Spin-off From BCE

Effective July 10, 2006 holders of BCE received .0725 units of Bell Aliant Regional Communications Income Fund and .915 BCE consolidated common shares for each common share of BCE previously held. To determine a value for the Units (as per the BCE press release) " BCE believes that the use of the volume weighted average trading price over the two days July 10th and July 11th, 2006, provides an accurate indication of such value. Using this method, BCE has determined that the Units had a value of $33.40 per Unit at the time of the distribution." Thus, if you acquired Bell Aliant as a result of the BCE Plan of Arrangement, enter your purchase with a settlement amount of $33.40 x the number of Units received with a settlement date of July 10, 2006.