Bell Canada International Announces Three Major Financial Transactions.

MONTREAL--(BUSINESS WIRE)--Dec. 14, 1998--Bell Canada International Inc. (NASDAQ:BCICF) (ME:BI)("BCI") announced today three major financial transactions: (1) the closing of credit agreements for up to Canadian $500 million of senior unsecured indebtedness between BCI and a number of leading international and Canadian banks; (2) the closing of a US$75 million cash subscription by subsidiaries of American International Group, Inc. ("AIG") for an indirect 3.45 percent equity interest in BCI's Colombian cellular operations, Comunicacion Celular S.A. ("COMCEL") and Occidente y Caribe Celular S.A. ("OCCEL"); and (3) the approval of a long-term loan of R$190 million to Americel S.A. ("Americel") from the Brazilian National Economic Development Bank ("BNDES").

Derek H. Burney, chairman and CEO, commented, "The closing of our senior bank facility clearly demonstrates the confidence of the banking community in BCI's current operations and future growth potential. With these facilities secured, BCI has the ability to fund all of its commitments over the next year, including new launches, and to invest on a selective basis in promising new opportunities. In early 1999, two new BCI operations will be launched: Telinor, which will provide fixed-wireless local service in Mexico; and Telet, our second Brazilian cellular operation."

Burney also welcomed the closing of AIG's investment in COMCEL and OCCEL. "The AIG investment is an important step in the ongoing integration of BCI's two Colombian cellular companies which, on a combined basis, serve over 700,000 subscribers in licensed territories covering more than 80 percent of Colombia's population." At the operations level, BCI's Brazilian cellular affiliate Americel is the first B-band cellular operator to be granted a loan from BNDES. With this loan, Americel will decrease considerably its interest costs without being exposed to foreign exchange risk. BCI is a leading provider of telecommunications services in markets outside of Canada. The corporation owns, develops and operates telecommunications systems with a focus on the wireless sector. A subsidiary of BCE Inc., Canada's largest telecommunications company, BCI is listed on the Montreal and Toronto stock exchanges under the symbol BI, and on the Nasdaq National Market under the symbol BCICF.