Class Action Lawsuit Launched With Respect to BCI's Recapitalization Plan.

Business Editors & Technology Writers

MONTREAL--(BUSINESS WIRE)--April 29, 2002

Bell Canada International Inc. ("BCI") (NASDAQ:BCICF) (TSE:BI.) announced that a lawsuit has been filed with the Ontario Superior Court of Justice today by certain former holders of BCI's $250,000,000 6.75% convertible unsecured subordinated debentures (the "Debentures"). The plaintiffs are seeking the Court's approval to proceed by way of class action on behalf of all holders of the Debentures on December 3, 2001. The plaintiffs seek damages from BCI and its directors, BCE Inc. and BMO Nesbitt Burns Inc. up to an amount of $250,000,000 plus punitive damages and other amounts totalling $35,000,000 in connection with the settlement, on February 15, 2002, of the Debentures through the issuance of common shares, in accordance with BCI's Recapitalization Plan announced on December 3, 2001.

BCI is of the view that the allegations contained in the lawsuit are without merit and intends to take all appropriate actions to vigorously defend its position.

The Recapitalization Plan was implemented in order to enable the Corporation to meet its short-term financial obligations and improve its financial position. As previously indicated, BCI believes the Recapitalization Plan is fair from a financial point of view to the Corporation's common shareholders and other stakeholders, including the former holders of the Debentures.

BCI, through Telecom Americas, owns and operates 4 Brazilian B Band cellular companies serving more than 4.5 million subscribers in territories of Brazil with a population of approximately 60 million. 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.

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