BCI: Reorganization of Telecom Americas Completed and Capital Structure Improved, BCI Provides 2002 Outlook.

Business Editors

MONTREAL--(BUSINESS WIRE)--Feb. 11, 2002

BCI (NASDAQ:BCICF) (TSE:BI.)

-- Telecom Americas becomes pure-play Brazil mobile company

-- Secures US$360 million of equity commitments

-- Reduces debt and extends maturity profile

-- Targeting over 5 million subscribers by year-end 2002

Bell Canada International Inc. ("BCI") today announced the closing of the plan to reorganize its Latin American joint venture, Telecom Americas Ltd. ("Telecom Americas"), into a company focused on the Brazilian mobile wireless market. As part of the reorganization, BCI with its partners in Telecom Americas, America Movil S.A. de C.V., of Mexico ("America Movil") and Texas-based SBC International, Inc. ("SBC"), have completed the following transactions:

-- Telecom Americas transferred its 77.1% interest in

Communicacion Celular S.A. - Comcel S.A. to America Movil;

-- America Movil transferred cash of US$80 million and its 41%

interest in Algar Telecom Leste S.A. ("ATL") to Telecom

Americas;

-- Telecom Americas distributed its 75.6% interest in Canbras

Communications Corp. to BCI;

-- Telecom Americas will distribute its 60% interest in

Techtel-LMDS Communicaciones Interativas, S.A. to America

Movil upon receipt of regulatory approvals; and

-- Telecom Americas distributed its interest in Genesis Telecom

C.A. equally to BCI and America Movil.

As part of this reorganization, originally announced on December 3, 2001, Telecom Americas has secured capital contributions from its principal shareholders, America Movil and BCI, in the amount of US$240 million, which is being provided in proportion to their current ownership interests in Telecom Americas. Additional capital resources in the amount of US$120 million were committed in the form of a shareholder loan that is repayable in June 2004 in common shares of Telecom Americas.

The above resources will be used primarily to make the 2002 Tess notes payment due in April and to fund operating requirements, including capital expenditures. Telecom Americas also concluded a number of funding arrangements which have allowed it to refinance and extend the average life of some of its existing debt.

BCI's Chairman and CEO, Bill Anderson, stated, "While we will continue to focus on improving Telecom Americas balance sheet, the completion of the reorganization and the funding that we have announced today allows Telecom Americas to enter 2002 focused on growing its existing operations in the Brazilian wireless market. We look forward to a year of continued subscriber and revenue growth at Telecom Americas and improved profitability."

BCI, through Telecom Americas, owns and operates 4 Brazilian B Band cellular companies serving more than 4.3 million subscribers in territories of Brazil with a population of approximately 60 million.

BCI Outlook for the Full Year 2002

BCI provides the following guidance with respect to some of its key consolidated financial and operating targets for the year 2002.

Canadian $ millions unless otherwise stated     2001         2002
                                              Actuals      Targets
Revenues                                         374      500-550
EBITDA                                            58      110-130
Capital expenditures                             103      130-140
Total Telecom Americas subscribers (millions)    4.3      5.0-5.3

These targets are based on various assumptions, including assumptions about economic conditions, foreign exchange rates, competitive situation and regulation. Actual results may vary significantly.

BCI is a subsidiary of BCE Inc., Canada's largest communications company. BCI is listed on the Toronto Stock Exchange under the symbol BI and on the NASDAQ National Market under the symbol BCICF. Visit our Web site at www.bci.ca.

This news release may contain or refer to other communications that may contain certain forward-looking statements that reflect the current views and/or expectations of management with respect to performance, business and future events. Forward looking statements include, without limitation, any statement that may predict, forecast, indicate or imply future results, performance, or achievements, and may contain words like "believe", "anticipate", "expect", "envisages", "will likely result", or any other words or phrases of similar meaning. Such statements are subject to a number of risks, uncertainties and assumptions. Actual results and events may vary significantly.