Montréal (Québec), March 6, 2002 - Bell Canada today announced that a receipt for a preliminary prospectus has been issued on behalf of all securities regulatory authorities throughout Canada for the sale of units of a newly created income fund - Bell Nordiq Income Fund.

The Fund will acquire from Bell Canada a 40% interest in each of Télébec Limited Partnership and Northern Telephone Limited Partnership. Bell Canada will retain management control over both companies with a 60% stake.

Northern Telephone and Télébec have had stable and predictable cash flows making them suitable for an income fund. The proceeds from this transaction will be used by Bell Canada to reduce debt.

This transaction is subject to various conditions and approvals which are to be obtained prior to closing of the Offering. A final prospectus is expected to be filed in the second quarter of 2002.

The underwriting syndicate is led by RBC Capital Markets and includes National Bank Financial Inc., BMO Nesbitt Burns Inc., CIBC World Markets Inc., Scotia Capital Inc. and TD Securities Inc.

About Bell Canada

Bell Canada, Canada’s national leader for communications in the Internet world, provides connectivity to residential and business customers through wired and wireless voice and data communications, high speed and wireless Internet access, IP-broadband services, e-business solutions, local and long distance phone and directory services. Bell Canada is owned by BCE Inc of Montréal (80%) and by SBC Communications Inc. of San Antonio, Texas (20%). For more information please visit www.bell.ca.

About Télébec

With the help of its 820 employees, Télébec and its subsidiaries provide innovative integrated telecommunications solutions to customers in 300 municipalities across Québec. Its territory, which spans 750,000 square kilometres, extends North as far as James Bay, South to Venise-en-Québec near the U.S. border, West to Saint-André-Avellin in the Outaouais, and East to the Îles-de-la-Madeleine. For more information about the company and its subsidiaries, visit the Télébec Web site at: www.telebec.qc.ca.

>About Northern Telephone

Since 1905, Northern Telephone has been committed to offering Northeastern Ontario communities progressive services that make it easier to communicate effectively at home, at work, and at play. Northern Telephone and its wireless communication subsidiary, NorTel Mobility, have 247 employees dedicated to delivering excellent customer service and marketing a full line of products and services to over 66,000 customers across an 83,000 square kilometre area in Northeastern Ontario stretching from Calstock to Latchford and from Virginiatown to Timmins. Fore more information about the company and its subsidiary, visit the Northern Telephone web site at: www.northerntel.ca.

Certain statements made in this press release that are not historical facts are forward-looking and are subject to important risks, uncertainties and assumptions. The results or events predicted in these forward-looking statements may differ materially from actual results or events. Other factors which could cause results or events to differ materially from current expectations include, among other things, the duration and extent of the current economic downturn which may impact cash flows.