and service on the highest-profile stage in the world. And  it reinforces our position as the one truly national player  in telecommunications. In 2004 we got serious about getting simple.  For Bell, “Making it Simple” is much more than a tag line.  It is our strategic direction, our rallying cry, and how we are  building a new Bell Canada.  To support simplicity, in 2004 we launched a company-wide  program called Galileo—a coordinated effort to re-examine  every facet of our business. The goal: make operations,  products and procedures radically simpler, both internally  and externally and as a result lower our cost base. Galileo is based on a simple equation: This requires some explanation. First because it is fundamen- tally important. And second because it may not be intuitive  how savings can co-exist with higher levels of service. Or how  simplicity can pave the way for next-generation products. We will be able to deliver better, more sustainable levels of  customer service as we make our internal operations simpler  and our products easier to choose and use. Through simplicity,  With our financial performance in 2004, BCE has demon- strated that we can deliver steady progress even as we continue  to build a more productive and more responsive business  model. Total revenue for 2004 was $19.2 billion, a 2.4 per  cent increase over 2003. Our EBITDA increased by 2.1 per  cent to $7.6 billion. Among our most positive results was  return on equity, which was 15.2 per cent. Earnings per share,  excluding restructuring charges, were $2.02, an increase of  more than 6 per cent. Steady performance, increased confi dence  But reducing our costs is only the start. Galileo focuses  everyone at Bell on our strategy. It forces our disparate parts  to move as one toward our common goals. Perhaps most  importantly, it gives employees the opportunity to innovate—  to change the way we do business. we will cut unnecessary steps and redundant functions. We  will reduce re-work. And generate significant savings. Galileo  is expected to contribute an estimated  $1 billion to  $1.5 billion in cost savings by the end of 2006. Savings that  will improve shareholder returns and buy us freedom to  invest in and grow new areas of our business. Simplicity = Service = Savings = Growth. 5