BCI Files Final Prospectus.

Business Editors

MONTREAL--(BUSINESS WIRE)--Dec. 7, 2001

Bell Canada International Inc. (NASDAQ: BCICF) (TSE: BI.) ("BCI" or the "Corporation") announced today that it has filed a final short form prospectus with the securities commissions of each of the provinces of Canada and with the Securities and Exchange Commission in the United States in connection with a rights offering to holders of its common shares for gross proceeds of approximately $440 million Canadian dollars.

BCE Inc., the indirect majority shareholder of the Corporation, has agreed to exercise or cause to be exercised all of the rights issued to it, as well as all remaining unexercised rights, if any, in order that BCI receives the maximum gross proceeds of the offering.

Registered holders of common shares of BCI at the close of business on December 18, 2001 will be entitled to receive one right for each common share held. Each holder of 17.95 rights will be entitled to subscribe for a unit at a price of $100 per unit at or before 4:00 p.m. on January 11, 2002. The units consist of principal warrants and anti-dilutive secondary warrants, with common shares to be issued on February 15, 2002 upon the exercise of the principal warrants.

BCI intends to use the proceeds of the rights offering received in February 2002 to pay the accrued interest owed to holders of BCI's 6.75% and 6.50% convertible unsecured subordinated debentures due February 15, 2002, reduce outstanding indebtedness under its existing credit facility, fund its guarantee of an April 2002 Telecom Americas' obligation relating to the acquisition of Tess S.A., a Brazilian cellular company, and for general corporate and investment purposes.

Bell Canada International owns and develops advanced communications companies in markets outside Canada, with a focus on South America. 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 BCI's Web site at www.bci.ca.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

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.