LIFE&#160;INTANGIBLE ASSETS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Property, plant and equipment represent a significant proportion of our total assets. Changes in technology or our intended use of these assets as well as changes in business prospects or economic and industry factors may cause the estimated useful lives of these assets to&#160;change.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">89</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<p style="margin-left:0px; margin-right:0px; margin-bottom:0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We review estimates of the useful lives of property, plant and equipment and finite-life intangible assets on an annual basis and adjust depreciation or amortization on a prospective basis, if&#160;necessary.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>PROPERTY, PLANT AND EQUIPMENT AND INTANGIBLE ASSETS&#160;IMPAIRMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We make a number of estimates when calculating fair value using discounted future cash flows or other valuation methods. These estimates include the assumed growth rates for future cash flows, the number of years used in the cash flow model, and the discount&#160;rate.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>GOODWILL&#160;IMPAIRMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We make a number of estimates when calculating the recoverable amount of goodwill using discounted future cash flows or other valuation methods. These estimates include the assumed growth rates for future cash flows, the number of years used in the cash flow model, and the discount&#160;rate.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ONEROUS&#160;CONTRACTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">A provision for onerous contracts is recognized when the unavoidable costs of meeting our obligations under the contract exceed the expected benefits to be received from the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of completing the&#160;contract.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>FAIR VALUE OF FINANCIAL&#160;INSTRUMENTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Certain financial instruments, such as investments in equity securities, derivative financial instruments and certain elements of borrowings, are carried in the statements of financial position at fair value, with changes in fair value reflected in the income statements. Fair values are estimated by reference to published price quotations or by using other valuation techniques that may include inputs that are not based on observable market&#160;data.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CONTINGENCIES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We become involved in various litigation and regulatory matters as a part of our business. Pending litigation, regulatory initiatives or regulatory proceedings represent a potential cost to our&#160;business.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We accrue a potential loss if we believe the loss is probable and can be reasonably estimated, based on information that is available at the time. Any accrual would be charged to earnings and included in <I>Trade payables and other liabilities </I>or <I>Other non-current liabilities</I>. Any cash settlement would be deducted from cash from operating activities. We estimate the amount of the loss by analyzing potential outcomes and assuming various litigation and settlement&#160;strategies.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>INCOME&#160;TAXES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The calculation of income taxes requires judgement in interpreting tax rules and regulations. There are transactions and calculations for which the ultimate tax determination is uncertain. Our tax filings are also subject to audits, the outcome of which could change the amount of current and deferred tax assets and liabilities. Management believes that it has sufficient amounts accrued for outstanding tax matters based on the information that currently is&#160;available.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred tax assets/liabilities and future tax liabilities require management judgement in determining the amounts to be recognized. In particular, judgement is required when assessing the timing of the reversal of temporary differences to which future income tax rates are applied. Further, the amount of deferred tax assets, which is limited to the amount that is probable to be realized, is estimated with consideration given to the timing, sources and amounts of future taxable&#160;income.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>EMPLOYEE BENEFIT&#160;PLANS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The amounts reported in the financial statements relating to DB pension plans and other employee future benefits are determined using actuarial calculations that are based on several&#160;assumptions.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The actuarial valuation uses management&#146;s assumptions for, among other things, the discount rate, the expected long-term rate of return on pension plan assets, the rate of compensation increase, trends in healthcare costs and expected average remaining years of service of&#160;employees.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The two most significant assumptions used to calculate the net employee benefit plans cost are the discount rate used to value the employee benefit obligation and the expected long-term rate of return on pension plan&#160;assets.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Discount&#160;Rate</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">A discount rate is used to determine the present value of the future cash flows that we expect will be needed to settle employee benefit obligations. It is based on the yield on long-term high-quality corporate fixed income investments, with maturities matching the estimated cash flows from the pension plan. A lower discount rate results in a higher employee benefit obligation and a higher pension&#160;deficit.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Expected Long-Term Rate of&#160;Return</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The expected long-term rate of return is a weighted average of estimated long-term returns on each of the major plan asset categories in our pension funds. Poor fund performance results in a lower fair value of plan assets and a higher pension&#160;deficit.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FUTURE CHANGES TO&#160;ACCOUNTING&#160;STANDARDS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In November&#160;2009, the IASB issued IFRS&#160;9&#160;&#150; Financial Instruments, introducing new requirements for classifying and measuring financial assets. In October&#160;2010, the IASB reissued IFRS&#160;9, incorporating new requirements on accounting for financial liabilities, and carrying over from IAS&#160;39&#160;the requirements for derecognition of financial assets and financial liabilities. In December&#160;2011, the IASB amended IFRS&#160;9, deferring the mandatory effective date to annual periods beginning on or after January&#160;1, 2015. The amendment also provides relief from restating comparative information and required disclosure in IFRS&#160;7&#160;&#150; Financial Instruments:&#160;Disclosures.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">90</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right;margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<p style="margin-left:0px; margin-right:0px; margin-bottom:0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In October&nbsp;2010, the IASB amended IFRS&#160; 7&#160; &#150; Financial Instruments: Disclosures to require quantitative and qualitative disclosures for transfers of financial assets where the transferred assets are not derecognized in their entirety or the transferor retains continuing managerial involvement. The amendment also requires disclosure of supplementary information if a substantial portion of the total amount of the transfer activity occurs in the closing days of a reporting period. This amendment to IFRS&#160;7&#160;must be applied for annual periods beginning on or after July&#160;1,&nbsp;2011, with early adoption permitted. In December&#160;2011, the IASB further amended IFRS&#160;7&#160;to require disclosures to better assess the effect or potential effect of offsetting arrangements in the statements of financial position. This amendment to IFRS&#160;7&#160;must be applied retrospectively for annual periods beginning on or after January&#160;1,&#160;2013.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;10&#160;&#150; Consolidated Financial Statements, which establishes principles for the presentation and preparation of consolidated financial statements. Under IFRS&#160;10, control is identified as the single basis of consolidation for all types of entities. IFRS&#160;10&#160;must be applied retrospectively for annual periods beginning on or after January&#160;1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;11&#160;&#150; Joint Arrangements, which establishes principles for financial reporting by parties to an arrangement that is jointly controlled by two or more parties. IFRS&#160;11&#160;clarifies that joint control only exists when decisions about the relevant activities of an arrangement require the unanimous consent of the parties that control the arrangement collectively. IFRS&#160;11&#160;requires a joint venturer to account for its investment using the equity method. IFRS&#160;11&#160;must be applied retrospectively for annual periods beginning on or after January&#160;1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;12&#160;&#150; Disclosure of Interests in Other Entities, which integrates and enhances the disclosure requirements for entities that have an interest in a subsidiary, a joint arrangement, an associate or an unconsolidated structured entity. IFRS&#160;12&#160;is effective for annual periods beginning on or after January&#160;1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In May&#160;2011, the IASB issued IFRS&#160;13&#160;&#150; Fair Value Measurement, which establishes a single source of guidance for fair value measurement under IFRS. IFRS&#160;13&#160;defines fair value, provides guidance on measurement and introduces certain disclosure requirements. IFRS&#160;13&#160;must be applied prospectively for annual periods beginning on or after January&#160; 1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In June&nbsp;2011, the IASB amended IAS&#160; 1&#160; &#150; Presentation of Financial Statements, providing guidance on items contained in other comprehensive income and their classification within other comprehensive income. The amendments to IAS&#160;1&#160;must be applied retrospectively for annual periods beginning on or after July&#160;1,&#160;2012.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&nbsp;2011, the IASB amended IAS&#160; 32&#160; &#150; Financial Instruments: Presentation, clarifying the application of the offsetting requirements of financial assets and financial liabilities. The amendments to IAS&#160;32&#160;must be applied retrospectively for annual periods beginning on or after January&#160;1,&#160;2014.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The adoption of IFRS standards and amendments outlined above is not expected to have a significant impact on our financial&#160;statements.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In June&#160;2011, the IASB amended IAS&#160;19&#160;&#150; Employee Benefits, eliminating the corridor approach for recognizing actuarial gains and losses. Annual finance expense for a funded benefit plan will include net interest expense or income, calculated by applying the discount rate to the net DB asset or liability, replacing the finance charge and expected return on plan assets. Entities will also need to segregate changes in the DB obligation and in the fair value of plan assets into three components: service costs, net interest on the net DB liabilities (assets) and remeasurements of the net DB liabilities (assets). The amendments also enhance disclosure about the risks arising from DB plans. The amendments to IAS&#160;19&#160;must be applied retrospectively (with certain exceptions) for annual periods beginning on or after January&#160;1, 2013, with early adoption&#160;permitted.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The amendments to IAS&#160;19&#160;are expected to result in an increase in net financing costs related to employee benefit&#160;plans.</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 3 | SEGMENTED&#160;INFORMATION</b></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The accounting policies used in our segment reporting are the same as those we describe in Note 2, <I>Significant Accounting Policies</I>. Our net earnings are reported in four segments:
<I>Bell&#160; Wireline</I>, <I>Bell&nbsp;Wireless</I>, <I>Bell&nbsp;Media </I>and <I>Bell&nbsp;Aliant</I>. Our segments reflect 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. Segments negotiate sales with each other as if they were unrelated&#160;parties.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We measure the performance of each segment based on segment profit, which is equal to operating revenues less operating costs for the segment. We also allocate severance, acquisition and other costs and depreciation and amortization to the segments. Substantially all of our finance costs, expected return on pension plan assets and other income 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&#160;results.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our operations and most of our assets are located in&#160;Canada. 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&#233;bec. Satellite 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&#160;carriers.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On January&#160;1,&nbsp;2011, Bell&nbsp;acquired xwave, a division of Bell&nbsp;Aliant, specializing in IT professional services and advanced technology solutions. As a result,&#160;2010 results for Bell&nbsp;Wireline and Bell&nbsp;Aliant reflect the change in ownership of&#160;xwave.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">91</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>
<p style="margin-left:0px; margin-right:0px; margin-bottom:0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;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&#160;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&#160;1,&nbsp;2011, BCE&nbsp;acquired the remaining 85% of CTV&nbsp;Inc. (CTV) common shares that it did not already own. CTV is reported as a new segment, Bell&nbsp;Media, which also includes certain assets that we transferred to it from our wireline business. The Bell&nbsp;Media segment provides specialty TV, digital media, conventional TV and radio broadcasting entertainment services to customers across&#160;Canada.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Bell&nbsp;Aliant segment provides voice, data, Internet, video, wireless and value-added business solutions to residential and business customers in the Atlantic provinces and in rural and regional areas of Ontario and&#160;Qu&#233;bec.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>SEGMENTED&#160;INFORMATION</I></B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table16">
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">NOTE</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">BELL<br>
WIRELINE</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">BELL<br>
WIRELESS</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">BELL<br>
MEDIA</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INTER-<br>
SEGMENT<br>
ELIMINATIONS</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">BELL</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">BELL<br>
ALIANT</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INTER-<br>
SEGMENT<br>
ELIMINATIONS</font></TD>
	<TD align=right width="1%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
&nbsp;</TD>
	<TD align=right width="8%" rowspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">BCE</font></TD>
	<TD align=left width=2% rowspan="3">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p>
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31,&#160;2011</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;revenues</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" 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>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">External&#160;customers</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,308</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,191</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,455</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>16,954</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,543</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>19,497</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Inter-segment</font></TD>
	<TD align=left width="6%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>313</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>40</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>87</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(261</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>179</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>232</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(411</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total operating&#160;revenues</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,621</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,231</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,542</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(261</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17,133</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,775</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(411</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>19,497</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;costs</font></TD>
	<TD align=right width="6%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
5</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(6,466</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(3,408</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(1,208</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>261</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(10,821</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(1,458</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>411</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(11,868</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Segment profit<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,155</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,823</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>334</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6,312</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,317</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,629</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
6</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(189</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(13</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(165</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(367</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(42</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(409</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Depreciation and&#160;amortization</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,195</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(433</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(81</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,709</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(552</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,261</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Finance&#160;costs</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" 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>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest&#160;expense</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(842</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=center width="20%">
<p style="text-indent: -12px; margin-left: 24px" align="left">
<font face="Arial" size="2">Interest on employee benefit&#160;obligations</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(984</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected return on pension plan&#160;assets</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,032</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other&#160;income</font></TD>
	<TD align=left width="6%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>129</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Earnings before income&#160;taxes</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,294</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Goodwill allocated by groups of&#160;CGUs</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
16</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,521</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,302</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,393</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6,216</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>969</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,185</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Indefinite-life intangible assets allocated&#160;by groups of&#160;CGUs</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
14</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,314</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,058</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,511</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,883</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>339</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,222</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Capital&#160;expenditures</font></TD>
	<TD align=left width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1,973</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>619</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>91</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,683</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>573</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>3,256</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table17">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The chief operating decision maker uses only one measure of profit to make
decisions and assess performance, being operating revenues less operating&nbsp;costs
for the segment.</I></font></P>
		</td>
	</tr>
	</table>
<p style="text-align: left">&nbsp;</p>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table18">
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
INTER-</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
INTER-</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
BELL</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
BELL</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
SEGMENT</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
BELL</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
SEGMENT</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31,&#160;2010</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
WIRELINE</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
WIRELESS</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ELIMINATIONS</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ALIANT</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ELIMINATIONS</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BCE</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;revenues</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">External&#160;customers</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">10,631</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,876</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">15,507</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,562</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">18,069</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Inter-segment</font></TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">317</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">30</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(185</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">162</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">246</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(408</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total operating&#160;revenues</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">10,948</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,906</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(185</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">15,669</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,808</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(408</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">18,069</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;costs</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
5</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(6,854</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(3,188</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">185</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(9,857</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,435</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">408</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(10,884</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Segment profit<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,094</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,718</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">5,812</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,373</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">7,185</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Severance, acquisition and other&#160;costs</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">
6</font></TD>
	<TD align=right width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(145</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(20</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(165</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(97</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(262</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Depreciation and&#160;amortization</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(2,125</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(444</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(2,569</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(556</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(3,125</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Finance&#160;costs</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest&#160;expense</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(685</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on employee benefit&#160;obligations</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(992</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on fund unit&#160;liability</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(370</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected return on pension plan&#160;assets</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">898</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other&#160;income</font></TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">173</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Earnings before income&#160;taxes</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<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="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,822</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Goodwill allocated by groups of&#160;CGUs</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">
16</font></TD>
	<TD align=right width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,535</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,302</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">4,837</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">969</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">5,806</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Indefinite-life intangible assets allocated&#160;by&#160;groups of&#160;CGUs</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">
14</font></TD>
	<TD align=right width="1%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,314</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,058</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3,372</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">339</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3,711</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="27%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Capital&#160;expenditures</font></TD>
	<TD align=left width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,019</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">485</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,504</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">494</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,998</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table19">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The chief operating decision maker uses only one measure of profit to make
decisions and assess performance, being operating revenues less operating&nbsp;costs
for the segment.</I></font></P>
		</td>
	</tr>
	</table>
<p style="text-align: left; ">&nbsp;</p>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">92</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right;margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B><I>REVENUES BY&#160;PRODUCT</I></B></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table20">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Revenues</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="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Local and&#160;access</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,852</B></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 face="Arial" size="2">3,012</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 face="Arial" size="2">Long&#160;distance</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>903</B></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 face="Arial" size="2">923</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 face="Arial" size="2">Data</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,811</B></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 face="Arial" size="2">3,985</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 face="Arial" size="2">Wireless</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,769</B></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 face="Arial" size="2">4,469</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 face="Arial" size="2">Video</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,831</B></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 face="Arial" size="2">1,749</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 face="Arial" size="2">Media</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,455</B></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 face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Equipment and&#160;other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,333</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,369</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total external&#160;revenues</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>16,954</B></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 face="Arial" size="2">15,507</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inter-segment&#160;revenues</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>179</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">162</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17,133</B></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 face="Arial" size="2">15,669</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 face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,775</B></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 face="Arial" size="2">2,808</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inter-segment&#160;eliminations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(411</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(408</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">BCE</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>19,497</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">18,069</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 4 | ACQUISITIONS</b></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>ACQUISITION OF&#160;CTV</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On April&#160;1,&nbsp;2011, BCE&nbsp;acquired the remaining 85% of the CTV common shares that we did not already own. We acquired CTV because it allows us to better leverage content across multiple&#160;platforms.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The purchase price allocation is complete and includes certain estimates. The following table summarizes the fair value of the consideration given and the fair value assigned to each major class of asset and&#160;liability.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table21">
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Cash</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>713</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Issuance of BCE&nbsp;Inc. common&#160;shares<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>597</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Purchase&#160;consideration</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,310</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Fair value of previously held&#160;interest</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>221</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Non-controlling&#160;interest<font size="-2"><sup>(2)</sup></font></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>215</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total cost to be&#160;allocated</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,746</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Trade and other&#160;receivables</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>462</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Prepaid&#160;expenses</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>52</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Property, plant and&#160;equipment</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>454</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Finite-life intangible&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>551</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Indefinite-life intangible&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,511</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other non-current&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>35</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Trade payables and other&#160;liabilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(419</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Debt due within one&#160;year</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,039</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(762</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Deferred tax&#160;liabilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(236</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Employee benefit&#160;obligations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(92</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other non-current&#160;liabilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(197</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>320</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Cash and cash&#160;equivalents</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>33</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Fair value of net assets&#160;acquired</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>353</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Goodwill</font><font size="-2" face="Arial"><sup>(2)(3)</sup></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,393</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table22">
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(1)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>We issued 21,729,239&nbsp;common shares with a fair value of &#36;764&nbsp;million based on
the market price of BCE&nbsp;common shares on the acquisition date, of which
&#36;597&nbsp;million was purchase consideration and &#36;167&nbsp;million was for the repayment
of certain acquired&nbsp;debt.</I></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(2)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Non-controlling interest in certain CTV subsidiaries was recorded at the fair value of the proportionate share of the corresponding net assets acquired. In the fourth quarter of&nbsp;2011, we decreased the fair value attributed to non-controlling interest by &#36;51&#160;million, resulting in a corresponding decrease in&#160;goodwill.</I></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(3)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Goodwill arises principally from the ability to leverage media content, the
reputation of assembled workforce and future growth. Goodwill is not deductible
for tax&nbsp;purposes.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left; ">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">93</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">The CRTC approved the acquisition and ordered BCE&nbsp;to spend &#36;239&#160;million over seven years to benefit the Canadian broadcasting system. The present value of this tangible benefits obligation, amounting to &#36;164&#160;million, net of &#36;57&#160;million assumed by CTV&#146;s previous shareholders, was recorded as an acquisition cost in
<I>Severance, acquisition and other costs </I>in&nbsp;2011. Total acquisition costs relating to CTV, including the tangible benefits obligation, amounted to &#36;160&#160;million for the year ended December&#160;31,&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The acquisition date fair value of our previously held 15% AFS equity interest in CTV immediately before the acquisition was &#36;221&#160;million, resulting in a gain on remeasurement of &#36;89&#160;million, which was reclassified from <I>Accumulated other comprehensive income </I>to <I>Other income </I>in&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Revenues of &#36;1,507&#160;million and net earnings of &#36;165&#160;million are included in the income statements in&#160;2011 from the date of&#160;acquisition.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&#146;s consolidated operating revenues and net earnings for the year ended December&#160;31,&#160;2011 would have been &#36;19,952&#160;million and &#36;2,557&#160;million, respectively, had the CTV acquisition occurred on January&#160;1,&nbsp;2011. These pro forma amounts reflect the elimination of intercompany transactions, financing related to the acquisition, the amortization of certain elements of the purchase price allocation and related tax&#160;adjustments.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>MAPLE LEAF SPORTS &amp; ENTERTAINMENT&#160;LTD. (MLSE)&#160;INVESTMENT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On December&#160;9,&nbsp;2011, BCE&nbsp;announced it had, in a joint ownership arrangement with Rogers Communications&nbsp;Inc. (Rogers), agreed to purchase a net 75% ownership position in MLSE from Ontario Teachers&#146; Pension Plan Board. MLSE is a sports and entertainment company that owns the Toronto&#160;Maple&#160;Leafs, the Toronto Raptors, the Toronto Marlies and Toronto&#160;FC. BCE&#146;s cash commitment will total &#36;525&#160;million (or &#36;398&#160;million assuming the completion of a leveraged recapitalization of MLSE), representing a 28% indirect equity interest in MLSE, to be funded at closing. Through a co-investment arrangement with BCE, the BCE&nbsp;Master Trust Fund, an independent trust that holds and manages pension fund investments for the BCE&#160;group pension plans, will contribute &#36;135&#160;million toward the MLSE acquisition. BCE&nbsp;and the BCE&nbsp;Master Trust Fund will own an aggregate 37.5%&#160;interest in MLSE, equal to Rogers&#146; interest. The transaction is expected to close in mid-2012&#160;following required regulatory and sports league&#160;approvals.</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 5 | OPERATING&#160;COSTS</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table23">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Labour&#160;costs</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<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 face="Arial" size="2">Wages, salaries and related taxes and&#160;benefits</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(4,037</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(3,672</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Pension current service&#160;costs</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(241</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(200</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other labour&#160;costs<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(911</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(888</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Less:</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<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%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Capitalized&#160;labour</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>830</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">738</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total labour&#160;costs</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(4,359</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(4,022</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cost of&#160;revenues<font size="-2"><sup>(2)</sup></font></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5,631</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(5,015</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other operating&#160;costs<font size="-2"><sup>(3)</sup></font></font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,878</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,847</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total operating&#160;costs</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(11,868</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(10,884</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table24">
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(1)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Other labour costs include contractor and outsourcing&nbsp;costs.</I></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(2)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Cost of revenues includes costs of wireless devices and other equipment sold,
network and content costs, and payments to other&nbsp;carriers.</I></font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(3)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Other operating costs include marketing, advertising and sales commission
costs, bad debt expense, taxes other than income taxes, information technology
costs, professional service fees and&nbsp;rent.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">Included in operating costs is &#36;229&#160;million and &#36;340&#160;million of research and development expenses for&#160;2011 and&nbsp;2010,&#160;respectively.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">94</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right;margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 6 | SEVERANCE, ACQUISITION AND OTHER&#160;COSTS</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table25">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Severance&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(191</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(45</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition&#160;costs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(165</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(26</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other&#160;costs</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(53</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(191</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total severance, acquisition and&#160;other&#160;costs</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(409</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(262</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial">
<B><I>SEVERANCE&#160;COSTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Severance costs consist of employee termination charges related to involuntary and voluntary workforce reduction&#160;initiatives.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>ACQUISITION&#160;COSTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Acquisition costs consist of transaction costs, such as legal and bankers&#146; fees, employee severance costs related to the purchase or sale of a business and the costs to integrate acquired companies into Bell&#146;s operations, when the integration costs are&#160;significant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Acquisition costs for the year ended December&#160;31,&#160;2011 include &#36;164&#160;million relating to the CRTC tangible benefits obligation described in Note 4, <I>Acquisitions</I>, and a pension curtailment gain of &#36;13&#160;million recognized when certain employees were transferred to BCE&nbsp;from&#160;CTV.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>OTHER&#160;COSTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Other costs consist of real estate costs for relocating employees and closing real estate facilities that are no longer needed because of workforce reduction initiatives, as well as other&#160;costs.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other costs for the year ended December&#160;31,&#160;2011 include &#36;18&#160;million for real estate costs and &#36;10&#160;million relating to an administrative amount levied by the federal Competition&#160;Bureau.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other costs for the year ended December&#160;31,&#160;2010 include &#36;120&#160;million related to the CRTC&#146;s decision to include interest and other amounts in our deferral account balance. We also recognized an impairment charge of &#36;62&#160;million relating to certain Bell&nbsp;Aliant customer relationships as a result of a reduction in their estimated useful lives from 25&#160;years to 10&#160;years. The charge was determined by comparing the carrying value of the Bell&nbsp;Aliant customer relationships to its fair value less costs to sell, based on the sum of expected future discounted cash flows using discount rates from 8.62% to&#160;8.89%.</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 7 | INTEREST&#160;EXPENSE</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table26">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Interest expense on long-term&#160;debt</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(774</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(687</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Interest expense on other&#160;debt</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(80</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(56</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Capitalized&#160;interest</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">58</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total interest&#160;expense</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(842</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(685</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">Included in interest expense on long-term debt is &#36;144&#160;million and &#36;147&#160;million of interest on finance leases for&#160;2011 and&nbsp;2010,&#160;respectively.
<br>
&nbsp;&nbsp;&nbsp;&nbsp; Capitalized interest was calculated using an average rate of 5.70% and 7.45% for&#160;2011 and&nbsp;2010, respectively, which represents the weighted average interest rate on our outstanding long-term&#160;debt.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">95</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 8 | OTHER&#160;INCOME</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table27">
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Gains on&#160;investments</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>89</B></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 face="Arial" size="2">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: 12px">
<font face="Arial" size="2">Losses on disposal/retirement of software, plant and&#160;equipment</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(45</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(41</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Impairment of&#160;assets</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(33</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Fair value gain on fund unit&#160;liability</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
28</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2">49</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Premium on early redemption of&#160;debt</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
19</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(4</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(11</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net mark-to-market gain on economic&#160;hedges</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>75</B></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 face="Arial" size="2">14</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Interest&#160;income</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>21</B></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 face="Arial" size="2">6</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Equity&#160;income</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>24</B></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 face="Arial" size="2">8</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">13</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other&#160;income</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>129</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">173</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial">
<B><I>GAINS ON&#160;INVESTMENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">A gain of &#36;89&#160;million was realized in&#160;2011 on our previously held 15% equity interest in CTV at the acquisition date. As a result, we reclassified unrealized gains of &#36;89&#160;million from <I>Accumulated other comprehensive income </I>to <I>Other&#160;income</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gains on investments of &#36;135&#160;million in&#160;2010 resulted from gains of &#36;125&#160;million realized on the sale of certain of our publicly-traded investments, mainly SkyTerra Communications&nbsp;Inc., for proceeds of approximately &#36;118&#160;million. As a result, we reclassified unrealized gains of &#36;125&#160;million from <I>Accumulated other comprehensive income </I>to <I>Other income</I>. We used the average cost method to determine the&#160;gain.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>IMPAIRMENT OF&#160;ASSETS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Impairment charges of &#36;33&#160;million in&#160;2011 consist mainly&#160;of:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">a &#36;17&#160;million goodwill impairment of a CGU within Bell&nbsp;Wireline that will cease operations in&#160;2012</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">an impairment charge of &#36;14&#160;million relating to our Calgary Westwinds campus that is under a finance lease, resulting from an arrangement to sublease the premises in their entirety. The charge was determined by comparing the carrying value of our leasehold interest to its fair value less costs to sell, based on the expected future discounted cash flows using a discount rate of 3.8% for the period of March&#160;1,&#160;2011 to November&#160;1, 2028.
The carrying value of our leasehold interest was &#36;67&#160;million prior to the&#160;impairment.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 9 | INCOME&#160;TAXES</b></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table reconciles the amount of reported income taxes in the income statements with income taxes calculated at statutory income tax rates of 28.2% in&#160;2011 and 30.6% in&nbsp;2010. Our statutory income tax rate is the combined Canadian rates applicable in the jurisdictions in which we do&#160;business.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table28">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Earnings before income&#160;taxes</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,294</B></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 face="Arial" size="2">2,822</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Applicable tax&#160;rate</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>28.2</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">30.6</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income taxes computed at applicable statutory&#160;rates</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(929</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(864</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-taxable portion of gains on&#160;investments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>25</B></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 face="Arial" size="2">39</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 face="Arial" size="2">Resolution of uncertain tax&#160;positions</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>158</B></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 face="Arial" size="2">160</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 face="Arial" size="2">Non-deductible interest on fund unit&#160;liability</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2">(113</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-taxable portion of Bell&nbsp;Aliant&#146;s&#160;income</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2">85</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 face="Arial" size="2">Change in estimate relating to prior&#160;periods</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>35</B></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 face="Arial" size="2">28</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(9</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">33</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total income&#160;taxes</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(720</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(632</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Average effective tax&#160;rate</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>21.9</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">22.4</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">The following tables show aggregate current and deferred taxes relating to items recognized outside the income&#160;statements.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table29">
<TR valign="bottom">
	<TD align=left width="42%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
AT DECEMBER&#160;31</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p align="center">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=left width="12%" style="border-bottom: 1px solid #000000"
 colspan="2">
<p align="right">
<font face="Arial" size="1">&nbsp;
2010</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="42%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>OTHER</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>NON-</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
OTHER</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 size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="42%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>COMPREHENSIVE</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>CONTROLLING</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
COMPREHENSIVE</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 size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="42%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>INCOME</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>DEFICIT</B></font></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>INTEREST</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCOME</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DEFICIT</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="42%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Current&#160;taxes</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>267</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></font></TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">131</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="42%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Deferred&#160;taxes</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(25</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6</B></font></TD>
	<TD align=right width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">260</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="42%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total income&#160;taxes</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>242</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7</B></font></TD>
	<TD align=right width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">391</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">96</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right;margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows the significant components of income taxes deducted from net&#160;earnings.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table30">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font><font face="Arial" size="1">FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Current&#160;taxes</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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Current&#160;taxes</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(758</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(478</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Resolution of uncertain tax&#160;positions</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>158</B></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 face="Arial" size="2">160</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 face="Arial" size="2">Change in estimate relating to prior&#160;periods</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>63</B></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 face="Arial" size="2">10</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12</B></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 face="Arial" size="2">24</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 face="Arial" size="2">Deferred&#160;taxes</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="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Deferred taxes relating to the origination and reversal of temporary&#160;differences</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(79</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(360</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Change in estimate relating to prior&#160;periods</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(28</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">18</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 face="Arial" size="2">Recognition and utilization of loss&#160;carryforwards</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(75</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(16</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(13</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">10</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total income&#160;taxes</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(720</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(632</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">The following table shows deferred taxes resulting from temporary differences between the carrying amounts of assets and liabilities recognized in the statements of financial position and their corresponding tax basis, as well as tax loss&#160;carryforwards.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table31">
<TR valign="bottom">
	<TD align=left width=20%>
<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=right width="8%">
<font face="Arial" size="1">
PROPERTY,</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>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<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=right width="8%">
<font face="Arial" size="1">
PLANT AND</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>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<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=right width="8%">
<font face="Arial" size="1">
EQUIPMENT</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>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<font face="Arial" size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">NON-&nbsp;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">&nbsp;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">INDEFINITE-&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">AND</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 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>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
CAPITAL</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
EMPLOYEE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
LIFE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
FINITE-LIFE</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 face="Arial" size="1">
PARTNERSHIP</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>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
LOSS CARRY-</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
BENEFIT</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
INTANGIBLE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
INTANGIBLE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
INVESTMENT</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
INCOME</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>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
NET DEFERRED TAX LIABILITY</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
FORWARDS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PLANS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ASSETS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ASSETS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TAX CREDITS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=8% style="border-bottom: 1px solid #000000">
<p align="right">
<font face="Arial" size="1">
DEFERRAL</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<p style="margin-top: -5px">
<font size="-2" face="Arial"><sup>(1)</sup></font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OTHER</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">January&#160;1,&#160;2010</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">225</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">777</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(754</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(272</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(175</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">(118</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">312</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(5</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income&#160;statement</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(16</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(199</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(54</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(12</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">38</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">14</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(119</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(348</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other comprehensive&#160;income</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">258</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">260</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Deficit</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">10</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">56</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">66</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2010</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">219</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">836</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(808</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(284</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(137</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(104</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">253</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(25</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income&#160;statement</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(75</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(55</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(43</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(98</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>31</B></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 face="Arial" size="2" color="#0065A4">
<B>7</B></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 face="Arial" size="2" color="#0065A4">
<B>38</B></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 face="Arial" size="2" color="#0065A4">
<B>(195</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other comprehensive&#160;income</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>(14</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>(11</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(25</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Deficit</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>6</B></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 face="Arial" size="2" color="#0065A4">
<B>6</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition of&#160;CTV</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>90</B></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 face="Arial" size="2" color="#0065A4">
<B>23</B></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 face="Arial" size="2" color="#0065A4">
<B>(361</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(51</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>63</B></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 face="Arial" size="2" color="#0065A4">
<B>(236</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20%>
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>&#150;</B></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 face="Arial" size="2" color="#0065A4">
<B>4</B></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 face="Arial" size="2" color="#0065A4">
<B>4</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(81</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(81</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=20% style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2011</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>234</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>790</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,212</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(433</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(106</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(97</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>272</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(552</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table32">
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(1)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>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&#160;purposes.</I></font></td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">The deferred tax asset of &#36;329&#160;million in&#160;2011 and &#36;501&#160;million in&#160;2010 includes &#36;255&#160;million and &#36;480&#160;million, respectively, expected to be recovered in more than one year. The deferred tax liability of &#36;881&#160;million in&#160;2011 and &#36;526&#160;million in&#160;2010 includes &#36;886&#160;million and &#36;438&#160;million, respectively, expected to be reversed in more than one&#160;year.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&#160;31,&nbsp;2011, BCE&nbsp;had &#36;965&#160;million of non-capital loss carryforwards.&#160;We:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">recognized a deferred tax asset of &#36;234&nbsp;million, of which &#36;116&#160;million related to Bell&nbsp;Aliant, for approximately &#36;870&#160;million of the non-capital loss carryforwards. These non-capital loss carryforwards expire in varying annual amounts from&#160;2026 to&#160;2031.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">did not recognize a deferred tax asset for approximately &#36;95&nbsp;million of non-capital loss carryforwards. This balance expires in varying annual amounts from&#160;2016 to&#160;2030.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">At December&#160;31,&nbsp;2011, BCE&nbsp;had &#36;1,278&#160;million of unrecognized capital loss carryforwards which can be carried forward indefinitely.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">At December&#160;31,&nbsp;2010, BCE&nbsp;had &#36;840&#160;million of non-capital loss carryforwards.&#160;We:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">recognized a deferred tax asset of &#36;219&nbsp;million, of which &#36;200&#160;million related to Bell&nbsp;Aliant, for approximately &#36;743&#160;million of the non-capital loss carryforwards. These non-capital loss carryforwards expire in varying annual amounts from&#160;2020 to&#160;2030.</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">did not recognize a deferred tax asset for approximately &#36;97&nbsp;million of non-capital loss carryforwards. This balance expires in varying annual amounts from&#160;2021 to&#160;2030.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">At December&#160;31,&nbsp;2010, BCE&nbsp;had &#36;1,308&#160;million of unrecognized capital loss carryforwards which can be carried forward indefinitely.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">97</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 10 | EARNINGS PER&#160;SHARE</b></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows the components used in the calculation of basic and diluted earnings per common share for earnings attributable to common&#160;shareholders.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table33">
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<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 face="Arial" size="2">Net earnings attributable to common shareholders &#150;&#160;basic</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,221</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,083</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Dividends declared per common share (in&#160;dollars)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.0450</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1.7850</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 6px">
<font face="Arial" size="2">Weighted average number of common shares outstanding (in&#160;millions) </font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;&nbsp;&nbsp;&nbsp; </font> </TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Weighted average number of common shares outstanding &#150;&#160;basic</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>771.4</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">759.0</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Assumed exercise of stock&#160;options<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>0.4</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">0.5</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Weighted average number of common shares outstanding &#150;&#160;diluted</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>771.8</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">759.5</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table34">
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(1)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>The calculation of the assumed exercise of stock options includes the effect
of the average unrecognized future compensation cost of dilutive options. It
does not include anti-dilutive options which are options that will not be
exercised because their exercise price is higher than the average market value
of a BCE&nbsp;common share. The number of excluded options was 17,070&nbsp;in&nbsp;2011 and
3,368,508&nbsp;in&nbsp;2010.</I></font></td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 11 | TRADE AND OTHER&#160;RECEIVABLES</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table35">
<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 face="Arial" size="1" color="#0065A4">
<B>DECEMBER&#160;31,&#160;</B></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 face="Arial" size="1">
DECEMBER&#160;31,&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Trade&#160;receivables<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,069</B></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 face="Arial" size="2">2,620</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,549</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Allowance for doubtful&#160;accounts</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(105</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(95</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(105</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Allowance for revenue&#160;adjustments</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(74</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(89</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(83</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Investment tax&#160;credits</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>176</B></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 face="Arial" size="2">306</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">300</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other accounts&#160;receivable</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>53</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">143</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">118</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total trade and other&#160;receivables</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,119</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,885</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,779</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table36">
	<tr>
		<td width="2%" valign="top">
<font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>The details of securitized trade receivables are set out in Note 18, </I>Debt Due Within One&#160;Year<I>.</I></font></td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 12 | INVENTORY</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table37">
<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 face="Arial" size="1" color="#0065A4">
<B>DECEMBER 31,</B></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 face="Arial" size="1">
DECEMBER&#160;31,&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Inventory</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="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Work in&#160;progress</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>64</B></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 face="Arial" size="2">57</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">51</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Finished&#160;goods</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>391</B></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 face="Arial" size="2">408</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">433</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Provision</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(28</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(34</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(42</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;inventory</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>427</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">431</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">442</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">The total amount of inventories recognized as an expense in cost of revenues was &#36;2,380&#160;million in&#160;2011 and &#36;2,389&#160;million in&#160;2010.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">98</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right;margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 13 | PROPERTY, PLANT AND&#160;EQUIPMENT</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table38">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
NETWORK</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=10%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
INFRASTRUCTURE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
LAND AND</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
ASSETS UNDER</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
YEAR ENDED DECEMBER&#160;31,&#160;2011</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AND EQUIPMENT</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BUILDINGS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CONSTRUCTION</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" valign="top">
<p style="margin-top: -5px">
<font size="-2" face="Arial"><sup>(1)</sup></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>COST</B></font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=10% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">January&#160;1,&#160;2011</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>47,709</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,851</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>870</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>52,430</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" 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 face="Arial" size="2">Additions</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,734</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>72</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,493</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,299</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" 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 face="Arial" size="2">Acquisition through business&#160;combinations</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>170</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>251</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>33</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>454</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" 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 face="Arial" size="2">Transfers</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,024</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(21</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,232</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(229</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(396</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(19</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(415</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2011</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>50,241</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,134</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,164</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>55,539</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">
<B>ACCUMULATED&#160;DEPRECIATION</B></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% 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%" 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%" 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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">January&#160;1,&#160;2011</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>32,873</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,782</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>34,655</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" 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 face="Arial" size="2">Depreciation for the&#160;year</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,400</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>138</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,538</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" 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 face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(342</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(18</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(360</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(80</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(79</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2011</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>34,851</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,903</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>36,754</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">
<B>NET CARRYING&#160;AMOUNT</B></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% 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%" 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%" 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>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At January&#160;1,&#160;2011</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14,836</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,069</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>870</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17,775</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At December&#160;31,&#160;2011</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>15,390</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,231</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,164</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>18,785</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table39">
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(1)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Includes assets under finance&nbsp;leases.</I></font></td>
	</tr>
	</table>
<p style="margin-top: 0">&nbsp;</p>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table40">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
NETWORK</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
INFRASTRUCTURE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
LAND AND&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
ASSETS UNDER&#160;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
YEAR ENDED DECEMBER&#160;31,&#160;2010</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AND EQUIPMENT</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BUILDINGS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CONSTRUCTION</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" valign="top">
<p style="margin-top: -5px">
<font size="-2" face="Arial"><sup>(1)</sup></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">
<B>COST</B></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">January&#160;1,&#160;2010</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">45,567</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">3,681</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">888</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">50,136</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 face="Arial" size="2">Additions</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,637</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">157</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,106</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,900</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition through business&#160;combinations</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">42</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">42</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Transfers</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">995</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">37</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,124</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(92</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(532</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(24</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(556</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2010</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">47,709</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">3,851</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">870</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">52,430</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">
<B>ACCUMULATED&#160;DEPRECIATION</B></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">January&#160;1,&#160;2010</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">31,118</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">1,671</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">32,789</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 face="Arial" size="2">Depreciation for the&#160;year</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,258</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">130</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,388</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(488</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">(23</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(511</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(15</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">4</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(11</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2010</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">32,873</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,782</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">34,655</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px; margin-top: 12px">
<font face="Arial" size="2">
<B>NET CARRYING&#160;AMOUNT</B></font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At January&#160;1,&#160;2010</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">14,449</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">2,010</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">888</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">17,347</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At December&#160;31,&#160;2010</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">14,836</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,069</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">870</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">17,775</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table41">
	<tr>
		<td width="2%" valign="top">
<font size="1" face="Arial">(1)</font></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Includes assets under finance&nbsp;leases.</I></font></td>
	</tr>
	</table>
<p>&nbsp;</p>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">99</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FINANCE&#160;LEASES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&#146;s significant finance leases are for office premises and satellites. The office and campus leases have a typical lease term of&#160;15&#160;years. The leases for satellites, used to provide programming to our Bell&nbsp;TV customers, have lease terms ranging from 12&#160;to 15&#160;years. The satellite leases are&#160;non-cancellable.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table shows additions to and the net carrying amount of assets under finance&#160;leases.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table42">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="22%" colspan="3"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ADDITIONS</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="22%" colspan="3"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<p align="center">
<font face="Arial" size="1">
NET CARRYING AMOUNT</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
AT DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<p align="right">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<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 face="Arial" size="2">Network infrastructure and&#160;equipment</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>263</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">187</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-left: 1px dashed #000000">
<font face="Arial" size="2" color="#0065A4">
<B>913</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">889</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Land and&#160;buildings</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>5</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">79</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>634</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">725</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>268</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">266</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-left: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1,547</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,614</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px; margin-top:0px; margin-bottom:0">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table provides a reconciliation of our minimum lease payments to their present value for our finance lease&#160;obligations.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table43">
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
AT DECEMBER&#160;31,&#160;2011</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2012</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2013</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2014</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2015</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2016</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
THEREAFTER</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Minimum future lease&#160;payments</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">417</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">381</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">239</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">186</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">174</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,468</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,865</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Less:</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Future finance&#160;costs</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(124</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(111</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(100</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(91</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(84</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(396</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(906</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Present value of future lease&#160;payments</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">293</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">270</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">139</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">95</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">90</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,072</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,959</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 14 | INTANGIBLE&#160;ASSETS</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table44">
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
FINITE-LIFE</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="31%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000" colspan="7">
<p align="center"><font face="Arial" size="1">INDEFINITE-LIFE</font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000">
<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="19%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
CUSTOMER</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
PROGRAM</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=7%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
SPECTRUM</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
&nbsp;</TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="1">
YEAR ENDED</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
RELATION-</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
AND FEATURE</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=7%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
AND OTHER</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
BROADCAST</font></TD>
	<TD align=left width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD width="1%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">
INTANGIBLE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DECEMBER&#160;31,&#160;2011</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SOFTWARE</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SHIPS</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OTHER</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
FILM</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BRAND</font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
LICENCES</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
LICENCES</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ASSETS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">
<B>COST</B></font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000"
 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>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">January&#160;1,&#160;2011</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,210</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>846</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>218</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6,274</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,024</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,687</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,711</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>9,985</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">Additions</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>244</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>330</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>574</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>574</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">Acquisition through business combinations</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>70</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>65</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>416</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>551</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>218</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,293</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,511</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,062</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">Transfers</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>336</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>334</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>334</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(72</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(74</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(74</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Amortization included in operating costs</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(382</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(382</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(382</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">December&#160;31,&#160;2011</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,788</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>847</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>278</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>364</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,277</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,242</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,687</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,293</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,222</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,499</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<p style="margin-top: 12px; margin-bottom: 6px">
<font face="Arial" size="2">
<B>ACCUMULATED AMORTIZATION</B></font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000"
 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>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">January&#160;1,&#160;2011</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,505</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>224</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>55</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,784</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,784</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">Amortization for&#160;the&#160;year</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>656</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>50</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>17</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>723</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>723</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(70</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(72</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(72</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>49</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>51</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>51</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">December&#160;31,&#160;2011</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,140</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>274</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>72</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,486</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD width="1%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,486</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<p style="margin-top: 12px; margin-bottom: 6px">
<font face="Arial" size="2">
<B>NET CARRYING AMOUNT</B></font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width="7%" style="border-left: 1px dashed #000000"
 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>
</TR>
<TR valign="bottom">
	<TD align=left width="19%">
<font face="Arial" size="2">January&#160;1,&#160;2011</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,705</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>622</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>163</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,490</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,024</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,687</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,711</B></font></TD>
	<TD width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left: 1px dashed #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6,201</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="19%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">December&#160;31,&#160;2011</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,648</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>573</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>206</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>364</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,791</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,242</B></font></TD>
	<TD width="1%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,687</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,293</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,222</B></font></TD>
	<TD width="1%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%"
 style="border-left: 1px dashed #000000; border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8,013</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">100</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right;margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





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






<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table45">
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
FINITE-LIFE</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="26%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000" colspan="5">
<p align="center"><font face="Arial" size="1">INDEFINITE-LIFE</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<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=27%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
CUSTOMER</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
SPECTRUM</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="1">
YEAR ENDED</font></TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
RELATION-</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
AND OTHER</font></TD>
	<TD align=right width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="1">
INTANGIBLE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DECEMBER&#160;31,&nbsp;2010</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SOFTWARE</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SHIPS</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OTHER</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BRAND</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
LICENCES</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ASSETS</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">
<B>COST</B></font></TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">January&#160;1,&nbsp;2010</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">4,758</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">924</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">218</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">5,900</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">2,024</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,631</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3,655</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">9,555</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">Additions</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">366</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">366</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">56</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">56</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">422</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">Acquisition through business combinations</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">14</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">14</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">14</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">Transfers</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">203</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">202</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">202</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">(117</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(4</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(121</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">(121</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Impairment losses recognized in&#160;earnings</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(87</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(87</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(87</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">December&#160;31,&nbsp;2010</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">5,210</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">846</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">218</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">6,274</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,024</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,687</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">3,711</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">9,985</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<p style="margin-top: 12px; margin-bottom: 6px">
<font face="Arial" size="2">
<B>ACCUMULATED AMORTIZATION</B></font></TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">January&#160;1,&#160;2010</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">2,959</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">204</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">45</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3,208</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">3,208</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">Amortization for the&#160;year</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">678</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">49</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">10</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">737</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">737</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">Retirements and&#160;disposals</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">(114</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(4</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(118</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">(118</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">Impairment losses recognized in&#160;earnings</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(25</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(25</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">(25</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(18</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(18</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(18</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">December&#160;31,&#160;2010</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">3,505</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">224</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">55</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">3,784</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="2">3,784</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<p style="margin-top: 12px; margin-bottom: 6px">
<font face="Arial" size="2">
<B>NET CARRYING AMOUNT</B></font></TD>
	<TD align=left width=8%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<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="1%">
<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="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27%>
<font face="Arial" size="2">January&#160;1,&#160;2010</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">1,799</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">720</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">173</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,692</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">2,024</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,631</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3,655</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left: 1px dashed #000000">
<font face="Arial" size="2">6,347</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=27% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">December&#160;31,&#160;2010</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,705</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">622</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">163</font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,490</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,024</font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,687</font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3,711</font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="8%"
 style="border-left: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">6,201</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 15 | OTHER NON-CURRENT&#160;ASSETS</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table46">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>DECEMBER 31,</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
DECEMBER 31,</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY 1,</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="1" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Employee benefit plans&#160;assets</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
20</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>31</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font color="#0065A4" size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">33</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right 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: 12px">
<font face="Arial" size="2">AFS publicly-traded and privately-held securities</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
22</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>41</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font color="#0065A4" size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">272</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">392</font></TD>
	<TD align=right 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: 12px">
<font face="Arial" size="2">Long-term notes and other receivables</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>49</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font color="#0065A4" size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">51</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">102</font></TD>
	<TD align=right 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: 12px">
<font face="Arial" size="2">Long-term asset held for&#160;sale</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
8</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>57</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font color="#0065A4" size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right 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: 12px">
<font face="Arial" size="2">Derivative assets</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
22</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>203</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font color="#0065A4" size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">87</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">40</font></TD>
	<TD align=right width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>248</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font color="#0065A4" size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">209</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">321</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total other non-current assets</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>629</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font color="#0065A4" size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">652</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">855</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 16 | GOODWILL</b></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following tables provide details about the changes in the carrying amounts of goodwill for the years ended December&#160;31,&nbsp;2011 and&#160;2010.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table47">
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL WIRELINE</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL WIRELESS</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL MEDIA</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL ALIANT</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CONSOLIDATED</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">Balance at January&#160;1,&#160;2011</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,535</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,302</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>969</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,806</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">Acquisitions and&#160;other</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,393</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,396</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Impairment</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
8</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(17</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(17</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Balance at December&#160;31,&#160;2011</font></TD>
	<TD align=left width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,521</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,302</B></font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,393</B></font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>969</B></font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7,185</B></font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
&nbsp;</P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table48">
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL WIRELINE</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL WIRELESS</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL ALIANT</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CONSOLIDATED</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">Balance at January&#160;1,&#160;2010</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,504</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,301</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">969</font></TD>
	<TD align=right width="1%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">5,774</font></TD>
	<TD align=left width="1%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Acquisitions and&#160;other</font></TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">31</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">32</font></TD>
	<TD align=left width="1%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Balance at December&#160;31,&#160;2010</font></TD>
	<TD align=left width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,535</font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,302</font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">969</font></TD>
	<TD align=right width="1%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">5,806</font></TD>
	<TD align=left width="1%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px; ">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">101</font></b></P>


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





<P style="text-align: left; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 17 | TRADE PAYABLES AND OTHER&#160;LIABILITIES</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table49">
<TR valign="bottom">
	<TD align=left width="52%">
<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 face="Arial" size="1" color="#0065A4">
<B>DECEMBER&#160;31,</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
DECEMBER&#160;31,</font></TD>
	<TD align=right width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,</font></TD>
	<TD align=right width="2%">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="1" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font face="Arial" size="2">Trade payables and&#160;accruals</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,094</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,860</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,637</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font face="Arial" size="2">Compensation&#160;payable</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>578</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">537</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">499</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font face="Arial" size="2">Deferred&#160;revenues</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>685</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">661</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">615</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font face="Arial" size="2">Taxes&#160;payable</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>106</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">90</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">113</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font face="Arial" size="2">Severance and other costs&#160;payable</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>115</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">61</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">178</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font face="Arial" size="2">CRTC deferral account&#160;obligation</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
22</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>63</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">296</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">152</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<font face="Arial" size="2">CRTC tangible benefits&#160;obligation</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
4, 22</font></TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>62</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">Other current&#160;liabilities</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>353</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 1px solid #000000">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">343</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">438</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Total trade payables and other&#160;liabilities</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>4,056</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0"
 style="border-bottom: 2px solid #000000">
<font size="2" face="Arial" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3,848</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3,632</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="4">
<b>NOTE 18 | DEBT DUE WITHIN ONE&#160;YEAR</b></font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table50">
<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 size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
WEIGHTED AVERAGE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
DECEMBER&#160;31,</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
DECEMBER&#160;31,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="1" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INTEREST RATE</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<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="2">Bank&#160;advances</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">82</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">42</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Notes&#160;payable</font></TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">2.09</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>321</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">209</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total bank advances and notes&#160;payable</font></TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>321</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">291</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">42</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Loan secured by trade&#160;receivables</font></TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1.84</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>950</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,268</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,305</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term debt due within one&#160;year<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=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%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Canada</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">5.96</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>808</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">586</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">529</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">5.27</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>32</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">428</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">19</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>840</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,014</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">548</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 face="Arial" size="2">Net unamortized premium/discount</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">3</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">5</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Unamortized debt issuance&#160;costs</font></TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(7</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total long-term debt due within one&#160;year</font></TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">
19</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2" face="Arial">&nbsp; </font></TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>835</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,011</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">547</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total debt due within one&#160;year</font></TD>
	<TD align=left width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2" face="Arial">&nbsp;</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,106</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,570</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,894</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table51">
	<tr>
		<td width="2%" valign="top">
<i>
<font size="1" face="Arial">(1)</font></i></td>
		<td width="98%" valign="top">
<font face="Arial" size="1">
<I>Included in long-term debt due within one year is the current portion of
finance leases of &#36;293&nbsp;million at December&nbsp;31,&nbsp;2011, &#36;330&nbsp;million at
December&nbsp;31,&nbsp;2010 and &#36;191&nbsp;million at&nbsp;January&nbsp;1,&nbsp;2010.</I></font></td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>RESTRICTIONS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Some of the credit&#160;agreements:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">require us to meet specific financial&#160;ratios</font></LI>
<LI>
<p 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;or Bell&#160;Canada.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">We are in compliance with all conditions and&#160;restrictions.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>SECURITIZED TRADE&#160;RECEIVABLES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The Bell&nbsp;Canada and Bell&nbsp;Aliant securitized trade receivables are recorded as floating rate revolving loans secured by certain trade receivables and expire on May&#160;13,&#160;2014 and November&#160;30, 2016, respectively.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table provides further details on the securitized trade&#160;receivables.</font></P>

<TABLE border=0 style="width:100%" cellspacing=0 cellpadding="0" id="table52">
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL CANADA</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=10%
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BELL ALIANT</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>DECEMBER&#160;31,</B></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 face="Arial" size="1">
DECEMBER&#160;31,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
JANUARY&#160;1,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% bgcolor="#C0C0C0"
 style="border-left: 1px dashed #000000">
<font face="Arial" size="1" color="#0065A4">
<B>DECEMBER&#160;31,</B></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 face="Arial" size="1">
DECEMBER&#160;31,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10%
 style="border-left: 1px dashed #000000; border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%">
<font face="Arial" size="2">Average interest&#160;rate</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1.88</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1.72</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">2.13</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=10% bgcolor="#C0C0C0"
 style="border-left: 1px dashed #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1.58</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1.00</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1.53</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="28%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Pledged trade&#160;receivables</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,125</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,855</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,892</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%
 style="border-left: 1px dashed #000000; border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>187</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000"
 bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">154</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">208</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">Bell&nbsp;Canada and Bell&nbsp;Aliant continue to service these trade receivables. The buyers&#146; interest in the collection of these trade receivables 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 amounts securitized. Bell&nbsp;Canada and Bell&nbsp;Aliant have provided various credit enhancements in the form of overcollateralization and subordination of their retained interests.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The buyers will reinvest the amounts collected by buying additional interests in the Bell&nbsp;Canada and Bell&nbsp;Aliant trade receivables until the securitized trade receivables 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&#160;owed.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">102</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: right; margin-bottom:0; margin-top:0">
<font face="Arial" size="1">NOTES TO CONSOLIDATED FINANCIAL STATEMENTS</font></P>





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





<P style="text-align: left;">
<font face="Arial">
<B><I>CREDIT&#160;FACILITIES</I></B></font></P>
<P style="text-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&#160;time.<br>
&nbsp;&nbsp;&nbsp;&nbsp; The table below is a summary of our total bank credit facilities at December&#160;31,&#160;2011.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table53">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font 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>
	<TD align=right width="10%">
<font face="Arial" size="1">
COMMERCIAL</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
LETTERS</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
PAPER</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
NET</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AVAILABLE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OF CREDIT</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OUTSTANDING</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AVAILABLE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Committed credit&#160;facilities</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>
	<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>
	<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>
	<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="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&nbsp;Canada<font size="-2"><sup>(1)</sup></font></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>
	<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>
	<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>
	<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="52%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Revolving facility supporting commercial paper&#160;program</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,000</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>275</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>120</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,605</B></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="52%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>53</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>47</B></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="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&nbsp;Aliant<font size="-2"><sup>(1)</sup></font></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>
	<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>
	<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>
	<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="52%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Revolving facility supporting commercial paper&#160;program</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>750</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>175</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>201</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>374</B></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="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>126</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>126</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total committed credit&#160;facilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,929</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>582</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>321</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,026</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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 face="Arial" size="2">Non-committed credit&#160;facilities</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>
	<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>
	<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>
	<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="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Canada</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>288</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>122</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>166</B></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="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>18</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>17</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total non-committed credit&#160;facilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>306</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>123</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>183</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total committed and non-committed credit&#160;facilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>3,235</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>705</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>321</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>2,209</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table54">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Bell&nbsp;Canada&#146;s &#36;2,000&#160;million supporting committed revolving bank credit facility expires in November&#160;2016 and Bell&nbsp;Aliant&#146;s &#36;750&#160;million supporting committed revolving bank credit facility expires in June&#160;2015.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 19 </B>| <B>LONG-TERM&#160;DEBT</B></font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table55">
<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=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
WEIGHTED</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>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&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>
</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=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
AVERAGE</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>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
DECEMBER&#160;31,</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
DECEMBER&#160;31,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
JANUARY&#160;1,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INTEREST RATE</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
MATURITY</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Canada</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>
	<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>
	<TD align=left width="8%" 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="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 face="Arial" size="2">Debentures</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>
	<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>
	<TD align=left width="8%" 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="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: 36px">
<font face="Arial" size="2">1997&#160;trust&#160;indenture</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>
	<TD align=right width="8%">
<font face="Arial" size="2">5.08</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2012&#150;2035</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6,850</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">5,100</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">4,100</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">1976&#160;trust&#160;indenture</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>
	<TD align=right width="8%">
<font face="Arial" size="2">9.59</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2014&#150;2054</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,250</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,250</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">1,584</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 face="Arial" size="2">Subordinated&#160;debentures</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>
	<TD align=right width="8%">
<font face="Arial" size="2">8.21</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2026&#150;2031</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>275</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">275</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">275</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Finance&#160;leases</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>
	<TD align=right width="8%">
<font face="Arial" size="2">7.12</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2012&#150;2047</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,898</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,976</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">1,929</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>266</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">185</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">157</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total &#150; Bell&#160;Canada</font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>10,539</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">8,786</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">8,045</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">CTV Specialty Television&#160;Inc.</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>
	<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>
	<TD align=left width="8%" 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="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 face="Arial" size="2">Notes</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>
	<TD align=right width="8%">
<font face="Arial" size="2">6.08</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2014</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>300</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Finance&#160;leases</font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total &#150; CTV Specialty Television&#160;Inc.</font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>306</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Aliant</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>
	<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>
	<TD align=left width="8%" 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="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 face="Arial" size="2">Debentures, notes and&#160;bonds</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>
	<TD align=right width="8%">
<font face="Arial" size="2">5.40</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2012&#150;2037</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,636</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2,743</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">2,740</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Finance leases and&#160;other</font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>55</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">53</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">45</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total &#150; Bell&#160;Aliant</font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,691</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,796</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">2,785</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total&#160;debt</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>
	<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>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13,536</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">11,582</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">10,830</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 face="Arial" size="2">Net unamortized premium/discount</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>
	<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>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>63</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">52</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="2">57</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 face="Arial" size="2">Unamortized debt issuance&#160;costs</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>
	<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>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(43</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(42</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">(41</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Less: Amount due within one&#160;year</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">
18</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(835</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,011</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(547</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="40%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total long-term&#160;debt</font></TD>
	<TD align=left width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,721</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,581</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,299</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial">
<B><I>RESTRICTIONS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Some of the debt&#160;agreements:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">require us to meet specific financial&#160;ratios</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">impose covenants, maintenance tests and new issue&#160;tests</font></LI>
<LI>
<p 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&#160;agreements.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">We are in compliance with all conditions and&#160;restrictions.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;CANADA</I></B></font></P>
<P style="text-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&#160;series.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&#160;15,&nbsp;2011, Bell&nbsp;Canada repaid upon maturity its 6.90% Series&#160;M-12&#160;debentures under its&#160;1997 trust indenture, with an outstanding principal amount of &#36;250&#160;million.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">103</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin-left:0px; margin-right:0px; margin-bottom:0px" align="right">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&#160;19,&nbsp;2011, Bell&nbsp;Canada issued 3.65% Series&#160;M-23&#160;debentures under its&#160;1997 trust indenture, with a principal amount of &#36;500&#160;million, which mature on May&#160;19, 2016, and 4.95% Series&#160;M-24&#160;debentures under its&#160;1997 trust indenture, with a principal amount of &#36;500&#160;million, which mature on May&#160;19,&#160;2021.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On March&#160;16,&nbsp;2011, Bell&nbsp;Canada issued 4.40% Series&#160;M-22&#160;debentures under its&#160;1997 trust indenture, with a principal amount of &#36;1&#160;billion, which mature on March&#160;16,&#160;2018.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On December&#160; 2,&nbsp;2010, Bell&nbsp;Canada issued 3.60% Series&#160;M-21&#160;debentures under its&#160;1997 trust indenture, with a principal amount of &#36;1&#160;billion, which mature on December&#160;2,&#160;2015.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>CTV SPECIALTY TELEVISION&#160;INC.</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The CTV Specialty Television&nbsp;Inc. (CTV Specialty) notes and revolving credit facility are secured by all present and future assets of CTV Specialty and its wholly-owned subsidiaries. At&#160;December&#160;31,&nbsp;2011, the carrying value of CTV Specialty assets exceeded the amounts&#160;owing.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BELL&#160;ALIANT</I></B></font></P>
<P style="text-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&#233;l&#233;bec, Limited Partnership&#146;s debentures of &#36;100&#160;million, which are secured by a mortgage on a property located in the province of Qu&#233;bec. At December&#160;31,&nbsp;2011, the carrying value of this property exceeded the amounts owing. 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 in each&#160;series.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On April&#160; 26,&nbsp;2011, Bell&nbsp;Aliant issued 4.88% medium-term notes, with a principal amount of &#36;300&#160;million, which mature on April&#160;26, 2018. Net proceeds were used to partially redeem early its 4.72% medium-term notes with a principal amount of &#36;300&#160;million. The remaining outstanding principal amount of &#36;105&#160;million was redeemed on September&#160;26,&nbsp;2011. We incurred a &#36;4&#160;million charge for the premium cost of early redemption which is included in <I>Other&#160;income</I>.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On September&#160;13,&nbsp;2010, Bell&nbsp;Aliant issued &#36;350&#160;million principal amount of 4.37% medium-term notes which mature September&#160;13, 2017. Net proceeds were used to partially redeem early its 4.72% medium-term notes with a &#36;345&#160;million principal amount, which were due on September&#160;26,&nbsp;2011, out of a total outstanding principal amount of &#36;750&#160;million. We incurred an &#36;11&#160;million charge for the premium cost of early redemption which is included in<I> Other&#160;income</I>.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FUND UNIT&#160;LIABILITY</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On January&#160;1,&nbsp;2011, when Bell&nbsp;Aliant changed from an income fund structure to a corporate structure, the Bell&nbsp;Aliant trust units (fund units) were exchanged one-for-one into common shares. The previous redemption feature attached to the fund units did not transfer to the common shares. As a result, the fund unit liability decreased by &#36;3,060&#160;million, non-controlling interest increased by &#36;331&#160;million, accumulated other comprehensive income increased by &#36;13&#160;million and the deficit decreased by &#36;2,716&#160;million. Prior to the conversion, the fund units were marked to market each reporting&#160;period.</font></P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 20 </B>| <B>EMPLOYEE BENEFIT&#160;PLANS</B></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>EMPLOYEE BENEFIT PLANS&#160;COST</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We provide pension and other post-employment benefits for most of our employees. These include DB pension, DC pension, post-employment and long-term disability benefits. The cost of these plans, including financing, is tabled&#160;below.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table56">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">DB pension plans&#160;cost</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(89</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(193</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">DC pension plans&#160;cost</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(61</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(47</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Post-employment benefits&#160;cost</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(77</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(79</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term disability&#160;cost</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(11</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(12</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Less:</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="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Capitalized benefit plans&#160;cost</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>45</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">37</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net employee benefit plans&#160;cost</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(193</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(294</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">
<B>COMPONENTS OF DB PLANS&#160;COST</B></font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table57">
<TR valign="bottom">
	<TD align=left width="20%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3">
<font face="Arial" size="1">
DB PENSION</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" colspan=3>
<font face="Arial" size="1">
POST-EMPLOYMENT</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3">
<font face="Arial" size="1">
LONG-TERM</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center 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="20%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PLANS COST</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BENEFITS COST</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DISABILITY COST</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Current service&#160;cost<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(220</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(184</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(225</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(190</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Interest on&#160;obligations</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(887</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(894</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(86</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(86</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(11</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(12</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(984</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(992</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected return on plan&#160;assets</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1,018</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">885</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>14</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">13</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1,032</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">898</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="20%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Employee benefit plans&#160;cost</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(89</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(193</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(77</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(79</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(11</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(12</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(177</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(284</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table58">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Current service cost is included in operating costs in the income&#160;statements.</I></font></P>


		</td>
	</tr>
	</table>
<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">104</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin: 0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">The statements of comprehensive income includes the following amounts, before income&#160;taxes.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table59">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cumulative losses recognized directly in equity, January&#160;1</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,358</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Actuarial losses in other comprehensive&#160;income<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(962</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,432</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Decrease in the effect of the asset&#160;limit</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>23</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">74</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Cumulative losses recognized directly in equity, December&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,297</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">(1,358</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table60">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The cumulative actuarial losses recognized in the statements of comprehensive income is &#36;2,394&#160;million.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>COMPONENTS OF DB ACCRUED BENEFIT ASSET&#160;(LIABILITY)</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows the change in accrued benefit obligation and fair value of plan&#160;assets.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table61">
<TR valign="bottom">
	<TD align=center width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%" colspan=3>
<font face="Arial" size="1">
POST-EMPLOYMENT</font></TD>
	<TD align=center width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="14%" colspan="3">
<font face="Arial" size="1">
LONG-TERM</font></TD>
	<TD align=center width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PENSION BENEFITS</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="14%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BENEFITS</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DISABILITY BENEFITS</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="6%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Accrued benefit obligation, beginning of&#160;the&#160;year</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(16,298</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(14,391</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,608</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">(1,394</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(215</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(203</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(18,121</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(15,988</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Current service&#160;cost</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(220</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(184</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(225</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(190</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Interest on&#160;obligations</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(887</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(894</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(86</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">(86</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(11</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(12</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(984</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(992</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Actuarial&#160;losses<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(647</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(1,770</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(9</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">(198</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(48</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(24</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(704</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(1,992</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Curtailment&#160;gain</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Business&#160;combinations</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(420</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(421</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Benefit&#160;payments</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>992</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">947</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>77</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">76</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>27</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">24</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,096</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">1,047</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Employee&#160;contributions</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(8</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(8</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(6</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Accrued benefit obligation, end of&#160;the&#160;year</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(17,472</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(16,298</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,638</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,608</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(247</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(215</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(19,357</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(18,121</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Fair value of plan assets, beginning of&#160;the&#160;year</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14,835</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">13,069</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>209</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">191</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>15,044</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">13,260</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Expected return on plan&#160;assets<font size="-2"><sup>(2)</sup></font></font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,018</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">885</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">13</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,032</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">898</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Actuarial (losses)&#160;gains</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(244</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">553</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(14</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">7</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(258</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">560</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Business&#160;combinations</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>329</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>329</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Benefit&#160;payments</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(992</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(947</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(77</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">(76</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(27</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(24</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,096</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(1,047</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Employer&#160;contributions</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,435</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">1,271</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>75</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">74</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>27</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">24</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,537</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">1,369</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Employee&#160;contributions</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">6</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">6</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Transfers to DC pension&#160;plans</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(2</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(2</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Fair value of plan assets, end of the&#160;year</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>16,384</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">14,835</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>207</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">209</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>16,591</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">15,044</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Plan&#160;deficit</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,088</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(1,463</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,431</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">(1,399</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(247</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(215</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,766</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">(3,077</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Effect of asset&#160;limit</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(169</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(192</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(169</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(192</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Accrued benefit liability, end of the&#160;year</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,257</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,655</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,431</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,399</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(247</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(215</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,935</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(3,269</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Employee benefit asset included in other non-current&#160;assets</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>31</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">33</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>31</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">33</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Employee benefit&#160;obligation</font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,288</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(1,688</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,431</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width=6% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(1,399</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(247</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(215</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2,966</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(3,302</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table62">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The actuarial losses include experience gains of &#36;48&#160;million in&#160;2011 and experience losses of &#36;81&#160;million in&#160;2010.</I></font></P>
		</td>
	</tr>
	</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table63">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(2)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The actual return on plan assets was &#36;774&#160;million in&#160;2011 and &#36;1,458&#160;million in&#160;2010.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>FUNDED STATUS OF DB PENSION&#160;PLANS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows the funded status of our accrued benefit&#160;obligation.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table64">
<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=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
FUNDED</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PARTIALLY FUNDED</font><font size="-2" face="Arial"><sup>(1)</sup></font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
UNFUNDED</font><font size="-2" face="Arial"><sup>(2)</sup></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Present value of accrued benefit&#160;obligation</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(17,005</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(15,846</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,735</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(1,697</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(617</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(578</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Fair value of plan&#160;assets</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>16,360</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">14,815</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>231</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">229</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Plan&#160;deficit</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(645</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(1,031</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,504</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(1,468</font></TD>
	<TD align=left width=2% style="border-right: 1px dashed #000000; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(617</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(578</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table65">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The partially funded plans consist of supplementary executive retirement plans (SERPs) for eligible employees and post-employment benefits. The company partially funds the SERPs, through letters of credit and a retirement compensation arrangement account with&nbsp;Canada Revenue Agency. Certain paid-up life insurance benefits are funded through life insurance&#160;contracts.</I></font></P>
		</td>
	</tr>
	</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table66">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(2)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Our unfunded plans consist of other post-employment benefit plans and long-term disability plans which are&#160;pay-as-you-go.</I></font></P>


		</td>
	</tr>
	</table>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">105</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin-left:0px; margin-right:0px; margin-bottom:0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial">
<B><I>SIGNIFICANT&#160;ASSUMPTIONS</I></B></font></P>
<P style="text-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&#160;plans.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table67">
<TR valign="bottom">
	<TD align=center width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" colspan=3>
<font face="Arial" size="1">
POST-EMPLOYMENT</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3">
<font face="Arial" size="1">
LONG-TERM</font></TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PENSION BENEFITS</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="18%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
BENEFITS</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DISABILITY COSTS</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At December&#160;31</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Accrued benefit&#160;obligation</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Discount&#160;rate</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">5.5</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">5.5</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">5.5</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Rate of compensation&#160;increase</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3.0</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3.0</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3.0</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">For the year ended December&#160;31</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net benefit plans&#160;cost</font></TD>
	<TD align=left width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Discount&#160;rate</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">6.4</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">6.4</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">6.4</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Expected return on plan&#160;assets</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">7.0</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">7.0</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7.0</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">7.0</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">%</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Rate of compensation&#160;increase</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.0</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3.0</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.0</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3.0</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.0</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3.0</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">We assumed the following trend rates in healthcare&#160;costs:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">an annual increase of 4.5% in the cost per person of covered healthcare benefits for&#160;2011 and the foreseeable&#160;future</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">an annual increase of 5.0% for retirees under age 65&#160;and 4.5% for retirees over age 65&#160;in the cost of medication for&#160;2011 and the foreseeable&#160;future.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">Assumed trend rates in healthcare costs have a significant effect on the amounts reported for the healthcare plans. The following table, for example, shows the effect of a 1% change in the assumed trend rates in healthcare&#160;costs.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table68">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
1% INCREASE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
1% DECREASE</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Effect on other benefits &#150; total service and interest&#160;cost</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">7</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Effect on other benefits &#150; accrued benefit&#160;obligation</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">147</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(127</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">
<B>DISCOUNT&#160;RATE</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We determine the appropriate discount rate at the end of each year. The following table shows the impact of a 0.5% increase and a 0.5% decrease in the discount rate on the net employee benefit plans cost for&#160;2012 and the employee benefit obligation at December&#160;31,&#160;2012.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table69">
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
IMPACT ON</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">
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="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
NET EMPLOYEE</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">
EMPLOYEE BENEFIT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
BENEFIT PLANS</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">
OBLIGATION AT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
COST FOR&#160;2012</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">
DECEMBER&#160;31,&nbsp;2012</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Discount rate increased to&#160;5.6%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">3</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(940</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(18</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(29</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(233</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,220</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Discount rate decreased to&#160;4.6%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(8</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">998</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">19</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">31</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">247</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="72%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(8</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,295</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">
<B>EXPECTED LONG-TERM RATE OF&#160;RETURN</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We determine the appropriate expected long-term rate of return at the end of each year. The following table shows the impact of a 0.5% increase and a 0.5% decrease in the expected rate of return on pension plan assets on the net employee benefit plans cost for&#160;2012 and the employee benefit obligation at December&#160;31,&#160;2012.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table70">
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
IMPACT ON</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">
IMPACT ON</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
NET EMPLOYEE</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">
EMPLOYEE BENEFIT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
BENEFIT PLANS</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">
OBLIGATION AT</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="1">
COST FOR&#160;2012</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">
DECEMBER&#160;31,&nbsp;2012</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INCREASE/(DECREASE)</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected rate of return increased to&#160;7.5%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">(2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(81</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(81</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected rate of return decreased to&#160;6.5%</font></TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="12%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireline</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">62</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Wireless</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">1</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="12%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">16</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD width="72%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">81</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="12%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">81</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial">
<B><I>PENSION PLAN&#160;ASSETS</I></B></font></P>
<P style="text-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 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&#160;assets.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">106</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows the allocation of our pension plan assets at December&#160;31,&#160;2011 and&nbsp;2010, target allocations for&#160;2011 and the expected long-term rate of return by asset&#160;class.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table71">
<TR valign="bottom">
	<TD align=center width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="15%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%">
<font face="Arial" size="1">
WEIGHTED</font></TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="15%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%" colspan="3">
<font face="Arial" size="1">
PERCENTAGE OF</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%">
<font face="Arial" size="1">
AVERAGE EXPECTED</font></TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%">
<font face="Arial" size="1">
WEIGHTED AVERAGE</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%" colspan="3">
<font face="Arial" size="1">
TOTAL PLAN ASSETS FAIR VALUE</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%">
<font face="Arial" size="1">
LONG-TERM RATE</font></TD>
	<TD align=center width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TARGET ALLOCATION</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AT&#160;DECEMBER&#160;31</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OF RETURN</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=center width="32%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
ASSET&#160;CATEGORY</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<p align="right"><b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Equity&#160;securities</font></TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>35% &#150; 55</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>40</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="15%">
<font face="Arial" size="2">45</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="15%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>9.5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Debt&#160;securities</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>45% &#150; 65</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>60</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">55</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4.5</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="32%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total/average</font></TD>
	<TD align=right width="15%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="15%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>100</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="15%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">100</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="15%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>7.0</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">Equity securities included approximately &#36;9&#160;million of BCE&nbsp;common shares and Bell&nbsp;Aliant common shares, or 0.05% of total plan assets, at December&#160;31,&#160;2011 and approximately &#36;19&#160;million of BCE&nbsp;common shares and Bell&nbsp;Aliant units, or 0.1% of total plan assets, at December&#160;31,&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Debt securities included approximately &#36;19&nbsp;million of Bell&nbsp;Canada debentures or 0.12% of total plan assets, at December&#160;31,&#160;2011 and approximately &#36;6&#160;million of Bell&nbsp;Canada debentures, or 0.04% of total plan assets, at December&#160;31,&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>CASH&#160;FLOWS</I></B></font></P>
<P style="text-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&#160;service.</font></P>
<P style="text-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&#160;plans.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table72">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<font face="Arial" size="1">
PENSION&#160;BENEFITS</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<font face="Arial" size="1">
OTHER&#160;BENEFITS</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Canada</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,055</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,168</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(93</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(90</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Media</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(30</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Aliant</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(406</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(147</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(9</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(8</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,491</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(1,315</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(102</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(98</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Comprised&#160;of:</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Contributions to DB&#160;plans<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,435</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,271</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(102</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(98</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Contributions to DC&#160;plans</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(56</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(44</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table73">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Includes voluntary contributions of &#36;1,065&#160;million in&#160;2011 and &#36;750&#160;million in&#160;2010.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">We expect to contribute approximately &#36;265&#160;million to our DB pension plans in&nbsp;2012, subject to actuarial valuations being completed. We expect to pay approximately &#36;110&#160;million to beneficiaries under other employee benefit plans and to contribute approximately &#36;70&#160;million to the DC pension plans in&#160;2012.</font></P>
<P style="text-align: left;">
<b>
<font face="Arial" size="4" color="#0065A4">
NOTE 21 | OTHER NON-CURRENT&#160;LIABILITIES</font></b></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table74">
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
DECEMBER&#160;31,</font></b></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
DECEMBER&#160;31,</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">CRTC deferral account&#160;obligation</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
22</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>304</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">295</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">382</font></TD>
	<TD align=right 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 face="Arial" size="2">Deferred revenue on long-term&#160;contracts</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>129</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">127</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">115</font></TD>
	<TD align=right 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 face="Arial" size="2">Future tax&#160;liabilities</font></TD>
	<TD align=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=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>326</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">537</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">726</font></TD>
	<TD align=right 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 face="Arial" size="2">CRTC tangible benefits&#160;obligation</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
4,&#160;22</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>174</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>408</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">343</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">508</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total other non-current&#160;liabilities</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,341</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,302</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,731</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px; ">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">107</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p>&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 22 |</B> <B>FINANCIAL AND CAPITAL&#160;MANAGEMENT</B></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FINANCIAL&#160;MANAGEMENT</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Management&#146;s objectives are to protect BCE&nbsp;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&#160;risk.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>DERIVATIVES</B></font></P>
<P style="text-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;common shares under our share-based payment plans. We do not use derivative instruments for speculative purposes, as such we are not exposed to any significant liquidity risks relating to&#160;them.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following derivative instruments were outstanding at December&#160;31,&nbsp;2011, December&#160;31,&#160;2010 and January&#160;1,&#160;2010:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">cross-currency swaps and foreign currency forward contracts that hedge foreign currency risk on a portion of our long-term&#160;debt</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">foreign currency forward contracts that manage the foreign currency risk of certain purchase&#160;commitments</font></LI>
<LI>
<p 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&#160;debt</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">forward contracts on BCE&nbsp;common shares that mitigate the cash flow exposure related to share-based payment&#160;plans.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">For fair value hedges, the gains recognized on the hedging instruments were &#36;36&#160;million and &#36;5&#160;million in&#160;2011 and&nbsp;2010, respectively, and the losses recognized on the positions hedged were &#36;42&#160;million and &#36;9&#160;million in&#160;2011 and&nbsp;2010,&#160;respectively.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CREDIT&#160;RISK</B></font></P>
<P style="text-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 statements of financial&#160;position.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We are exposed to credit risk if counterparties to our trade receivables 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&#160;31,&nbsp;2011, December&#160;31,&#160;2010 and January&#160;1,&nbsp;2010. We deal with institutions that have strong credit ratings and as such we expect that they will be able to meet their&#160;obligations.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides the change in allowance for doubtful accounts for trade&#160;receivables.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table75">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
AT DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Balance, beginning of the&#160;year</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(95</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(105</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Additions</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(105</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(20</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Use</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>100</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">30</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Acquisition through business&#160;combinations</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Balance, end of the&#160;year</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(105</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(95</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">For many of our customers, trade receivables are written off directly to bad debt expense if the account has not been collected after a predetermined period of&#160;time.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table provides further details on trade receivables not&#160;provisioned.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table76">
<TR valign="bottom">
	<TD 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">
<b>
<font face="Arial" size="1" color="#0065A4">
DECEMBER 31,</font></b></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
DECEMBER 31,</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
JANUARY&#160;1,</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Trade receivables not past&#160;due</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,170</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,945</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,890</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Trade receivables past due and not&#160;provisioned</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Under 60&#160;days</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>361</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">284</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">216</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">60&#160;to 120&#160;days</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>390</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
&nbsp;</TD>
	<TD align=right width="10%">
<font face="Arial" size="2">196</font></TD>
	<TD align=left width="2%">
&nbsp;</TD>
	<TD align=right width="10%">
<font face="Arial" size="2">209</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Over 120&#160;days</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>43</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">100</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">129</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Trade receivables, net of allowance for doubtful&#160;accounts</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,964</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,525</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,444</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">108</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>LIQUIDITY&#160;RISK</B></font></P>
<P style="text-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 in the statements of financial&#160;position.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table is a maturity analysis for recognized financial liabilities with maturities that are greater than one year at December&#160;31,&#160;2011 for each of the next five years and&#160;thereafter.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table77">
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
AT DECEMBER&#160;31,&#160;2011</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2012</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2013</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2014</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2015</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2016</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
THEREAFTER</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">547</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">89</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">1,870</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">1,375</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">1,217</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">6,479</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">11,577</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Notes payable and bank&#160;advances</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">321</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">321</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Minimum future lease payments&#160;under finance&#160;leases</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">
13</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">417</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">381</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">239</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">186</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">174</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">1,468</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">2,865</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Loan secured by trade&#160;receivables</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">950</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">950</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Interest payable on long-term debt,&#160;notes payable and bank&#160;advances</font></TD>
	<TD align=left width="6%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%">
<font face="Arial" size="2">666</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">622</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">562</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">498</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=6%>
<font face="Arial" size="2">438</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">4,961</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%">
<font face="Arial" size="2">7,747</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net interest receipts on&#160;derivatives</font></TD>
	<TD align=left width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(23</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(22</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(26</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(22</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(19</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(9</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="6%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(121</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="36%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=left width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,878</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,070</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,645</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,037</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=6% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,810</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">12,899</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="6%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">23,339</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">
<B>MARKET&#160;RISK </B></font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="2">
<B>Currency&#160;Exposures</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We use cross-currency swaps and foreign currency forward contracts to hedge debt that is denominated in foreign currencies. We also use foreign currency forward contracts to manage foreign currency risk related to anticipated transactions, including certain purchase&#160;commitments.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&#160;31,&nbsp;2011, the amounts to be received under foreign currency forward contracts were US&#36;1,323&#160;million (2010&#160;&#150; US&#36;1,280&#160;million) and the amounts to be paid were &#36;1,329&#160;million (2010&#160;&#150; &#36;1,333&#160;million).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect on net earnings of a 10% increase or decrease in the Canadian/US dollar exchange rate was not significant at December&#160;31,&nbsp;2011, with all other variables held constant. The effect on other comprehensive income of a 10% change in the Canadian/US dollar exchange rate on the value of our foreign currency forward contracts was &#36;80&#160;million at December&#160;31,&nbsp;2011, with all other variables held&#160;constant.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table provides further details on our outstanding cross-currency swaps and foreign currency forward contracts as at December&#160;31,&nbsp;2011, December&#160;31,&#160;2010 and January&#160;1,&#160;2010.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table78">
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=11%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
AMOUNTS</font></TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=9%>
<font face="Arial" size="1">
AMOUNTS</font></TD>
	<TD align=left width=14%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=20%>
<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=17%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="1">
TYPE OF</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
BUY</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
TO RECEIVE</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
SELL</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="1">
TO PAY</font></TD>
	<TD align=left width=14%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=20%>
<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=17% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=11% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
HEDGE</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CURRENCY</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
IN&#160;USD</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CURRENCY</font></TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
IN&#160;CAD</font></TD>
	<TD align=right width=14% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
MATURITY</font></TD>
	<TD align=right width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
HEDGED ITEM</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">At December&#160;31,&#160;2011</font></TD>
	<TD align=right width=11% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Cash&#160;flow</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>USD</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>659</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>CAD</B></font></TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>668</B></font></TD>
	<TD align=right width=14% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2012</B></font></TD>
	<TD align=right width=20% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Purchase commitments</B></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=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Cash&#160;flow</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>USD</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>380</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>CAD</B></font></TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>373</B></font></TD>
	<TD align=right width=14% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2013</B></font></TD>
	<TD align=right width=20% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Purchase commitments</B></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=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Cash&#160;flow</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>USD</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>70</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>CAD</B></font></TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>70</B></font></TD>
	<TD align=right width=14% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2014-2017</B></font></TD>
	<TD align=right width=20% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Purchase commitments</B></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=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Economic</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>USD</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>200</B></font></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>CAD</B></font></TD>
	<TD align=right width=9% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>194</B></font></TD>
	<TD align=right width=14% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2012</B></font></TD>
	<TD align=right width=20% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Purchase commitments</B></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=17% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Economic</B></font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>USD</B></font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14</B></font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>CAD</B></font></TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>24</B></font></TD>
	<TD align=right width=14% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2013</B></font></TD>
	<TD align=right width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Long-term debt</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=11% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,323</B></font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,329</B></font></TD>
	<TD align=left width=14% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">At December&#160;31,&#160;2010</font></TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">43</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">60</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2011</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Debt due within one year</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">14</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">24</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2013</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Long-term debt</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">603</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">617</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2011</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Purchase commitments</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">485</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">496</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2012</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Purchase commitments</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Economic</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">135</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">136</font></TD>
	<TD align=right width=14% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">2011</font></TD>
	<TD align=right width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Purchase commitments</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=11% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,280</font></TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">1,333</font></TD>
	<TD align=left width=14% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">At January&#160;1,&#160;2010</font></TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Fair&#160;value</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">200</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">269</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2010</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Debt due within one year</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">10</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">14</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2010</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Debt due within one year</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">43</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">60</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2011</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Long-term debt</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">14</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">24</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2013</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Long-term debt</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11%>
<font face="Arial" size="2">Cash&#160;flow</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">575</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9%>
<font face="Arial" size="2">647</font></TD>
	<TD align=right width=14%>
<font face="Arial" size="2">2010</font></TD>
	<TD align=right width=20%>
<font face="Arial" size="2">Purchase commitments</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=11% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Economic</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">USD</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">125</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">CAD</font></TD>
	<TD align=right width=9% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">132</font></TD>
	<TD align=right width=14% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">2010</font></TD>
	<TD align=right width=20% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Purchase commitments</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=17% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=11% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">967</font></TD>
	<TD align=left width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=9% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,146</font></TD>
	<TD align=left width=14% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=20% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">109</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p>&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="2">
<B>Interest Rate&#160;Exposures</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We use interest rate swaps to manage the mix of fixed and floating interest rates of our debt. The effect on net earnings and other comprehensive income of a 100&#160;basis point increase or decrease in interest rates was &#36;11&#160;million at December&#160;31,&#160;2011, with all other variables held constant. The following table shows interest rate swaps outstanding at December&#160;31,&nbsp;2011, December&#160;31,&#160;2010 and January&#160;1,&#160;2010.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table79">
<TR valign="bottom">
	<TD align=left width="18%">
<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=right 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>
	<TD align=right width="10%">
<font face="Arial" size="1">
RECEIVE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="15%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD width="2%">
<font 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>
	<TD align=left width="15%">
<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="18%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
TYPE OF</font></TD>
	<TD align=right width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
NOTIONAL</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
INTEREST</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="15%">
<font face="Arial" size="1">
PAY</font></TD>
	<TD width="2%">
<font 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>
	<TD align=left width="15%">
<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="18%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
HEDGE</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AMOUNT</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
RATE</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INTEREST RATE</font></TD>
	<TD width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
MATURITY</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
HEDGED ITEM</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At December&#160;31,&#160;2011</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Fair&#160;value</B></font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>700</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.00</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3-month CDOR</B></font><b><font size="-2" face="Arial" color="#0065A4"><sup>(1)</sup></font></b><font face="Arial" size="2" color="#0065A4"><B><SUP> </SUP>+&#160;0.42</B></font></TD>
	<TD width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font color="#0065A4">
<font face="Arial" size="2">
<B>%</B></font><b><font size="2"> </font></b></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2017</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>Long-term debt</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At December&#160;31,&#160;2010</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Fair&#160;value</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">700</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">5.00</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">3-month CDOR +&#160;0.42</font></TD>
	<TD width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">%</font><font 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 face="Arial" size="2">2017</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Long-term debt</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">At January&#160;1,&#160;2010</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">Fair&#160;value</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-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-width: 1px; ">
<font face="Arial" size="2">700</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">5.00</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">3-month CDOR +&#160;0.42</font></TD>
	<TD width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">%</font><font size="2"> </font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">2017</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="15%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font face="Arial" size="2">Long-term debt</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; ">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="18%" style="border-bottom: 2px 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-bottom: 2px solid #000000">
<font face="Arial" size="2">Fair&#160;value</font></TD>
	<TD align=right width=2% style="border-bottom: 2px solid #000000">
&nbsp;</TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">USD&#160;200</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">9.50</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font></TD>
	<TD align=right width="15%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3-month CDOR +&#160;5.34</font></TD>
	<TD width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">%</font><font size="2"> </font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2010</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="15%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">Debt due within one year</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table80">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Canadian dollar offered&#160;rate</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="2">
<B>Equity Price&#160;Exposures</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We use equity forward contracts to economically hedge the cash flow exposure of BCE&#146;s common shares related to share-based payment plans. See Note 24, <I>Share-Based Payments </I>for details on our share-based payment&#160;arrangements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The effect on net earnings of a 10% change in the market price of BCE&#146;s common shares was &#36;26&#160;million at December&#160;31,&nbsp;2011, with all other variables held&#160;constant.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FAIR&#160;VALUE</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arm&#146;s length&#160;transaction.<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 the net amounts that would be realized if these instruments were&#160;settled.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The carrying value of our cash and cash equivalents, trade and other receivables, trade payables and accruals, compensation payable, interest payable and short-term obligations approximates fair value because they are&#160;short-term.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table provides the fair value details of financial instruments measured at amortized cost in the statements of financial&#160;position.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table81">
<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=center width="18%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
DECEMBER 31,&nbsp;2011</font></b></TD>
	<TD align=center width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=center width="18%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DECEMBER 31,&nbsp;2010</font></TD>
	<TD align=center width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="18%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
JANUARY&#160;1,&nbsp;2010</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
CARRYING</font></b></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
FAIR</font></b></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
CARRYING</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
FAIR</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
CARRYING</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
FAIR</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
VALUE</font></b></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
VALUE</font></b></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
VALUE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
VALUE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
VALUE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
VALUE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">CRTC deferral account&#160;obligation</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>367</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>387</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">591</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">603</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">534</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">531</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 face="Arial" size="2">CRTC tangible benefits&#160;obligation</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>236</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>239</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Long-term&#160;debt</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,743</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>14,668</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,821</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">12,061</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">9,877</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,928</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp; </font></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">110</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin: 0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">The following table provides the fair value details of financial instruments measured at fair value in the statements of financial position at December&#160;31,&nbsp;2011, December&#160;31,&#160;2010 and January&#160;1,&#160;2010.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table82">
<TR valign="bottom">
	<TD align=center width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="16%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
ASSETS</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="16%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
LIABILITIES</font></TD>
	<TD align=center width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="45%" colspan=10 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center">
<font face="Arial" size="1">
DERIVATIVE FINANCIAL INSTRUMENTS, NET ASSET (LIABILITY) POSITION</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=7%>
<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="7%">
<font face="Arial" size="1">
CROSS-</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=7%>
<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="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
AFS</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
AFS</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
FORWARD</font></TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
CURRENCY</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
CURRENCY</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=7%>
<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="7%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp;&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
PUBLICLY-</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
PRIVATELY-</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
LONG- </font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp; </font></TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
FUND</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
CONTRACTS</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp; </font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
SWAPS</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
SWAP</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=7%>
<font face="Arial" size="1">&nbsp;&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp;&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
INTEREST </font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp; </font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
TRADED</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
HELD</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
TERM</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
UNIT</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
&#150; BCE</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
&#150; CASH FLOW</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
&#150; FAIR VALUE</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="1">
ECONOMIC</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="1">
RATE</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SECURITIES</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SECURITIES</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DEBT</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
LIABILITY</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SHARES</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
HEDGE</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
HEDGE</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
HEDGES</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SWAPS</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2011</font></TD>
	<TD align=left width="7%" 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>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" 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>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=7% 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>
	<TD align=left width=7% 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="7%" 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=7% 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="7%" 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 width="19%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Carrying&#160;value</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>33</B></font></TD>
	<TD align=right width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>813</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>94</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>22</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>116</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Fair&#160;value</font></TD>
	<TD align=left width="7%" 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>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="7%" 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>
	<TD align=left width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=left width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=left width=7% 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>
	<TD align=left width=7% 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="7%" 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=7% 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="7%" 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 width="19%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;1<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;2<font size="-2"><sup>(2)</sup></font></font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>813</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>94</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>22</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>116</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;3<font size="-2"><sup>(3)</sup></font></font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>33</B></font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font size="2" color="#0065A4">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">December&#160;31,&#160;2010</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Carrying&#160;value</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">12</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">260</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">771</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">3,060</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">114</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">(47</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">80</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Fair&#160;value</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;1</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">12</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">3,060</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;2</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">771</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">114</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">(47</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="2">(1</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">80</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;3</font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">260</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">January&#160;1,&#160;2010</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Carrying&#160;value</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">126</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">266</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">969</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">3,104</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">35</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">(73</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(56</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">68</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Fair&#160;value</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=7%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="7%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;1</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">126</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">3,104</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;2</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">969</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">35</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">(73</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="7%">
<font face="Arial" size="2">(56</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=7%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%">
<font face="Arial" size="2">68</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="19%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 36px">
<font face="Arial" size="2">Level&#160;3</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">266</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=7% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="7%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table83">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Valued using quoted prices in active markets for identical&nbsp;instruments</I></font></P>
		</td>
	</tr>
	</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table84">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(2)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Valued using observable market data such as equity prices, interest rates,
swap rate curves and foreign currency exchange&nbsp;rates</I></font></P>
		</td>
	</tr>
	</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table85">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(3)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Valued using non-observable market inputs such as discounted cash flows and other internal&#160;models</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>CAPITAL&#160;MANAGEMENT</I></B></font></P>
<P style="text-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&#160;stakeholders.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our definition of capital includes equity attributable to owners of the parent, debt, and cash and cash&#160;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&#160;and 2.0&#160;times and an Adjusted EBITDA to net interest expense ratio greater than 7.5&#160;times, we monitor our capital structure and make adjustments, including to our dividend policy, as&#160;required.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2011, the board of directors of BCE&nbsp;approved increases in the annual dividend on BCE&#146;s common shares as&#160;follows:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">5.1%, from &#36;1.97&#160; per common share to &#36;2.07&#160; per common share in May&#160;2011</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">4.8%, from &#36;2.07&#160; per common share to &#36;2.17&#160; per common share in December&#160;2011.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">On February&#160;9,&nbsp;2012, the board of directors declared a quarterly dividend of &#36;0.5425&#160;per common share, payable on April&#160;15,&#160;2012 to shareholders of record at March&#160;15,&#160;2012.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In&nbsp;2010, the board of directors of BCE&nbsp;approved increases in the annual dividend on BCE&#146;s common shares as&#160;follows:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">5.2%, from &#36;1.74&#160;per common share to &#36;1.83&#160;per common share in August&#160;2010</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">7.7%, from &#36;1.83&#160;per common share to &#36;1.97&#160;per common share in December&#160;2010.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">The details of BCE&#146;s&#160;2011 and&#160;2010 normal course issuer bids (NCIB) are set out in Note 23, <I>Share&#160;Capital</I>.<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&#160;Aliant.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table86">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
AT DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net debt to Adjusted&#160;EBITDA</font><font size="-2" face="Arial"><sup>(1)(2)</sup></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.0</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1.7</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Adjusted EBITDA to net interest&#160;expense<font size="-2"><sup>(3)</sup></font></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>9.1</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10.7</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table87">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>We define net debt as debt due within one year plus long-term debt and 50% of preferred shares less cash and cash&#160;equivalents.</I></font></P>
		</td>
	</tr>
	</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table88">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(2)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Adjusted EBITDA, as also defined in our credit agreement, is EBITDA including dividends/distributions from Bell&#160;Aliant to&#160;BCE.</I></font></P>
		</td>
	</tr>
	</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table89">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(3)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Net interest expense excludes interest on employee benefit obligations and interest expense on fund unit liability, and includes 50% of preferred&#160;dividends.</I></font></P></td>
	</tr>
	</table>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">111</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 23 </B>| <B>SHARE&#160;CAPITAL</B></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>PREFERRED&#160;SHARES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&#146;s articles of amalgamation provide for an unlimited number of First Preferred Shares and Second Preferred Shares, all without par value. The terms set out in the articles authorize BCE&#146;s directors to issue the shares in one or more series and to set the number of shares and conditions for each&#160;series.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table is a summary of the principal terms of BCE&#146;s First Preferred Shares. There were no Second Preferred Shares issued and outstanding at December&#160;31,&nbsp;2011. BCE&#146;s articles of amalgamation, as amended, describe the terms and conditions of these shares in&#160;detail.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table90">
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=6%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=13%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=13%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="20%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" colspan="2">
<p align="center">
<font face="Arial" size="1">
NUMBER OF SHARES</font></TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=5%
 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="1%"
 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=center width=11% colspan=2 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
STATED CAPITAL</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=6%>
<font face="Arial" size="1">
ANNUAL</font></TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=13%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=13%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=8%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=10%>
<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="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=5% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=left width=6%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=5%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=6%>
<font face="Arial" size="1">
DIVIDEND</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
CONVERTIBLE</font></TD>
	<TD align=left width=13%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=13%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=8%>
<font face="Arial" size="1">
REDEMPTION</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=10%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
ISSUED AND</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="6%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
DEC. 31, </font></b></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="5%">
<font face="Arial" size="1">
DEC. 31,</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="1">
JAN. 1,</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
SERIES</font></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
RATE</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
INTO</font></TD>
	<TD align=right width=13% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CONVERSION DATE</font></TD>
	<TD align=right width=13% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
REDEMPTION DATE</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PRICE</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
AUTHORIZED</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OUTSTANDING</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=right width=5% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">Q</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;R</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;1,&#160;2015</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">8,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">&#150;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">R</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.49%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;Q</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;1,&#160;2015</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;1,&#160;2015</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">8,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">8,000,000</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>200</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">200</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">200</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">S</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;T</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">November&#160;1,&#160;2016</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">8,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">3,606,225</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>90</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">57</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">57</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">T</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">3.393%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;S</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">November&#160;1,&#160;2016</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">November&#160;1,&#160;2016</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">8,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">4,393,775</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>110</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">143</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">143</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">Y</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;Z</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;1,&#160;2012</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">10,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">8,126,330</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>203</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">203</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">203</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">Z</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.331%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;Y</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;1,&#160;2012</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;1,&#160;2012</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">10,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">1,873,670</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>47</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">47</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">47</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AA</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.80%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AB</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">September&#160;1,&#160;2012</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">September&#160;1,&#160;2012</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">20,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">10,081,586</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>257</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">257</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">257</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AB</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AA</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">September&#160;1,&#160;2012</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">20,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">9,918,414</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>253</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">253</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">253</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AC</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.60%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AD</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">March&#160;1,&#160;2013</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">March&#160;1,&#160;2013</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">20,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">9,244,555</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>236</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">236</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">236</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AD</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AC</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">March&#160;1,&#160;2013</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">20,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">10,755,445</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>274</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">274</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">274</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AE</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AF</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">February&#160;1,&#160;2015</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">24,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">1,422,900</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>36</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">36</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">48</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AF</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.541%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AE</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">February&#160;1,&#160;2015</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">February&#160;1,&#160;2015</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">24,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">14,577,100</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>364</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">364</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">352</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AG</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.50%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AH</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">May&#160;1,&#160;2016</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">May&#160;1,&#160;2016</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">22,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">10,841,056</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>271</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">251</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">251</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AH</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AG</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">May&#160;1,&#160;2016</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">22,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">3,158,944</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>79</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">99</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">99</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AI</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.15%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AJ</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">August&#160;1,&#160;2016</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">August&#160;1,&#160;2016</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">22,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">10,754,990</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>269</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">350</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">350</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AJ</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AI</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">August&#160;1,&#160;2016</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">At any&#160;time</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.50</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">22,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">3,245,010</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>81</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">&#150;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4%>
<font face="Arial" size="2">AK</font></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">4.15%</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">Series&#160;AL</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;31,&#160;2016</font></TD>
	<TD align=right width=13%>
<font face="Arial" size="2">December&#160;31,&#160;2016</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">&#36;25.00</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">25,000,000</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">13,800,000</font></TD>
	<TD align=right width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>345</B></font></TD>
	<TD align=right width="1%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6%>
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=5%>
<font face="Arial" size="2">&#150;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">AL<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">floating</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">Series&#160;AK</font></TD>
	<TD align=right width=13% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">December&#160;31,&#160;2021</font></TD>
	<TD align=left width=13% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">25,000,000</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=5% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width=4% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=6% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=13% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=13% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=left width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="1%" style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=5% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>3,115</B></font></TD>
	<TD align=left width="1%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=6% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,770</font></TD>
	<TD align=right width=5% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,770</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table91">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>If Series&#160;AL Preferred Shares are issued, BCE&nbsp;may redeem such shares at &#36;25.00&#160;per share on December&#160;31,&#160;2021 and on December&#160;31&#160;every five years thereafter (collectively, a&#160;Series&#160;AL Conversion Date) and at &#36;25.50&#160;per share on any date after December&#160;31, 2016, which is not a Series&#160;AL Conversion&#160;Date.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>VOTING&#160;RIGHTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">All of the issued and outstanding preferred shares at December&#160;31,&#160;2011 are non-voting, except under special circumstances, when the holders are entitled to one vote per&#160;share.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ENTITLEMENT TO&#160;DIVIDENDS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Holders of Series&#160;R, T, Z, AA, AC, AF, AG, AI and AK shares are entitled to fixed cumulative quarterly dividends. The dividend rate on these shares is reset every five years, as set out in BCE&#146;s articles of amalgamation, as&#160;amended.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Holders of Series&#160;S, Y, AB, AD, AE, AH and AJ 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&#146;s articles of amalgamation, as&#160;amended.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If Series&#160;Q and AL shares are issued, their holders will be entitled to floating adjustable cumulative monthly&#160;dividends and quarterly dividends, respectively.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CONVERSION&#160;FEATURES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">All of the issued and outstanding preferred shares at December&#160;31,&nbsp;2011 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&#146;s articles of amalgamation, as&#160;amended.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>REDEMPTION&#160;FEATURES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&nbsp;may redeem each of Series&#160;R, T, Z, AA, AC, AF, AG, AI and AK shares at &#36;25.00&#160;per share on the applicable redemption date and every five years after that date. BCE&nbsp;may redeem each of Series&#160;Q, if issued, and Series&#160;S, Y, AB, AD, AE, AH and AJ shares at &#36;25.50&#160;per share at any&#160;time.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>CONVERSION OF PREFERRED&#160;SHARES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On November&#160;1,&nbsp;2011, 1,794,876&#160;of BCE&#146;s 5,720,209&#160;Cumulative Redeemable First Preferred Shares, Series&#160;T (Series&#160;T Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First Preferred Shares, Series&#160;S (Series&#160;S Preferred Shares). In addition, on November&#160;1,&nbsp;2011, 468,442&#160;of BCE&#146;s 2,279,791&#160; Series&#160; S Preferred Shares were converted, on a one-for-one basis, into Series&#160;T Preferred Shares. As a result, 4,393,775&#160;Series&#160;T and 3,606,225&#160;Series&#160;S Preferred Shares remain&#160;outstanding.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">112</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the five-year period beginning on November&#160;1,&nbsp;2011, the Series&#160;T Preferred Shares will pay a quarterly fixed dividend based on an annual dividend rate of 3.393%. The Series&#160;S Preferred Shares will continue to pay a monthly floating adjustable cash&#160;dividend.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On August&#160;1,&nbsp;2011, 3,245,010&#160;of BCE&#146;s 14,000,000&#160;Cumulative Redeemable First Preferred Shares, Series&#160;AI (Series&#160;AI Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First Preferred Shares, Series&#160;AJ (Series&#160;AJ Preferred Shares). As a result, 10,754,990&#160; Series&#160;AI Preferred Shares remain&#160;outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the five-year period beginning on August&#160;1,&nbsp;2011, the Series&#160;AI Preferred Shares will pay a quarterly fixed dividend based on an annual dividend rate of 4.15%. The Series&#160;AJ Preferred Shares will pay a monthly floating cash adjustable&#160;dividend.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On May&#160;1,&nbsp;2011, 370,067&#160;of BCE&#146;s 10,051,751&#160;Cumulative Redeemable First Preferred Shares, Series&#160;AG (Series&#160;AG Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First Preferred Shares, Series&#160;AH (Series&#160;AH Preferred Shares). In addition, on May&#160;1,&nbsp;2011, 1,159,372&#160;of BCE&#146;s 3,948,249&#160;Series&#160;AH Preferred Shares were converted, on a one-for-one basis, into Series&#160;AG Preferred Shares. As a result, 10,841,056&#160;Series&#160;AG and 3,158,944&#160;Series&#160;AH Preferred Shares remain&#160;outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the five-year period beginning on May&#160;1,&nbsp;2011, the Series&#160;AG Preferred Shares will pay a quarterly fixed dividend based on an annual dividend rate of 4.50%. The Series&#160;AH Preferred Shares will continue to pay a monthly floating adjustable cash&#160;dividend.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On October&#160;12,&nbsp;2010, BCE&nbsp;notified holders of its Cumulative Redeemable First Preferred Shares, Series&#160;R (Series&#160;R Preferred Shares) that they could elect to convert their shares into Cumulative Redeemable First Preferred Shares, Series&#160;Q (Series&#160;Q Preferred Shares) subject to the terms and conditions attached to those shares. Only 71,965&#160;of BCE&#146;s 8,000,000&#160;Series&#160;R Preferred Shares were tendered for conversion into Series&#160;Q Preferred Shares. As this would have resulted in less than one&nbsp;million Series&#160;Q Preferred Shares outstanding, no Series&#160;R Preferred Shares were converted on December&#160;1,&#160;2010 into Series&#160;Q Preferred&#160;Shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the five-year period beginning on December&#160;1,&nbsp;2010, the Series&#160;R Preferred Shares will pay a quarterly fixed dividend based on the annual dividend rate of&#160;4.49%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;On February&#160;1,&nbsp;2010, 592,772&#160;of BCE&#146;s 14,085,782&#160;Cumulative Redeemable First Preferred Shares, Series&#160;AF (Series&#160;AF Preferred Shares) were converted, on a one-for-one basis, into Cumulative Redeemable First Preferred Shares, Series&#160;AE (Series&#160;AE Preferred Shares). In addition, on February&#160;1,&nbsp;2010, 1,084,090&#160;of BCE&#146;s 1,914,218&#160;Series&#160;AE Preferred Shares were converted, on a one-for-one basis, into Series&#160;AF Preferred Shares. As a result, 1,422,900&#160;Series&#160;AE and 14,577,100&#160;Series&#160;AF Preferred Shares remain&#160;outstanding.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the five-year period beginning on February&#160;1,&nbsp;2010, the Series&#160;AE Preferred Shares continue to pay a monthly floating adjustable cash dividend. The Series&#160;AF Preferred Shares will pay a quarterly fixed dividend based on an annual dividend rate of&#160;4.541%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends on all series of preferred shares will be paid as and when declared by the board of directors of&#160;BCE.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ISSUANCE OF PREFERRED&#160;SHARES</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On July&#160;5,&nbsp;2011, BCE&nbsp;issued 13,800,000 Cumulative Redeemable First Preferred Shares, Series&#160;AK (Series&#160;AK Preferred Shares) for total gross proceeds of &#36;345&#160;million. Issuance costs were &#36;11&#160;million. On January&#160;4,&nbsp;2012, BCE&nbsp;issued 11,200,000 additional Series&#160;AK Preferred Shares for total gross proceeds of &#36;280&#160;million. Issuance costs were &#36;8&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the period ending on December&#160;30, 2016, the Series&#160;AK Preferred Shares will pay, as and when declared by the board of directors of BCE, a quarterly fixed dividend based on an annual dividend rate of 4.15%. The Series&#160;AK Preferred Shares will, subject to certain conditions, be convertible at the holder&#146;s option into Cumulative Redeemable First Preferred Shares, Series&#160;AL, on December&#160;31,&#160;2016 and on December&#160;31&#160;every five years&#160;thereafter.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B><I>COMMON SHARES AND CLASS B&#160;SHARES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">BCE&#146;s articles of amalgamation provide for an unlimited number of voting common shares and non-voting Class B shares, all without par value. The common shares and the Class B shares rank equally in the payment of dividends and in the distribution of assets if BCE&nbsp;is liquidated, dissolved or wound up, after payments due to the holders of preferred shares. No Class B shares were outstanding at December&#160;31,&#160;2011 and&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table provides details about the outstanding common shares of&#160;BCE.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table92">
<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 size="1">&nbsp;</font></TD>
	<TD align=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
DECEMBER 31,&nbsp;2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
DECEMBER 31,&nbsp;2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=center width="8%" colspan=3 style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
JANUARY&#160;1,&nbsp;2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="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 size="1">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
NUMBER</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
STATED</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
NUMBER</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
STATED</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
NUMBER</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="1">
STATED</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
OF SHARES</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
CAPITAL</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OF SHARES</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CAPITAL</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OF SHARES</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
CAPITAL</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Outstanding, beginning of&#160;the&#160;year</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>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>752,267,409</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>12,691</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">767,180,429</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">12,921</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">803,056,958</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">13,525</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Shares issued under employee stock option&#160;plan<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">
24</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5,090,918</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>172</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,323,162</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">44</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">130,471</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Shares issued upon acquisition of&#160;CTV</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">
4</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>21,729,239</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>764</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Shares repurchased and&#160;cancelled</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>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,500,466</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(61</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(16,236,182</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(274</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom-width: 1px">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(36,007,000</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">(606</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Treasury&#160;shares</font></TD>
	<TD align=left width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(142,900</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#150;</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="30%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Outstanding, end of&#160;the&#160;year</font></TD>
	<TD align=left width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>775,444,200</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>13,566</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">752,267,409</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">12,691</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right: 1px dashed #000000; border-top-width: 1px; border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">767,180,429</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">12,921</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table93">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Includes a &#36;20&#160;million reclassification in&#160;2011 (&#36;5&#160;million in&nbsp;2010) from contributed surplus relating to the exercise of employee stock&#160;options.</I></font></P>


		</td>
	</tr>
	</table>
<P style="margin-left:0px; margin-right:0px" align="left">&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">113</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin-left:0px; margin-right:0px; margin-bottom:0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" size="2">
<B>NCIB&#160;PROGRAM</B></font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table94">
<TR valign="bottom">
	<TD align=center width="52%">
<p style="text-indent: -12px; margin-left: 12px"><font size="1">&nbsp;</font></TD>
	<TD align=center width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011&#160;NCIB PROGRAM</font></b></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=center width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010&#160;NCIB PROGRAM</font></TD>
	<TD align=center width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=right width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
NUMBER</font></b></TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
TOTAL</font></b></TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
NUMBER</font></TD>
	<TD align=right width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=right width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=right width="52%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px" align="left">
<font face="Arial" size="1">
AT DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
OF SHARES</font></b></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
COST</font></b></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OF SHARES</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
COST</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Common shares&#160;cancelled</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3,500,466</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(143</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(16,236,182</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(500</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Common shares subject to&#160;cancellation</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,222,900</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>50</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Private purchase&#160;agreement</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,080,000</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>44</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="52%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Treasury&#160;shares</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>142,900</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>6</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="2">
<B>2011&#160;NCIB&#160;Program</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In December&#160;2011, BCE&nbsp;announced its plan to repurchase up to &#36;250&#160;million of its outstanding common shares through a&#160;NCIB.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&#160;2011, BCE&nbsp;repurchased and cancelled a total of 3,500,466&#160;common shares for a total cost of &#36;143&#160;million. Of the total cost, &#36;61&#160;million represents stated capital and &#36;4&#160;million represents the reduction of the contributed surplus attributable to these common shares. The remaining &#36;78&#160;million was charged to the&#160;deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&#160;2011, we purchased 142,900&#160;common shares for a total cost of &#36;6&#160;million that were cancelled in January&#160;2012.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;In December&#160;2011, we entered into an agreement with a financial institution to purchase an additional 1,080,000&#160;common shares. A corresponding &#36;44&#160;million liability was recorded in our statement of financial position. These common shares are included in outstanding common shares as at December&#160;31,&nbsp;2011. The liability was settled in January&#160;2012 upon purchase and cancellation of the common&#160;shares.</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="2">
<B>2010&#160;NCIB&#160;Program</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">In&nbsp;2010, BCE&nbsp;repurchased and cancelled a total of 16,236,182&#160;common shares for a total cost of &#36;500&#160;million. Of the total cost, &#36;274&#160;million represents stated capital and &#36;18&#160;million represents the reduction of the contributed surplus attributable to these common shares. The remaining &#36;208&#160;million was charged to the&#160;deficit.<br>
&nbsp;&nbsp;&nbsp;&nbsp; This program was completed in December&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>CONTRIBUTED&#160;SURPLUS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Contributed surplus mainly resulted from the distribution of fund units to the holders of BCE&nbsp;common shares by way of a return of capital upon the conversion of Bell&nbsp;Aliant from a corporate structure to an income fund in&#160;2006 and premium in excess of par value upon the issuance of BCE&nbsp;common&#160;shares.</font></P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 24 </B>| <B>SHARE-BASED&#160;PAYMENTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following share-based payment amounts are included in the income statements as operating&#160;costs.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table95">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Employee savings&#160;plans</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(24</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(26</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Restricted share&#160;units</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(16</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(83</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Deferred share plans &#150; Bell&#160;Aliant</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(10</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(6</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(4</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(3</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total share-based&#160;payments</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(54</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(118</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table96">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>Includes DSUs and stock&#160;options.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial">
<B><I>DESCRIPTION OF THE&#160;PLANS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ESPs</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">ESPs are designed to encourage employees of BCE&nbsp;and its participating subsidiaries to own shares of BCE. 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;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&#160;2010, employer contributions to the plan are subject to employees holding 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&#160;common shares. Dividends related to employer contributions are also subject to the two-year vesting&#160;period.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Each participating company decides on its maximum percentage contribution. For Bell&#160;Canada, employees can contribute up to 12% of their annual earnings. Bell&nbsp;Canada contributes up&#160;to&#160;2%.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The trustee of the ESP buys BCE&nbsp;common shares for the participants on the open market, by private purchase or from treasury. BCE&nbsp;determines the method the trustee uses to buy the shares.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At December&#160;31,&nbsp;2011, 13,513,812&#160;common shares were authorized for issuance under the&#160;ESP.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the status of unvested ESPs at December&#160;31,&#160;2011 and&#160;2010.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table97">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
NUMBER OF&#160;ESPs</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Unvested contributions, January&#160;1</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>360,081</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Contributions<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>758,371</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">368,413</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 face="Arial" size="2">Dividends&#160;credited</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>29,803</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,721</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 face="Arial" size="2">Vested</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(36,743</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,933</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Forfeited</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(81,891</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(7,120</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Unvested contributions, December&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,029,621</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">360,081</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table98">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The weighted average fair value of the ESPs contributed was &#36;37&#160;and &#36;34&#160;in&#160;2011 and&nbsp;2010,&#160;respectively.</I></font></P>


		</td>
	</tr>
	</table>
<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">114</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial">
<B>RSUs</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">RSUs are granted to executives and other key employees. The value of an RSU at the grant date is equal to the value of one BCE&nbsp;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;common shares. Executives and other key employees are granted a specific number of RSUs for a given performance period based on their position and level of contribution. Most of the outstanding RSUs vest after three years from the date of grant, provided that the holder is employed by Bell&#160;Canada or one of its subsidiaries at that time and, in certain cases, if performance objectives are met as determined by the&#160;board.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes outstanding RSUs at December&#160;31,&#160;2011 and&#160;2010.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table99">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
NUMBER OF&#160;RSUs</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" valign="top">
<font size="-2" face="Arial"><sup>(2)</sup></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Outstanding, January&#160;1</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,956,697</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">7,215,338</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 face="Arial" size="2">Granted<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,284,626</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">120,399</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 face="Arial" size="2">Dividends&#160;credited</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>152,214</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">415,511</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 face="Arial" size="2">Settled</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(4,011,709</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(3,568,839</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Forfeited</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(124,305</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(225,712</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Outstanding, December&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>1,257,523</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">3,956,697</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Vested, December&#160;31</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>21,871</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3,860,131</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table100">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The weighted average fair value of the RSUs granted was &#36;36&#160;and &#36;31&#160;in&#160;2011 and&nbsp;2010,&#160;respectively.</I></font></P>
		</td>
	</tr>
	</table>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table101">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(2)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The RSUs vested at December&#160;31,&#160;2010 were partially cash settled in December&#160;2010. The balance of the cash settlement, &#36;6&#160;million, was paid in February&#160;2011.</I></font></P></td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial">
<B>STOCK&#160;OPTIONS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under BCE&#146;s long-term incentive plans, BCE&nbsp;may grant options to executives to buy BCE&nbsp;common shares. The subscription price of a grant is based on the higher&#160;of:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the volume-weighted average of the trading price on the trading day immediately prior to the effective date of the&#160;grant</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the volume-weighted average of the trading price for the last five consecutive trading days ending on the trading day immediately prior to the effective date of the&#160;grant.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">At December&#160;31,&nbsp;2011, 31,221,844&#160;common shares were authorized for issuance under these&#160;plans.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Most options granted in March&#160;2007 vested evenly over a four-year period of continuous employment from the date of grant, unless a special vesting period applied. Options granted in December&#160;2008 vested fully after two years of continuous employment from the date of the grant. Options granted in February&#160;2011 vest fully after three years of continuous employment from the date of grant. All options become exercisable when they vest and can be exercised for a period of up to ten years from the date of grant. Special vesting provisions may apply&#160;if:</font></P>
<UL>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">there is a change in control of BCE&nbsp;and the option holder&#146;s employment&#160;ends</font></LI>
<LI>
<p style="margin-top: 0; margin-bottom: 0">
<font face="Arial" size="2">the option holder is employed by a designated subsidiary of BCE&nbsp;and BCE&#146;s ownership interest in that subsidiary falls below the percentage set out in the&#160;plan.</font></LI>
</UL>
<P style="text-align: left;">
<font face="Arial" size="2">The following table summarizes BCE&#146;s outstanding stock options at December&#160;31,&#160;2011 and&#160;2010.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table102">
<TR valign="bottom">
	<TD align=left width="40%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=center width="22%" bgcolor="#C0C0C0" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font face="Arial" size="1" color="#0065A4">2011</font></b></TD>
	<TD align=center width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=center width="22%" colspan="3" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">2010</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="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=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
NUMBER</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
WEIGHTED AVERAGE</font></b></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
NUMBER</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
WEIGHTED AVERAGE</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
OF OPTIONS</font></b></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
EXERCISE PRICE (&#36;)</font></b></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="1" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
OF OPTIONS</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
EXERCISE PRICE (&#36;)</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<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="2">Outstanding, January&#160;1</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>8,491,226</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;32</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">11,298,239</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#36;32</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 face="Arial" size="2">Granted</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2,443,954</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;36</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</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 face="Arial" size="2">Exercised<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
23</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(5,090,918</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;30</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,323,162</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#36;29</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 face="Arial" size="2">Expired</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(1,604,969</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;40</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,088,438</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#36;40</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Forfeited</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(211,984</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;35</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(395,413</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#36;36</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Outstanding, December&#160;31</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>4,027,309</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;33</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">8,491,226</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#36;32</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="40%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Exercisable, December&#160;31</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>1,725,634</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;30</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">7,682,476</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&#36;32</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table103">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The weighted average share price for options exercised was &#36;38&#160;and &#36;33&#160;in&#160;2011 and&nbsp;2010,&#160;respectively.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="2">The following table provides additional information about BCE&#146;s stock option plans at December&#160;31,&#160;2011.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table104">
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="36%" colspan="6" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p align="center"><font face="Arial" size="1">STOCK OPTIONS OUTSTANDING</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
WEIGHTED AVERAGE</font></TD>
	<TD align=right width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
WEIGHTED AVERAGE</font></TD>
	<TD align=right width="2%">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
RANGE OF EXERCISE PRICES</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NUMBER</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
REMAINING LIFE</font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
EXERCISE PRICE (&#36;)</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&#36;20 &#150;&nbsp;&#36;29</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>361,184</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3.0</B></font></TD>
	<TD align=right width=2% bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=10% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;27</B></font></TD>
	<TD align=right width="2%" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&#36;30&#160;&#150;&#160;&#36;39</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,666,125</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4.3</B></font></TD>
	<TD align=right width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;34</B></font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
</TR>
<TR valign="bottom">
	<TD width="64%" style="border-bottom: 2px 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-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4,027,309</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4.2</B></font></TD>
	<TD align=right width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>&#36;33</B></font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b><font size="2" color="#0065A4">&nbsp;</font></b></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">115</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>
<p style="margin-left:0px; margin-right:0px" align="left">&nbsp;</p>





<P style="text-align: left;">
<font face="Arial" color="#0065A4" size="2">
<B>Assumptions Used in Stock Option Pricing&#160;Model</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The fair value of options granted was determined using a variation of a binomial option pricing model that takes into account factors specific to the share incentive plans, such as the vesting period. The following table shows the principal assumptions used in the&#160;valuation.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table105">
<TR valign="bottom">
	<TD align=left width="88%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="1" color="#0065A4">
<B>2011</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Weighted average fair value per option&#160;granted (&#36;)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Weighted average share&#160;price (&#36;)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>36</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Weighted average exercise&#160;price (&#36;)</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>36</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Dividend&#160;yield</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5.5</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected&#160;volatility</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>21</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Risk-free interest&#160;rate</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>2.7</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="88%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Expected life&#160;(years)</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>4.5</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">Expected volatilities are based on the historical volatility of BCE&#146;s share price. The risk-free rate used is equal to the yield available on Government of&nbsp;Canada bonds at the date of grant with a term equal to the expected life of the&#160;options.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B>DSUs</B></font></P>
<P style="text-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. The value of a DSU at the issuance date is equal to the value of one BCE&nbsp;common share. For non-management directors, compensation is paid in DSUs until the minimum share ownership requirement is met or as elected by the directors thereafter. There are no vesting requirements relating to DSUs. 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;common shares. DSUs are settled when the holder leaves the&#160;company.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The following table summarizes the status of outstanding DSUs at December&#160;31,&#160;2011 and&#160;2010.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table106">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
NUMBER OF&#160;DSUs</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Outstanding, January&#160;1</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>3,477,365</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">1,183,695</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 face="Arial" size="2">Issued<font size="-2"><sup>(1)</sup></font></font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>287,360</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,444,720</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 face="Arial" size="2">Dividends&#160;credited</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>160,972</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">75,934</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Settled</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>(574,171</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(226,984</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Outstanding, December&#160;31</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2" color="#0065A4">
<B>3,351,526</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0" style="border-bottom: 2px solid #000000">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">3,477,365</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table107">
	<tr>
		<td width="2%" valign="top">
<I><font face="Arial" size="1">(1)</font></I></td>
		<td width="98%" valign="top">
<P style="text-align: left;">
<font face="Arial" size="1">
<I>The weighted average fair value of the DSUs issued was &#36;36&#160;and &#36;35&#160;in&#160;2011 and&nbsp;2010,&#160;respectively.</I></font></P>
		</td>
	</tr>
	</table>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 25 </B>| <B>COMMITMENTS AND&#160;CONTINGENCIES</B></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>COMMITMENTS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table is a summary of our contractual obligations at December&#160;31,&#160;2011 that are due in each of the next five years and&#160;thereafter.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table108">
<TR valign="bottom">
	<TD align=left width="34%" style="border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2012</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2013</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2014</font></TD>
	<TD align=right width=8% style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2015</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2016</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
THEREAFTER</font></TD>
	<TD align=right width="8%" style="border-bottom: 1px solid #000000">
<font face="Arial" size="1">
TOTAL</font></TD>
	<TD align=right width="2%" style="border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Operating&#160;leases</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">206</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">173</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">155</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">133</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">101</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">408</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,176</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=center width="34%">
<p align="left" style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Commitments for property, plant and equipment and intangible&#160;assets</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">287</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">116</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">99</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">68</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">65</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">682</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,317</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Purchase&#160;obligations</font></TD>
	<TD align=left width="8%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%">
<font face="Arial" size="2">1,242</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">600</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">494</font></TD>
	<TD align=right width=8%>
<font face="Arial" size="2">366</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">267</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">627</font></TD>
	<TD align=right width="8%">
<font face="Arial" size="2">3,596</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">MLSE&#160;investment</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">
4</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">525</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width=8% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=right width="8%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">525</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="34%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total</font></TD>
	<TD align=left width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,260</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">889</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">748</font></TD>
	<TD align=right width=8% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">567</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">433</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,717</font></TD>
	<TD align=right width="8%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">6,614</font></TD>
	<TD align=right width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">BCE&#146;s significant operating leases are for office premises and retail outlets with lease terms ranging from 1&#160;to 20&#160;years. These leases are non-cancellable and are renewable at the end of the lease period. Rental expense relating to operating leases was &#36;253&#160;million in&#160;2011 and &#36;226&#160;million in&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Purchase obligations consist of contractual obligations under service and product contracts, for both operating and capital expenditures. Our commitments for capital expenditures include investments to expand and update our networks, and to meet customer&#160;demand.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>CONTINGENCIES</I></B></font></P>
<P style="text-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 the legal proceedings pending at December&#160;31,&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 material and negative effect on our financial statements. We believe that we have strong defences and we intend to vigorously defend our&#160;positions.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">116</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 26 | RELATED PARTY&#160;TRANSACTIONS</B></font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>SUBSIDIARIES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table shows BCE&#146;s significant subsidiaries at December&#160;31,&nbsp;2011. BCE&nbsp;has other subsidiaries which have not been included in the table as each represents less than 10% individually and less than 20% in aggregate of total consolidated revenues. These subsidiaries provide services to each other in the normal course of operations. The value of these transactions is eliminated on&#160;consolidation.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table109">
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
OWNERSHIP</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
SUBSIDIARY</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
PERCENTAGE</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&#160;Canada</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>100.0</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&nbsp;Mobility&#160;Inc.</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>100.0</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&nbsp;Aliant&#160;Inc.</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>44.1</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&nbsp;ExpressVu Limited&#160;Partnership</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>100.0</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Bell&nbsp;Media&#160;Inc.</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>100.0</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>%</B></font></TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial">
<B><I>TRANSACTIONS WITH JOINT VENTURES AND&#160;ASSOCIATES</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">During&#160;2011 and&nbsp;2010, BCE&nbsp;provided and received services in the normal course of business and on an arm&#146;s length basis from its joint ventures, Inukshuk Wireless&nbsp;Inc. and Enstream&nbsp;Inc., and its associates, Summerhill Ventures LLP and the Montr&#233;al Canadiens Hockey Club and the Bell&nbsp;Centre. BCE&nbsp;also provided and received services in the normal course of business and on an arm&#146;s length basis from its joint venture Dome Productions Partnership and associates, Viewer&#146;s Choice&nbsp;Canada&nbsp;Inc. and The NHL Network&nbsp;Inc., acquired through the CTV acquisition on April&#160;1,&#160;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;BCE&nbsp;recognized revenues and incurred expenses with our joint ventures and associates of &#36;21&#160;million (2010&#160;&#150; &#36;18&#160;million) and &#36;78&#160;million (2010&#160;&#150; &#36;31&#160;million),&#160;respectively.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>BCE&nbsp;MASTER TRUST&#160;FUND</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Bimcor&nbsp;Inc. (Bimcor), a wholly-owned subsidiary of Bell&nbsp;Canada, is the administrator of the BCE&nbsp;Master Trust Fund. Bimcor recognized management fees of &#36;11&#160;million and &#36;12&#160;million from the BCE&nbsp;Master Trust Fund for&#160;2011 and&nbsp;2010, respectively. The details of BCE&#146;s employee benefit plans are set out in Note&#160;20, <I>Employee Benefit Plans</I>. Additionally, in&nbsp;2011, BCE&nbsp;announced a co-investment arrangement with the BCE&nbsp;Master Trust Fund for which the details are set out in Note&#160;4,&#160;<I>Acquisitions</I>.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>COMPENSATION OF KEY MANAGEMENT PERSONNEL AND BOARD OF&#160;DIRECTORS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">The following table includes compensation of the key management personnel and board of&#160;directors for the years ended December&#160;31,&#160;2011 and&#160;2010 included in our income statements. Key management personnel are the company&#146;s Chief Executive Officer (CEO) and the executives who report directly to the CEO.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table110">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Wages, salaries and related taxes and&#160;benefits</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(22</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(21</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Termination&#160;benefits</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(2</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">&#150;</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Pension and post-employment&#160;benefits</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(3</B></font></TD>
	<TD align=left width="2%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(3</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Share-based&#160;payments</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(12</B></font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(33</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Key management personnel and board of directors compensation&#160;expense</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(39</B></font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(57</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="MARGIN:0px">&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 27 </B>| <B>SUPPLEMENTAL DISCLOSURE FOR CONSOLIDATED STATEMENTS OF CASH&#160;FLOWS</B></font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table111">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">
2011</font></b></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="1" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net change in operating assets and liabilities is as&#160;follows:</font></TD>
	<TD align=left width="10%" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=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 face="Arial" size="2">Trade and other&#160;receivables</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>29</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(90</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Inventory</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(126</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(76</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Prepaid&#160;expenses</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(8</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">24</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 face="Arial" size="2">Other current&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>131</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(51</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other non-current&#160;assets</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(51</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(43</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Trade payables and other&#160;liabilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(70</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">61</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 face="Arial" size="2">Interest&#160;payable</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>5</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">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 face="Arial" size="2">Other non-current&#160;liabilities</font></TD>
	<TD align=right width="10%" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>45</B></font></TD>
	<TD align=left width=2% bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%">
<font face="Arial" size="2">7</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 24px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>24</B></font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000" bgcolor="#C0C0C0">
<b>
<font face="Arial" size="2" color="#0065A4">&nbsp; </font> </b> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">13</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total net change in operating assets and&#160;liabilities</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>(21</B></font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000" bgcolor="#C0C0C0">
<font face="Arial" size="2" color="#0065A4">
<B>)</B></font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">(154</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">117</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="4" color="#0065A4">
<B>NOTE 28 </B>| <B>FIRST-TIME ADOPTION OF&#160;IFRS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Our accounting policies presented in Note&#160; 2, <I>Significant Accounting Policies</I>, have been applied in preparing the financial statements for the year ended December&#160;31,&nbsp;2011, the comparative information for the year ended December&#160;31,&#160;2010 and the opening statements of financial position at January&#160;1,&nbsp;2010, our date of changeover to&#160;IFRS.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;We have applied IFRS&#160; 1&#160; &#150; First-time Adoption of IFRS in preparing the statements of financial position at January&#160;1,&nbsp;2010. The effects of the changeover to IFRS on equity and total comprehensive income are presented in this&#160;note.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Certain reclassification adjustments have been made to our opening statements of financial position and the notes thereto as at January&#160;1,&#160;2010 that were included in our first quarter shareholder&#160;report.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prior to January&#160;1,&nbsp;2010, our financial statements were prepared in accordance with previous Canadian&#160;GAAP.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>FIRST-TIME ADOPTION&#160;ELECTIONS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>MANDATORY EXCEPTIONS TO RETROSPECTIVE APPLICATION OF&#160;IFRS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We have applied all of the mandatory exceptions to full retrospective application of IFRS required under IFRS&#160;1&#160;other than the exception relating to the derecognition of financial assets. Our securitized trade receivables do not qualify for derecognition under IFRS. As permitted under IFRS&#160;1, we have recognized our securitized trade receivables on a retrospective basis given that the information was available at the time of the initial accounting for these transactions. As a result, total current assets and total current liabilities increased by &#36;1,305&#160;million as at January&#160;1,&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>ELECTIVE&#160;EXEMPTIONS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We have chosen the following elective exemptions to full retrospective application as permitted under IFRS&#160;1.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Business&#160;Combinations</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We have elected not to apply IFRS&#160;3&#160;&#150; Business Combinations retrospectively to business combinations that occurred before the date of changeover to&#160;IFRS.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Employee Benefit&#160;Plans</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We have elected to charge all of our deferred actuarial gains and losses in our DB pension plans under previous Canadian GAAP to the opening deficit as at January&#160;1,&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Deemed&#160;Cost</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We have elected to use fair value as deemed cost as at January&#160;1,&#160;2010 for certain items of property, plant and&#160;equipment.</font></P>
<P style="text-align: left;">
<font face="Arial">
<B><I>RECONCILIATION OF PREVIOUS CANADIAN GAAP TO&#160;IFRS</I></B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>RECONCILIATION OF&#160;EQUITY</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Total equity at January&#160;1,&#160;2010 and December&#160;31,&#160;2010 under previous Canadian GAAP is reconciled below to the amounts reported under IFRS. All amounts are after&#160;tax.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table112">
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width="10%">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="1">
AT JANUARY&#160;1,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="1">
AT DECEMBER&#160;31,</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total equity as reported under previous Canadian&#160;GAAP</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">16,974</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">17,207</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Employee benefit&#160;plans</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
a</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,403</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">(3,497</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Deemed cost/Depreciation and&#160;amortization</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
b,&#160;c</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(1,421</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">(1,366</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Income&#160;taxes</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
d</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(314</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">(310</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
e</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">21</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10%>
<font face="Arial" size="2">16</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Fund unit&#160;liability</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
f</font></TD>
	<TD align=left width=2%>
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(2,074</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
	<TD align=right width=10%>
<font face="Arial" size="2">(2,096</font></TD>
	<TD align=left width=2%>
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">124</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">214</font></TD>
	<TD align=left width=2% style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="64%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Total equity under&#160;IFRS</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,907</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=right width=10% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">10,168</font></TD>
	<TD align=left width=2% style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="margin-left:0px; margin-right:0px">&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">118</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<p style="margin: 0px" align="right"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>RECONCILIATION OF TOTAL COMPREHENSIVE&#160;INCOME</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Total net earnings and comprehensive income for the year ended December&#160;31,&#160;2010 under previous Canadian GAAP are reconciled below to the amounts reported under&#160;IFRS.</font></P>

<TABLE border=0 style="width:100%; border-collapse:collapse" cellpadding="0" id="table113">
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings as reported under&#160;previous Canadian&#160;GAAP</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,277</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Employee benefit&#160;plans</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
a</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(97</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Deemed cost/Depreciation and&#160;amortization</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
b,&#160;c</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">55</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 face="Arial" size="2">Non-controlling&#160;interest</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
e</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">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 face="Arial" size="2">Fund unit&#160;liability</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
f</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(321</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Other</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">(23</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Net earnings under&#160;IFRS</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">2,190</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR>
	<TD width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD width="10%">
&nbsp;</TD>
	<TD width="2%">
<font size="2">&nbsp;</font></TD>
	<TD width="10%">
&nbsp;</TD>
	<TD width="2%">
&nbsp;</TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="1">
FOR THE YEAR ENDED DECEMBER&#160;31</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
NOTE</font></TD>
	<TD align=right width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="1">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">
2010</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="1">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Comprehensive income as reported under previous Canadian&#160;GAAP</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">2,155</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Change in net&#160;earnings</font></TD>
	<TD align=left width="10%">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(87</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Actuarial losses on employee benefit plans, net of&#160;tax</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">
a</font></TD>
	<TD align=right width="2%">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%">
<font face="Arial" size="2">(969</font></TD>
	<TD align=left width="2%">
<font face="Arial" size="2">)</font></TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Non-controlling interest on cash flow&#160;hedges</font></TD>
	<TD align=left width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">2</font></TD>
	<TD align=left width="2%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
<TR valign="bottom">
	<TD align=left width="76%" style="border-bottom: 2px solid #000000">
<p style="text-indent: -12px; margin-left: 12px">
<font face="Arial" size="2">Comprehensive income under&#160;IFRS</font></TD>
	<TD align=left width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font size="2">&nbsp;</font></TD>
	<TD align=right width="10%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">1,101</font></TD>
	<TD align=left width="2%" style="border-bottom: 2px solid #000000">
<font face="Arial" size="2">&nbsp; </font> </TD>
</TR>
</TABLE>

<P style="text-align: left;">
<font face="Arial" size="2">
<B>RECONCILIATION OF THE CONSOLIDATED STATEMENTS OF CASH&#160;FLOWS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">There were no material changes to the consolidated statements of cash flows on adoption of IFRS, except for the cash provided by or used in our investment in joint ventures. Under previous Canadian GAAP, increases and decreases in cash and cash equivalents in joint ventures were proportionately consolidated. Under IFRS, we account for joint ventures using the equity method and increases and decreases in cash and cash equivalents are presented in cash from investing&#160;activities.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B>EXPLANATORY&#160;NOTES </B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>a. Employee Benefit&#160;Plans</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under previous Canadian GAAP, we amortized actuarial gains and losses to earnings over employees&#146; expected average remaining service life (EARSL) using the corridor method relating to our DB pension and other employee future benefit plans. We deducted 10% of the greater of the employee benefit obligation or the market-related value of pension plan assets from the unamortized net actuarial gains or losses on a market-related value basis. Any excess was amortized to earnings on a straight-line basis over EARSL. Past service costs under previous Canadian GAAP also were amortized on a straight-line basis over EARSL.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we recognize actuarial gains and losses on a current basis in other comprehensive income as incurred. Vested past service costs are recognized immediately in earnings. IFRS also requires that the return on pension plan assets be measured using market values, instead of the market-related values we used under previous Canadian&#160;GAAP.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS&#160;1, we elected to charge all deferred actuarial gains and losses to the opening deficit on January&#160;1,&nbsp;2010. At the date of changeover, we reduced the employee benefit asset by &#36;2,316&#160;million, increased employee benefit obligations by &#36;979&#160;million and the opening deficit increased by &#36;2,403&#160;million, net of a decrease in deferred tax liabilities of &#36;652&#160;million, an increase in deferred tax assets of &#36;241&#160;million and non-controlling interest of &#36;1&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&#160;31,&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 annual return of 7.0%. As a result, our employee benefit obligation increased by &#36;1,358&#160;million and the deficit increased by &#36;969&#160;million, net of taxes of &#36;389&#160;million and non-controlling interest of &#36;2&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The decrease in net earnings of &#36;97&#160;million, net of taxes of &#36;29&#160;million, for the year ended December&#160;31,&#160;2010 is comprised of an increase in the net employee benefit plans cost due to the valuation of plan assets at market value, partly offset by the exclusion of amortization of actuarial losses as the losses were charged to the opening deficit on changeover to IFRS and the inclusion of pension current service cost in our capitalized labour rates. Additionally, for the year ended December&nbsp;31,&nbsp;2010, a valuation allowance amounting to &#36;38&#160;million, net of taxes of &#36;13&#160;million, that was recorded in pension expense under previous Canadian GAAP, has been recorded in other comprehensive income under&#160;IFRS.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">119</font></b></P>


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





<p style="margin: 0px" align="left"><font face="Arial" size="1">NOTES TO
CONSOLIDATED FINANCIAL STATEMENTS</font></p>





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>b. Deemed&#160;Cost</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under IFRS, we elected, at the date of changeover, to use fair value as deemed cost for certain items of property, plant and equipment. The fair value of the property, plant and equipment was &#36;2,952&#160;million, resulting in a decrease in the carrying amount of &#36;1,344&#160;million. As a result, &#36;969&#160;million, net of taxes of &#36;375&#160;million, was charged to the opening deficit on January&#160;1,&#160;2010.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;As a result of this adjustment, net earnings increased by &#36;172&#160;million, net of taxes of &#36;74&#160;million, for the year ended December&#160;31,&#160;2010.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>c. Depreciation and&#160;Amortization</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under previous Canadian GAAP, we depreciated most of our wireline assets using the group method of depreciation. When we retired or disposed of assets in the ordinary course of business, we charged the gain or loss to accumulated&#160;depreciation.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, we depreciate capital assets using the straight-line method over their estimated useful lives and gains and losses on retirement or disposal of assets are included in earnings as&#160;incurred.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At January&#160;1,&nbsp;2010, we applied the straight-line method of depreciation retrospectively to assets previously depreciated using the group method, which resulted in a decrease to the carrying amount of those assets of &#36;619&#160;million. The resulting charge of &#36;452&#160;million, net of taxes of &#36;167&#160;million, was charged to the opening deficit at January&#160;1,&nbsp;2010. For the year ended December&#160;31,&nbsp;2010, depreciation expense increased by &#36;104&#160;million, net of taxes of &#36;2&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&#160;31,&nbsp;2010, losses on disposal resulted in a decrease in net earnings of &#36;13&#160;million, net of taxes of &#36;5&#160;million.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>d. Income&#160;Taxes</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">On the date of changeover, we increased our deferred tax liabilities and the opening deficit by &#36;314&#160;million due to the difference in the inclusion rate for temporary differences related to certain intangible&#160;assets.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>e. Non-Controlling&#160;Interest</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under previous Canadian GAAP, non-controlling interest was presented as a separate component between liabilities and equity in the statements of financial position and as a component of net earnings in the income&#160;statements.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, non-controlling interest is presented as a separate component within equity in the statements of financial position and is not included as part of net earnings in the income&#160;statements.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>f. Fund Unit&#160;Liability</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under previous Canadian GAAP, the 55.9% of fund units that were publicly held were accounted for as equity. They were presented as non-controlling interest in our financial statements, and were measured at the pro-rata share of net assets of Bell&#160;Aliant.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Under IFRS, fund units held by the public that have a feature that allows the holder to redeem the instrument for cash or another financial asset at the holder&#146;s option are presented as a liability and recorded at fair value with changes in fair value recorded in net&#160;earnings.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;At the date of changeover to IFRS, we recognized a fund unit liability of &#36;3,104&#160;million, decreased our non-controlling interest by &#36;1,030&#160;million, decreased accumulated other comprehensive income by &#36;15&#160;million and increased our deficit by &#36;2,059&#160;million.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;For the year ended December&#160;31,&nbsp;2010, interest on the fund unit liability was &#36;370&#160;million, the fair value gain was &#36;49&#160;million and previously reported non-controlling interest decreased by &#36;299&#160;million, which resulted in a decrease in net earnings of &#36;22&#160;million.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>g. Joint Venture&#160;Interests</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Under previous Canadian GAAP, we accounted for our interests in joint ventures using the proportionate consolidation method. Under this method, we recorded our pro-rata share of the assets and liabilities, revenues and expenses, and cash flows of our joint ventures. Under IFRS, we use the equity method to account for our joint venture&#160;interests.</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">120</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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





<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="5">GLOSSARY</font></P>
<div align="left">
	<table border="0" width="100%" cellpadding="0" style="border-collapse: collapse" id="table114">
		<tr>
			<td valign="top" width="45%">
			<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Adjusted EPS</B></font><font face="Arial" size="2"><br>
Earnings per share before severance, acquisition and other costs, and net (gains) losses on investments. For&nbsp;2010, Adjusted EPS also excludes the fair value adjustments on the fund unit liability and adjusts earnings to reflect the interest on the fund unit liability as non-controlling&#160;interest.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">
<B><font color="#0065A4">ARPU</font><br>
</B>Average revenue per unit expressed as a rate per month for the year.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Binomial Option Pricing Model</B></font><font face="Arial" size="2"><br>
The binomial option pricing model is the financial model we use to calculate the weighted average fair value of a stock option granted using five key assumptions: stock dividend yield, expected stock volatility, risk-free interest rate, vesting period and expected life of the stock&#160;option.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Book Value per Share</B></font><font face="Arial" size="2"><br>
Total equity attributable to owners of the parent excluding preferred shares divided by the number of common shares&#160;outstanding.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Capital Intensity</B></font><font face="Arial" size="2"><br>
Capital expenditures divided by operating revenues.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Churn</B></font><font face="Arial" size="2"><br>
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 style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Cost of Acquisition (COA)</B></font><font face="Arial" size="2"><br>
COA is also referred to as subscriber acquisition costs. This measure is expressed per gross activation. It includes costs associated with acquiring a customer such as hardware subsidies, marketing and distribution costs.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Curtailment</B></font><font face="Arial" size="2"><br>
A curtailment is a significant reduction in plan benefits that can result when a defined benefit pension plan is amended or restructured. Types of curtailments include a reduction in the expected number of years of future service of active employees or the elimination of the right to earn defined benefits for some or all of the future service of employees.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>EBITDA</B></font><font face="Arial" size="2"><br>
We define EBITDA as operating revenues less operating&#160;costs.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>EBITDA Margin</B></font><font face="Arial" size="2"><br>
EBITDA divided by operating revenues.</font></P>
			<p>&nbsp;</td>
			<td valign="top" width="10%">&nbsp;</td>
			<td valign="top" width="45%">
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Free Cash Flow</B></font><font face="Arial" size="2"><br>
We define free cash flow as cash flows from operating activities, excluding acquisition costs paid, and dividends/distributions received from Bell&nbsp;Aliant, less capital expenditures, preferred share dividends, dividends/distributions paid by subsidiaries to non-controlling interest and Bell&nbsp;Aliant free cash&#160;flow.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Goodwill</B></font><font face="Arial" size="2"><br>
Goodwill may be created when we acquire a business. It is calculated by deducting the fair value of the net assets acquired from the consideration given, and represents the value of factors that contribute to greater earning power, such as a good reputation, customer loyalty or intellectual capital.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Total Debt to Total Equity</B></font><font face="Arial" size="2"><br>
Total long-term debt (including debt due within one&#160;year) divided by total&#160;equity.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Market Capitalization</B></font><font face="Arial" size="2"><br>
This is BCE&#146;s common share price at the end of the year multiplied by the number of common shares outstanding.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Price to Book Ratio</B></font><font face="Arial" size="2"><br>
BCE&#146;s common share price at the end of the year divided by the book value per share.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Price to Cash Flow Ratio</B></font><font face="Arial" size="2"><br>
BCE&#146;s common share price at the end of the year divided by cash flow per common share. Cash flow per common share is cash flow from operating activities excluding interest on fund unit liability less capital expenditures, divided by the average number of common shares outstanding.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Price to Earnings Ratio</B></font><font face="Arial" size="2"><br>
BCE&#146;s common share price at the end of the year divided by earnings per share.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2" color="#0065A4">
<B>Return on Equity</B></font><font face="Arial" size="2"><br>
Net earnings attributable to common shareholders divided by total equity attributable to owners of the parent excluding preferred&#160;shares, plus fund unit liability.</font></P>
<P style="text-align: left;">
<b>
<font face="Arial" size="2" color="#0065A4">
Total Debt to Total Assets</font></b><font face="Arial" size="2"><br>
Total long-term debt (including debt due within one year) divided by total assets.</font></P>
			<p>&nbsp;</td>
		</tr>
	</table>
</div>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">121</font></b></P>


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<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">
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<body>





<P style="text-align: right;">
<font face="Arial" size="2">Exhibit 99.3</font></P>
<P style="text-align: left;">
<font face="Arial" size="5">REPORTS ON INTERNAL CONTROL</font></P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>MANAGEMENT&#146;S REPORT ON INTERNAL CONTROL OVER FINANCIAL&#160;REPORTING</B></font></P>
<P style="text-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 International Financial Reporting Standards&#160;(IFRS).<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&#160;deteriorate.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management evaluated, under the supervision of and with the participation of the President and Chief Executive Officer&#160;and the Executive Vice-President and Chief Financial Officer, the effectiveness of our internal control over financial reporting as at December&#160;31,&nbsp;2011, based on the framework and criteria established in <I>Internal Control &#150; Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission&#160;(COSO).<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management&#146;s evaluation of and conclusion on the effectiveness of our internal control over financial reporting did not include an evaluation of the internal control over financial reporting of Bell&nbsp;Media&nbsp;Inc. (Bell&nbsp;Media), previously known as CTV&nbsp;Inc., which we acquired on April&#160;1,&nbsp;2011. Bell&nbsp;Media&#146;s contribution to our consolidated financial statements for the year ended December&#160;31,&#160;2011 was 7% of consolidated revenues and had no material impact on consolidated earnings. Additionally, at December&#160;31,&nbsp;2011, Bell&nbsp;Media&#146;s current assets and current liabilities were approximately 12% and 5% of consolidated current assets and current liabilities, respectively, and its non-current assets and non-current liabilities were approximately 3% and 5% of consolidated non-current assets and non-current&#160;liabilities.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Based on that evaluation, which excluded Bell&nbsp;Media&#146;s internal control over financial reporting, the President and Chief Executive Officer and the Executive Vice-President and Chief Financial Officer concluded that our internal control over financial reporting was effective as at December&#160;31,&nbsp;2011. There were no material weaknesses that have been identified by management as at December&#160;31,&nbsp;2011.<br>
&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Our internal control over financial reporting as at December&#160;31,&#160;2011 has been audited by Deloitte &amp; Touche&#160;LLP, Independent Registered Chartered Accountants, who also audited our consolidated financial statements for the year ended December&#160;31,&nbsp;2011. Deloitte &amp; Touche issued an unqualified opinion on the effectiveness of our internal control over financial&#160;reporting.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) George A. Cope<I><br>
President and Chief Executive Officer</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) Siim A. Vanaselja<I><br>
Executive Vice-President and Chief Financial&#160;Officer</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) Karyn A. Brooks<I><br>
Senior Vice-President and&#160;Controller</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">March&#160;8,&#160;2012</font></P>
<P style="text-align: left;">
&nbsp;</P>


<P style="MARGIN:0px" align="left"><b><font face="Arial" size="2">76</font><font
size="1" face="Arial">&nbsp;&nbsp;&nbsp; BCE&nbsp;INC. | <font color="#0065A4">2011</font>
| ANNUAL REPORT</font></b></P>


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<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" color="#0065A4">
<B>REPORT OF INDEPENDENT REGISTERED CHARTERED&#160;ACCOUNTANTS</B></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">To the board of directors and shareholders of BCE&#160;Inc.</font></P>
<P style="text-align: left;">
<font face="Arial" size="2">We have audited the internal control over financial reporting of BCE&nbsp;Inc. and subsidiaries (the &#147;Company&#148;) as of December&#160;31,&nbsp;2011, based on the criteria established in <I>Internal Control &#150; Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway Commission. As described in Management&#146;s Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Bell&nbsp;Media&nbsp;Inc. (Bell&nbsp;Media), previously known as CTV&nbsp;Inc., which was acquired on April&#160;1,&nbsp;2011. Bell&nbsp;Media&#146;s contribution to the consolidated financial statements for the year ended December&#160;31,&#160;2011 was 7% of consolidated revenues and had no material impact on consolidated earnings. Additionally, at December&#160;31,&nbsp;2011, Bell&nbsp;Media&#146;s current assets and current liabilities were approximately 12% and 5% of consolidated current assets and current liabilities, respectively, and its non-current assets and non-current liabilities were approximately 3% and 5% of consolidated non-current assets and non-current liabilities. Accordingly, our audit did not include the internal control over financial reporting at Bell&nbsp;Media. 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&#160;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&#160;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)&#160;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&#160;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&#160;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&#160;31,&nbsp;2011, based on the criteria established in <I>Internal Control &#150; Integrated Framework </I>issued by the Committee of Sponsoring Organizations of the Treadway&#160;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&#160;31,&nbsp;2011 of the Company and our report dated March&#160;8,&#160;2012 expressed an unqualified opinion on those financial&#160;statements.</font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="text-align: left;">
<font face="Arial" size="2">(signed) Deloitte &amp; Touche LLP<font size="-2"><sup>(1)</sup></font><I><br>
Independent Registered Chartered Accountants</I></font></P>
<P style="text-align: left;">
<font face="Arial" size="2">Montr&#233;al,&nbsp;Canada <br>
March&#160;8,&#160;2012</font></P>
<P style="text-align: left;">
<font face="Arial" size="1"><I>(1) Chartered accountant auditor permit no. 9335</I></font></P>
<P style="text-align: left;">
&nbsp;</P>
<P style="MARGIN:0px" align="right"><b><font size="1" face="Arial">BCE&nbsp;INC. |
<font color="#0065A4">2011</font> | ANNUAL REPORT&nbsp;&nbsp;&nbsp; </font>
<font face="Arial" size="2">77</font></b></P>


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

<HTML>
<HEAD>
   <TITLE>Consent of Independent Registered Chartered Accountants</TITLE>
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<P style="text-align: right;">
<B><font size="2">Exhibit 99.4</font></B></P>
<P style="text-align: left;">
<B>CONSENT OF INDEPENDENT REGISTERED CHARTERED ACCOUNTANTS</B></P>
<P style="text-align: left;">
<font size="2">We consent to the incorporation by reference in Registration Statements No. 333-12130 on Form F-3, No. 333-12780 and 333-12802 on Form S-8 and No. 333-176092 on Form F-9 and to the use of our reports dated March&nbsp;8,&nbsp;2012, relating to the consolidated financial statements of BCE&nbsp;Inc. and the effectiveness of BCE&nbsp;Inc.&#146;s internal control over financial reporting, and to such reports appearing in and being incorporated by reference in this Annual Report on Form 40-F of BCE&nbsp;Inc. for the year ended December&nbsp;31,&nbsp;2011.</font></P>
<P style="text-align: left;">
<I><font size="2">(signed) Deloitte &amp; Touche LLP</font><SUP><font size="2">1<br>
</font></SUP></I><font size="2">Independent Registered Chartered Accountants</font></P>
<P style="text-align: left;">
<font size="2">Montr&#233;al, Canada <br>
March 14, 2012</font></P>
<P align="left">
<font size="2" face="Times New Roman">______________________________ </font>
<font size="2"><SUP><FONT face="Times New Roman"><br>
</FONT>1 </SUP>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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<DOCUMENT>
<TYPE>EX-99.31
<SEQUENCE>6
<FILENAME>exhibit_9931.htm
<DESCRIPTION>CERTIFICATIONS OF THE CEO AND THE CFO PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT OF 2002
<TEXT>

<HTML>
<HEAD>
   <TITLE>Certifications of the Chief Executive Officer and the Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002</TITLE>
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<P align="right">
<B><font size="2">Exhibit 99.31</font></B></P>
<P align="center">
<B>CERTIFICATIONS</B></P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table6">
	<tr>
		<td width="100%" valign="top" colspan="3">
		<font size="2">I, George A. Cope, certify that:<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">1. </font></td>
		<td width="98%" valign="top" colspan="2">
<font size="2">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">2.</font></td>
		<td width="98%" valign="top" colspan="2">
<font size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">3. </font>
		</td>
		<td width="98%" valign="top" colspan="2">
<font size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<font size="2">4. </font>
		</td>
		<td width="98%" valign="top" colspan="2">
<font size="2">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(a)</font></td>
		<td width="96%" valign="top">
<font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(b)</font></td>
		<td width="96%" valign="top">
<font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(c)</font></td>
		<td width="96%" valign="top">
<font size="2">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(d)</font></td>
		<td width="96%" valign="top">
<font size="2">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting; and<br>
&nbsp;</font></td>
	</tr>
</table>
<p>&nbsp;</p>

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<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table7">
	<tr>
		<td width="2%" valign="top"><font size="2">5. </font></td>
		<td width="98%" valign="top" colspan="2">
<font size="2">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors (or persons performing the equivalent functions):<br>
&nbsp;</font></td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(a) </font></td>
		<td width="96%" valign="top">
<P style="text-align: left;">
<font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report financial information; and<br>
&nbsp;</font></P>
		</td>
	</tr>
	<tr>
		<td width="2%" valign="top">&nbsp;</td>
		<td width="2%" valign="top">
<font size="2">(b) </font></td>
		<td width="96%" valign="top">
<P style="text-align: left;">
<font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting.<br>
&nbsp;</font></P>
		</td>
	</tr>
</table>
<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse"
id="table8">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2">Date: March 14, 2012</font></P>
<P style="text-align: left;">
<I><font size="2">(signed) George A. Cope</font></I></P>


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

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






<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="table9">
	<tr>
		<td width="100%" valign="top" colspan="3">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">I, Siim A. Vanaselja, certify that:</font></p>
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">1. </font></td>
		<td width="98%" valign="top" colspan="2">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">I have reviewed this annual report on Form 40-F of BCE Inc.;</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">2.</font></td>
		<td width="98%" valign="top" colspan="2">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">3. </font>
		</td>
		<td width="98%" valign="top" colspan="2">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the issuer as of, and for, the periods presented in this report;</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">4. </font>
		</td>
		<td width="98%" valign="top" colspan="2">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">The issuer&#146;s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the issuer and have:</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">(a) </font>
		</td>
		<td width="96%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the issuer, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">(b)</font></td>
		<td width="96%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">(c) </font></td>
		<td width="96%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Evaluated the effectiveness of the issuer&#146;s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">(d)</font></td>
		<td width="96%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Disclosed in this report any change in the issuer&#146;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the issuer&#146;s internal control over financial reporting; and</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
</table>
<P style="text-align: left;">
&nbsp;</P>

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






<P style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table10">
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0; margin-bottom: 0"><font size="2">5.</font></td>
		<td width="98%" valign="top" colspan="2">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">The issuer&#146;s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the issuer&#146;s auditors and the audit committee of the issuer&#146;s board of directors (or persons performing the equivalent functions):</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">(a) </font></td>
		<td width="96%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the issuer&#146;s ability to record, process, summarize and report financial information; and</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
	<tr>
		<td width="2%" valign="top">
		<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
		<td width="2%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">(b)</font></td>
		<td width="96%" valign="top">
<p style="margin-top: 0; margin-bottom: 0"><font size="2">Any fraud, whether or not material, that involves management or other employees who have a significant role in the issuer&#146;s internal control over financial reporting.</font></p>
<p style="margin-top: 0; margin-bottom: 0">&nbsp;</td>
	</tr>
</table>
<P style="text-align: left;">
<font size="2">&nbsp;</font></P>
<table border="0" width="50%" cellpadding="0" style="border-collapse: collapse"
id="table11">
	<tr>
		<td style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<P style="text-align: left;">
<font size="2">Date: March 14, 2012</font></P>
<P style="text-align: left;">
<I><font size="2">(signed) Siim A. Vanaselja</font></I></P>


		</td>
	</tr>
	<tr>
		<td>
		&nbsp;<p><font size="2">Siim A. Vanaselja<BR>
Executive Vice-President and Chief Financial Officer<BR>
BCE Inc.</font></td>
	</tr>
</table>
<P style="text-align: left;">
<font size="2">&nbsp;</font></P>






</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.32
<SEQUENCE>7
<FILENAME>exhibit_9932.htm
<DESCRIPTION>CERTIFICATION OF THE CEO AND THE CFO PURSUANT TO 18 U.S.C. SECTION 1350
<TEXT>

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

<BODY bgcolor="#ffffff">






<P style="text-align: right;">
<B><font size="2">Exhibit 99.32</font></B></P>
<P style="text-align: center;">
<B>CERTIFICATION PURSUANT TO 18 U.S.C. SECTION 1350, AS ADOPTED PURSUANT TO<br>
SECTION 906 OF THE SARBANES-OXLEY ACT OF 2002</B></P>
<P style="text-align: left; margin-bottom:4px">
<font size="2">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pursuant to Section&nbsp;1350 of Chapter&nbsp;63 of Title 18 of the United&nbsp;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&nbsp;Inc. (the &#147;Company&#148;), does hereby certify that:
</font></P>
<P style="text-align: left; margin-top:0">
<font size="2">the annual report on Form 40-F for the year ended December&nbsp;31, 2011 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 style="text-align: left;">
&nbsp;</P>
<table border="0" width="100%" cellpadding="0"
style="border-collapse: collapse" id="table12">
	<tr>
		<td width="50%">
		<font size="2">Date: March 14, 2012</font></td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<I><font size="2">(signed) George A. Cope</font></I></td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%"> <br>
		<font size="2">George A. Cope<BR>
President and Chief Executive Officer<BR>
BCE&nbsp;Inc.</font></td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%">&nbsp;</td>
	</tr>
	<tr>
		<td width="50%">
<font size="2">Date: March 14, 2012</font></td>
		<td width="50%" style="border-left-width: 1px; border-right-width: 1px; border-top-width: 1px; border-bottom: 1px solid #000000">
<I><font size="2">(signed) Siim A. Vanaselja</font></I></td>
	</tr>
	<tr>
		<td width="50%">&nbsp;</td>
		<td width="50%"> <font size="2"><br>
		SiimA.Vanaselja<BR>
Executive Vice-President and Chief Financial Officer<BR>
BCE&nbsp;Inc.</font></td>
	</tr>
</table>






</BODY>

</HTML>

</TEXT>
</DOCUMENT>
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<TYPE>GRAPHIC
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`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
