Bell Canada Debentureholders Announcement

    Holders of Bell Canada Debentures Form ad hoc Committees in Response to
    Prejudice from Proposed Reorganization

    TORONTO, Aug. 22 /CNW/ - The following is a statement issued by the ad
hoc committees of holders of debentures issued under the 1976, 1996 and 1997
trust indentures of Bell Canada.
    The ad hoc committees of holders of Bell Canada debentures issued under
the trust indentures dated July 1, 1976, April 17, 1996 and November 28, 1997
have been formed in response to the proposed leveraged buy-out and Plan of
Arrangement announced by Bell Canada and its parent, BCE Inc. (collectively,
"Bell"). It is the position of the committees that holders of these debentures
have been and will be materially prejudiced by the proposed reorganization
announced by Bell.
    The committees have retained experienced restructuring, litigation and
corporate securities counsel in Ontario and Quebec and a leading financial
advisor from New York. The legal teams include ThorntonGroutFinnigan LLP,
Fasken Martineau DuMoulin LLP and Fishman Flanz Meland Paquin for the 1976 and
the 1996 committees and McMillan Binch Mendelsohn LLP for the 1997 committee.
The committees are investigating all of the debenture holders' alternatives,
rights and remedies.
    The committees have scheduled an information call at 12:00 noon (Eastern)
on Monday, August 27, 2007 (which will be in "listen-only mode" due to the
large number of expected attendees). All holders of debentures issued under
the 1976, 1996 and 1997 indentures are invited to attend.

    The information for Monday's call is:

                          Dial In: 1-866-696-5910
                          Conference Code: 3233108, followed by the
                          number sign
                          Contact: Seema Aggarwal (416) 304-0603

    This call will be taped and the tape made available after the call until
September 10, 2007 at the following particulars:

                          Dial In: 1-800-408-3053
                          Access Code: 3233108, followed by the number sign

    Issued by:
    Robert I. Thornton,
    ThorntonGroutFinnigan LLP

For further information:

For further information: Robert I. Thornton, ThorntonGroutFinnigan LLP,
Suite 3200, Canadian Pacific Tower, 100 Wellington Street West, P.O. Box 329,
Toronto-Dominion Centre, Toronto, Canada M5K 1K7, Tel: (416) 304-1616, Fax:
(416) 304-1313, E-mail:

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