EX-4.1




Exhibit 4.1


NOTICE OF RELIANCE

SECTION 13.4 OF NATIONAL INSTRUMENT 51-102

CONTINUOUS DISCLOSURE OBLIGATIONS





	To: 	 	 Alberta Securities Commission

British Columbia Securities Commission

Manitoba Securities Commission

Securities Commission, New Brunswick

Securities Commission of Newfoundland and Labrador

Nova Scotia Securities Commission

Ontario Securities Commission

Registrar of Securities, Prince Edward Island

Autorité des marchés financiers

Saskatchewan Financial Services Commission — Securities Division

Toronto Stock Exchange





Notice is hereby given that Bell Canada relies on the continuous disclosure documents filed by BCE
Inc. pursuant to the exemption from the requirements of National Instrument 51-102 —Continuous
Disclosure Obligations (“NI 51-102”) provided in Section 13.4 of NI 51-102.




The continuous disclosure documents of BCE Inc. can be found for viewing in electronic format at
www.sedar.com.




Attached to this notice and forming part thereof is the consolidating summary financial information
for BCE Inc. as required by Section 13.4 of NI 51-102.




	 	 	 	 	 
	Dated: March 15, 2011 	BELL CANADA

 	 
	 	By:  	/s/ Karyn A. Brooks
 	 
	 	 	Name:  	Karyn A. Brooks 	 
	 	 	Title:  	Senior Vice-President and Controller 	 








 









 






	 	 	 	 	 



BELL CANADA

UNAUDITED SELECTED SUMMARY FINANCIAL
INFORMATION(1)

For the periods ended December 31, 2010 and 2009

(in millions of Canadian dollars)




BCE Inc. fully and unconditionally guarantees the payment obligations of its 100% owned subsidiary
Bell Canada under the public debt issued by Bell Canada. Accordingly, the following summary
financial information is provided by Bell Canada in compliance with the requirements of section
13.4 of National Instrument 51-102 (Continuous Disclosure Obligations) providing for an exemption
for certain
credit support issuers. The tables below contain selected summary financial information for (i)
BCE Inc. (as credit supporter), (ii) Bell Canada (as credit support issuer) on a consolidated
basis, (iii) BCE Inc.’s subsidiaries, other than Bell Canada, on a combined basis, (iv)
consolidating adjustments, and (v) BCE Inc. and all of its subsidiaries on a consolidated basis, in
each case for the periods indicated. Such summary financial information for BCE Inc. and Bell
Canada and all other subsidiaries is intended to provide investors with meaningful and comparable
financial information about BCE Inc. and its subsidiaries. This summary financial information
should be read in conjunction with BCE Inc.’s audited consolidated financial statements for the
year ended December 31, 2010.




For the periods ended December 31:




	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	BCE INC.	 	BELL CANADA CONSOLIDATED	 	SUBSIDIARIES OF BCE INC.	 	CONSOLIDATING	 	BCE
	 	 	(“CREDIT
SUPPORTER”)(2)	 	(“CREDIT SUPPORT ISSUER”)	 	OTHER
THAN BELL CANADA (3)	 	ADJUSTMENTS(4)	 	CONSOLIDATED
	 	 	2010	 	2009	 	2010	 	2009	 	2010	 	2009	 	2010	 	2009	 	2010	 	2009
	Operating revenues
	 	 	—	 	 	 	—	 	 	 	18,069	 	 	 	17,735	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	—	 	 	 	18,069	 	 	 	17,735	 
	Earnings from Continuing Operations
	 	 	2,277	 	 	 	1,749	 	 	 	1,942	 	 	 	1,418	 	 	 	—	 	 	 	—	 	 	 	(1,942	)	 	 	(1,418	)	 	 	2,277	 	 	 	1,749	 
	Net Earnings
	 	 	2,277	 	 	 	1,738	 	 	 	1,942	 	 	 	1,407	 	 	 	—	 	 	 	—	 	 	 	(1,942	)	 	 	(1,407	)	 	 	2,277	 	 	 	1,738	 











	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	BCE INC.	 	BELL CANADA CONSOLIDATED	 	SUBSIDIARIES OF BCE INC.	 	CONSOLIDATING	 	BCE
	 	 	(“CREDIT
SUPPORTER”)(2)	 	(“CREDIT SUPPORT ISSUER”)	 	OTHER
THAN BELL CANADA(3)	 	ADJUSTMENTS(4)	 	CONSOLIDATED
	 	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,	 	Dec. 31,
	 	 	2010	 	2009	 	2010	 	2009	 	2010	 	 2009	 	2010	 	2009	 	2010	 	2009
	Current Assets
	 	 	1,298	 	 	 	1,697	 	 	 	4,040	 	 	 	2,931	 	 	 	53	 	 	 	53	 	 	 	(1,860	)	 	 	(1,397	)	 	 	3,531	 	 	 	3,284	 
	Long-Term Assets
	 	 	16,989	 	 	 	16,410	 	 	 	29,986	 	 	 	29,400	 	 	 	21	 	 	 	20	 	 	 	(11,251	)	 	 	(11,064	)	 	 	35,745	 	 	 	34,766	 
	Total Current Liabilities
	 	 	1,003	 	 	 	455	 	 	 	6,770	 	 	 	5,724	 	 	 	—	 	 	 	—	 	 	 	(1,857	)	 	 	(1,393	)	 	 	5,916	 	 	 	4,786	 
	Long-Term Liabilities
	 	 	77	 	 	 	678	 	 	 	14,775	 	 	 	14,743	 	 	 	—	 	 	 	—	 	 	 	315	 	 	 	(180	)	 	 	15,167	 	 	 	15,241	 







 




			
	(1)	 	The summary financial information is
presented in accordance with Canadian generally accepted accounting principles.
	 
	(2)	 	This column accounts for investments in all subsidiaries of
BCE Inc. under the equity method.
	 
	(3)	 	This column accounts for investments in all subsidiaries of
BCE Inc. (other than Bell Canada) on a consolidated basis.
	 
	(4)	 	This column includes the necessary amounts to eliminate the
intercompany balances between BCE Inc., Bell Canada and other subsidiaries and
other adjustments to arrive at the information for BCE Inc. on a consolidated
basis.