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driven by revenue growth and productivity improve- ments, as well as the absence of the restructuring charge and costs associated with the labour disruption. These positive impacts are expected to be partially off- set by increased costs associated with Aliant’s growth services and higher net benefit plans cost. 

## Other Bell Canada 

## OTHER BELL CANADA REVENUES 

<img src='content_image/121582.jpg'>

The Other Bell Canada segment revenues declined 3.8% or $76 million to $1,939 million in 2004, com- pared to 2003. This was due to: 

• a decline in our Wholesale business stemming from lower long distance and data revenues from price competition and customers migrating services to their own network facilities 

• our decision last year to exit certain contracts and promotional offers for international switched minutes that had low margins. 

## OTHER BELL CANADA OPERATING INCOME 

<img src='content_image/121580.jpg'>

The Other Bell Canada segment had an operating loss of $588 million in 2004, a $1,209 million decrease when compared to operating income of $621 million in 2003. 

This was mainly due to the charge for restructuring and other items of $1,147 million in 2004, mostly for the voluntary employee departure program at Bell Canada. See Restructuring and Other Items for more details. 

Excluding restructuring and other items, operating income decreased 9.7%,or$60 million, in 2004. The decrease relates to costs associated with increased volumes of cross-border carrier exchange traffic and the repricing of long distance and data services in our Wholesale business. 

## Other BCE 

<img src='content_image/121583.jpg'>

## OTHER BCE REVENUES 

<img src='content_image/121581.jpg'>

The Other BCE segment revenues grew 10.2% or $264 million to $2,861 million in 2004, compared to 2003. This growth was driven by revenue growth at Bell Globemedia, Telesat and CGI. 

## OTHER BCE OPERATING INCOME 

<img src='content_image/121579.jpg'>

The Other BCE segment operating income declined 1.4% or $4 million to $281 million in 2004, compared to 2003. This decline was due to higher corporate ex- penses, which more than offset higher operating income at Bell Globemedia, Telesat and CGI. The increase in corporate expenses is a result of higher net benefit plans cost and an increased level of corporate activities. 

## Bell Globemedia 

Bell Globemedia’s revenues grew 4.2% or $57 million to $1,420 million in 2004, compared to 2003. This was the result of: 

• advertising revenue growth of 6.4%, reflecting the strength of CTV’s schedule, which included the majority 

