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  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. 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. 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. (ilaud lf Lome 3 Richard J. Currie, O.C. Chairman of the Board BCE Inc.