preserves existing Canadian ownership and control of Bell Canada

preserves existing competitive landscape in this key sector of the Canadian economy that touches all Canadians and businesses

beneficial outcome to all stakeholder groups including customers, employees, union, management, debtholders and preferred shareholders

preserves Bell Canada Head Office in Montreal

beneficial outcome to all Canadians and Canada

maximizes tax collection to Ottawa from the earnings of Bell Canada

value maximization alternative for Bell Canada common shareholders through use of Stapled Securities and the enhanced annual income of $2.55 per existing Bell Canada common share, a 74% increase from Bell Canada's current annual dividend of $1.46

eliminates "reinvestment" risk for Bell Canada common shareholders

allows existing Bell Canada common shareholders to participate in ongoing future growth of Bell Canada

tax efficient transaction via a share exchange that places retail investors on a more equal footing with large pension fund investors

preserves financial flexibility for Bell Canada to continue with significant capital reinvestment in its core businesses to remain a leading and growing competitor

no regulatory or timing risk when compared with alternative private equity and merger alternatives that will involve extensive parliamentary, regulatory, CRTC and competition review with an uncertain outcome and uncertain timing

zero transaction risk as transaction is self funding