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SBC’s proposed acquisition of AT&T, and in other U.S. trans- actions by other companies, involving wireless and satellite services, many are beginning to mirror and emulate Bell’s established model of comprehensive communications services. 

BCE is committed to the concept of competition because real competition is everywhere and in every instance in the best interests of the consumer. Competition challenges old ways of thinking and spurs innovation. But for competition to be real, it must take place on an even playing fi eld with providers that offer similar services being treated by regulators in similar ways. Regulations that benefit one competitor over another hurt the evolution of this vital industry. 

Bell Canada has evolved with a proud tradition of using private money for public good. From this tradition, Bell provided Canadians with worldwide telecommunications lead- ership, the proven result of real, facilities-based competition. 

BCE is also committed to sound corporate governance and that commitment was recently recognized again by the independent ratings agency GovernanceMetrics International which rated 3,220 companies worldwide in 2004. BCE was one of only 34 companies globally and one of only three in Canada awarded a perfect score of 10. Consistent with these high governance standards, Tom Kierans, a distinguished 

Canadian business leader, has graciously declined to stand for re-election to the Board in order to eliminate any mean- ingful degree of interlocking directorships. On behalf of the Board, I want to recognize and thank him for his standards as well as his service. 

The newest member of the Board of Directors, Jim Pattison, brings his keen entrepreneurial spirit as well as his almost legendary business expertise to our Board. We all look forward to his involvement. 

Finally, in these changing times for the industry and while much about Bell Canada is changing, what will not  change is our heritage of dedicated customer service, unmatched reliability and steadfast commitment to keeping Canada a world leader in communications. 

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