Definitions of dividend on the Web:

Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders.[1] When a corporation earns a profit or surplus, that money can be put to two uses: it can either be re-invested in the business (called retained earnings), or it can be paid to the shareholders as a dividend. Many corporations retain a portion of their earnings and pay the remainder as a dividend.

For a joint stock company, a dividend is allocated as a fixed amount per share. Therefore, a shareholder receives a dividend in proportion to their shareholding. For the joint stock company, paying dividends is not an expense; rather, it is the division of after tax profits among shareholders. Retained earnings (profits that have not been distributed as dividends) are shown in the shareholder equity section in the company´s balance sheet - the same as its issued share capital. Public companies usually pay dividends on a fixed schedule, but may declare a dividend at any time, sometimes called a special dividend to distinguish it from a regular one.

Cooperatives, on the other hand, allocate dividends according to members' activity, so their dividends are often considered to be a pre-tax expense.

Dividends are usually settled on a cash basis, store credits (common among retail consumers' cooperatives) and shares in the company (either newly created shares or existing shares bought in the market.) Further, many public companies offer dividend reinvestment plans, which automatically use the cash dividend to purchase additional shares for the shareholder.

that part of the earnings of a corporation that is distributed to its shareholders; usually paid quarterly

a number to be divided by another number a bonus; something extra (especially a share of a surplus)

Dividends are payments made by a corporation to its shareholder members. It is the portion of corporate profits paid out to stockholders. ...en.wikipedia.org/wiki/Dividend A number or expression that is to be divided by another; A pro rata payment of money by a company to its shareholders, usually made periodically (eg, quarterly or annually)en.wiktionary.org/wiki/dividend ( Dividende ) The proportional share of a bankrupt's estate paid out by the trustee to creditors who have proven claims against that estate.www.ic.gc.ca/eic/site/bsf-osb.nsf/eng/br01467.html The proportionate amount of company earnings issued to the holder of the corresponding shares of stock. Decided upon by the Board of Directors, the amounts are

typically paid quarterly.www.scattorneygeneral.org/securities/glossary.html The distribution of funds to creditors in a sequestration. Also, the proportion of the debt repaid to a creditor in a sequestration; expressed as x pence in the £.www.govanlc.com/debtdictionary.htm A partial return of premium to policyholders. In an interinsurance exchange, the company's governing board would normally declare a dividend to be disbursed for a particular state or specialty if the company's claims and financial experience for one or more past years resulted in funds exceeding ...www.thedoctors.com/Glossary/index.htm An amount of money or stock that a corporation pays to its shareholders quarterly. Typically, only larger companies pay dividends; smaller companies need to invest their own profits to grow.www.galileoam.com/page.php A portion of the net profits paid directly to the stockholders paid at a fixed amount.www.bullinvestors.com/Stock_Market_Definitions.htm All life insurance policies pay some kind of dividend, large or small, which good management returns to the insured person. The insured may leave these dividends with the company at normal interest, or may accept the payment in cash.www.essortment.com/all/lifeinsurance_rgbr.htm That part of company profits after tax paid to shareholders in proportion to their shareholding. Division 13A (ITAA) A division of the Income Tax Assessment Act 1936 which provides tax concessional treatment of shares and rights acquired under employee share schemes meeting certain specified ...employeeownershipgroup.com.au/default.asp Funds paid to members based on account size and rates declared regularly (monthly, quarterly or annually) by the board of directors for various types of accounts. A dividend represents the payment by the credit union to the member for use of the member's funds.www.nafcunet.org/Content/NavigationMenu/About_Federal_Credit_Unions/Glossary_of_terms/Glossary_of_terms.htm The payment by a company to its shareholders.

Rules of government

Companies Act and Payment of Dividend In fact, the declaration and payment of dividend is an internal matter of the company and is governed by tis Articles.

The power regarding appropriation of profits is given to the Board of directors,. However, they are governed by the provisions of Act. The directors are to follow table. A or the provisions of Articles a the provisions of the Companies Act 1950 in the regard. The following are the rules regarding declaration and payment of dividend:-

(1) Dividend on Paid up Capital. A company may, if so authorized by its Articles, pay dividend on the paid up value of shares under section 93 of the companies Act.

(2) Provisions of Articles of Association. Rules 85 to 94 of Table A provide that-

(i) A company may declare dividend its general meeting provided it does not exceed the a mount recommenced by the board of directors.

(ii) the board of directors may from the time pay to t members such interim dividends, as appears to it to be justified by the profits of the company.

(iii) Notice of any dividend should be given to those who are entitled to receive it.

(iv) The directors my transfer an amount they think p[roper to the reserve fund which may be utilised for any contingencies.

(v) When a dividend has been declared, it becomes a liability of the company to the shareholders from the date of its declaration but no interest can be claimed on it.

3. Dividends only of Profits. (a) Dividends can only be declared or paid out of (i) the current profits of the company, (ii) the past accumulated profits and (iii) moneys provided by the government for the payment of dividends in pursuance of a guarantee given by that government. No dividend can be paid out of capital. (Sec. 205 (i)). director who is responsible for payment of dividend out of capital shall be personally liable to take good such amount to the company.

(b) companies are not entitled to pay any dividend unless present or arrears of depreciation have been provided for out of the profits and an amount of 10 % or reports has been transferred to reserve. However, central government may allow any company to declare or pay dividends out of profits before providing for any depreciation.

(c) Capital Profits may also be utilised for the declarations of dividend provided (i) there is nothing in the Article prohibiting the distribution of dividend out of capital profits; (ii) they have been reallied in cash: and (iii) they ave been realised in cash and (iii) they remain as profits after revaluation of all assets and liabilities.

(d) Dividend cannot be paid out of accumulated profits unless current losses are made good.

(4) Payment of dividend only in Cash [ Sec. 205 (iii)]. Dividends are to be paid in cash only except in the following circumstances-

(a) by capitalizing the profits by issue of fully paid bonus shares, if Articles so permit, provided all legal formalities have been satisfied in respect of issue of bonus shares.

(b) by paying up any unpaid amount on partly paid up shares.

(5) Payment of Dividend to Specified Persons (Sec. 206). Dividend shall be paid only to those whose names appear on the Register of member son the date of declaration of dividend or to the holders of dividend warrant, if issued by the company.

(6) Payment of Dividend within 42 days (Sec. 207) Dividend must be paid within 42 days of its declarations except in the following circumstance:-

(i) by operation of law of insolvency; (ii) in compliance of the directions of the shareholders;(iii) where right to receive dividend is pending decision;(iv) where it is not due to the default of the company. (v) if company lawfully adjusts the amount against any debt due form the shareholder.

(7) Payment of Interim dividend. The directors of a company can pay interim dividend subject to the provisions of Articles. Interim dividend can be paid at any time between the two annual general meetings taking into full year depreciation on fixed assets.

(8) Transfer of Unpaid dividend to a Special Bank Account (Sec. 205 A) According to section 205 A, newly inserted by the Companies (Amendment) Act 1974, where a company has declared a dividend but has not posted the dividend warrant in respect therefor within 42 days to the shareholders entitled to it, such unpaid dividends shall be transferred to a special account to be opened by the company in that behalf in any Scheduled Bank to be called Unpaid Dividend Account of ......Co. Ltd/Co. (Pvt) Ltd.' If the unpaid dividend are not so transferred, the company shall pay an interest at 12 % p.a. Any unpaid amount of dividend declared before the commencement of this Amendment Act shall also be transferred to such special account within 6 months from the date of commencement of the Act.

9. Transfer Unclaimed Dividend to Central Government. Any amount transferred to the unpaid dividend account remains unpaid or unclaimed for 3 years from the date of

such transfer shall be transfered to the 'General Revenue Account' by the company along with a statement giving full particulars in respect of the sums so transferred and the last known addresses of the persons entitled to receive it and such other particulars as may be prescribed. The company is entitled so a receipt for such transfer from the Reserve Bank of India.

If a company fails to comply the above said provisions (given in para 8 and 9 above), the company and every officer of the company who is in default shall be punishable with a fine which may extend to Rs. 500 for every day during which default continues.

1.   Chapter Introduction:

This chapter will acquaint you with the meaning, types and purposes of dividend. Dividend is a portion of the profits distributed to shareholders in a company and is usually expressed as a percentage of nominal value of shares. Dividends are often paid in cash, though in theory other forms also exist.

Dividend affects the mood of the present shareholders, it also influences the behaviour and response of prospective investors, stock exchanges and financial institutions because of its relationship with the worth of the company which in turn affects the market value of its shares. The decision regarding dividend is taken by the Board of Directors and is then recommended to the shareholders for their formal approval in the annual general meeting of the company.

2. Dividend out of Profits: Q. “Dividend can be paid out of profits”. Explain this statement. Will a company be justified in paying dividends when it has unwritten-off accumulated losses of the past? (Dec. 99)

The word dividend is derived from ‘dividendum’ which means total divisible sum. The expression dividend has two meanings. For an existing company, i.e., going concern, the dividend is the distribution of divisible profits by a joint stock company to its shareholders by way of return on their investments in the shares after complying with the provisions of the Companies Act and Articles of Association of the company. In the case of winding up, it means a division of the realised assets among the creditors and contributors according to their respective rights. The legal provisions as to dividends for a company as a going concern are summarised as under:

1. Dividends cannot be paid except out of profits. As such the payment of dividend is ruled out when there is loss except where the Central or State’ Government has guaranteed the payment of dividends by the company (Section 205).

2. Dividend must be paid within 42 days of declaration (Section 207).3. Dividend is payable only to a registered shareholder or on his order to his banker.

However where a company has issued share warrants in pursuance of Section 114, dividend is to be paid to the bearer of such warrantor to his banker.

4. Articles normally provide (as Article 88 of. Table A) that dividends may be paid up in proportion to the amount paid up on each share (Section 93). In the absence .of such provision, dividends are payable on the nominal amount of each share and not on the amount paid. [Oak Bank Oil Company Vs. Crum (1882) & App. Cas. 65 H.L.]

5. No dividend is paid on calls-in-advance; it would be unjust if the same sum paid on shares carried interest and dividend at the same time.

6. Where calls are in arrears, the company can make provision in the articles prohibiting the payment of dividends on shares on which full amount has not been paid. Otherwise dividend is payable only on the amount actually paid up.

7. The amount of dividend payable to shareholders may be rounded off to the nearest rupees. Thus where such amount contains a part of a rupee consisting of paisa, then, if such part is fifty paisa or more, it shall be increased to one rupee and if such part is less than fifty paisa, it shall be ignored. .

Sources of dividend: There are three sources from which dividends may be declared, namely: (i) current year’s profits, (ii) past profits remaining undistributed and (iii) moneys provided by Government.

Dividends out of current years profits: A company can declare dividend out of current year’s profits only after providing for depreciation in accordance with the provisions of sub-section (2) of Section 205.

Dividends out of previous year’s profits: A company can pay dividend out of the profits of any financial year(s) which falls after the commencement of Companies (Amendment) Act 1960 after providing for depreciation in accordance with those provisions and remaining undistributed. The legal position is summarised as under: .

(1) Arrears of depreciation are to be considered only if dividend for any financial year is declared out of profits of any previous financial year or years falling after 28 December, 1960. ‘.(2) If the company has incurred any loss in any previous financial year or years falling after 28th December, 1960, then

(a) the amount of loss; or(b) an amount which is equal- to the amount provided for depreciation for that year or those years, whichever is less, shall be set off:

(i) against the profits of the company for the year for which the dividend is proposed to be declared or paid; or(ii) against the profits of the company for any previous financial year or years arrived at

after providing for the prescribed depreciation as per Section 205 (2); or .(iii) against the aggregate of (i) and (ii) together.

(3) The Central Government may, if it thinks necessary to do so in the public interest, allow any company to declare or pay dividend for any financial year out of the profits of the company for that year or years or any financial year without providing for depreciation.(4) It shall not be necessary for the company to provide for arrears of depreciation where dividend for any financial year is declared or paid out of profits of any previous financial year or years which falls or fall before 28 December, 1960.(5) Dividends can be declared out of the aggregate of the profits of the current year and previous year(s).

Dividend out of subsidy: Where the Central or State Government has guaranteed the payment of dividend by the company, dividend may be paid out of money provided by such Government.

DIVIDENDS OUT OF RESERVES

In case of inadequacy or absence of profits in any year, a company can declare and pay dividends by withdrawing amount out of reserves. It is clear that only revenue reserves, which are free and uncommitted, can be used for this purpose. Section 205 A (3) inserted by Companies (Amendment) Act, 1974, provides that declaration of dividends out of the accumulated profits earned by the company in previous years and transferred by it to the reserves cannot be made in case of inadequacy or absence of profits in any year, except in accordance with the prescribed rules or in special cases with the previous approval of the Central Government. The prescribed rules framed by the Central Government in this respect are known as the Companies (Declaration of Dividend out of Reserves) Rules, 1975. Rule 2 provides that in the event of inadequacy or in the absence of profits in any year, dividend may be declared by a company for that year out of the accumulated profits earned by it in the previous year and transferred by it to the reserves, subject to the conditions that:

a. The rate of dividend shall not exceed the average of the rates at which dividend was declared by it in the five years immediately preceding that year or 10 per cent of its paid up capital, whichever is less;

b. The total amount to be drawn from the accumulated profits earned in previous years and transferred to the reserves shall not exceed an amount equal to one tenth of the sum of its paid up capital and free reserves and the amount so drawn shall first be utilised to set off the losses in the financial year before any dividend in respect of preference or equity shares is declared; and

c. The balance of reserves after such draw shall not fall below 15 per cent of its paid up capital. Explanation: For the purpose of the rules, profit earned by a company in previous years and transferred by it to the ‘reserves’ shall mean the total amount of net profits after tax, transferred to reserves as at the beginning of the year for which the dividend is to be declared; and in computing the said amount,

the appropriations out of the amount transferred from the Development Rebate Reserve (at the expiry of the period specified under the Income Tax Act, 1961) shall be included and all items of capital reserves including reserves created by revaluation of assets shall be excluded.

It would be noticed that Section 205 (3) imposes restrictions’ on the payment of dividends out of reserves only and not out of the accumulated profits carried forward in the profit and loss account (without being transferred to reserves). There seems to be no basis for such discrimination and the omission may be regarded merely accidental. Otherwise, this lacuna in the drafting of this new section would defeat the purpose for which it appears to have been incorporated.

3. Dividend Policy Goals: Q. “While formulating a dividend policy, the management has to reconcile company’s need for funds with the expectations of the shareholders.” Elaborate this statement and state the policy goals which have to be kept in view by the management while taking a decision on dividends. (Dec. 02)

The objective of corporate management is to maximize the market value of the enterprise. The market value of common stock of a company is influenced by its policy regarding allocation of net earnings into “plough back” & “payout”. While maximizing the market value of shares, the dividend policy should be so oriented as to satisfy the interests of the existing shareholders as well as to attract the potential investors. Thus, the aim should be to maximize the present value of future dividends and the appreciation in the market price of shares.

Dividend Policy Goals

Dividend policy should be analyzed in terms of its effect on the value of the company.

Investment by the company in new profitable opportunities creates value and when a company foregoes an attractive investment, shareholders incur an opportunity loss.

Dividend, investment, & financing decisions are interdependent and there is often a trade off.

Dividend decision should not be considered as a short run residual decision. Whatever dividend policy is adopted by the company, the general principles

guiding the dividend policy should be communicated clearly to investors. Erratic & frequent changes in dividends should be avoided. Reduction in the rate

of dividend is painful thing for the shareholders to bear.

4. Role of Finance Manager:

 Q. Discuss the role of the financial manager in the matter of dividend policy. What alternative might he consider and what factors should he take into consideration before finalizing his views on dividend policy. (June 00)

The disposal of the earnings is an issue of fundamental importance in financial management. The financial manager plays a key role in advising the management, i.e., Board of Directors regarding the decision. It is the latter whose privilege it is to take the decision. The retention of profits in business helps the company in mobilizing funds for expansion.

The dividend policy, particularly the timing of the declaration of dividend, influences the market value of a company’s shares. The financial manager, therefore, should be well informed about the capital market trends and the tax policies of the government, besides the rationale behind the investment programme of the company.

The dividend alternatives available to finance manager while deciding the dividend decision are listed below:

Regular Dividend: If the company gives dividend every year right from the initial year of operation, it is called regular dividend.

Stable Dividend: Whether equal amount or a fixed % of dividend paid every year, irrespective of the quantum of earnings as in case of preference shares, i.e., stable dividend.

Fixed Payout Ratio: When a fix payout ratio is decided on the total of earning available is called fixed payout ratio.

Bonus Shares or Property Dividend: In this case, the company issues bonus shares.

What factors should he take into consideration before finalizing his views on dividend policy?> Please refer to the next question for details.

5. Factors Affecting Dividend Decision: Q. What factors could a company in general consider before it takes a decision on dividends? (June 01)

The dividend decision is difficult decision because of conflicting objectives and also because of lack of specific decision-making techniques. It is not easy to lay down an optimum dividend policy which would maximize the long-run wealth of the shareholders. The factors affecting dividend policy are grouped into two broad categories.

1. Ownership considerations

2. Firm-oriented considerations

Ownership considerations: Where ownership is concentrated in few people, there are no problems in identifying ownership interests. However, if ownership is decentralized on a wide spectrum, the identification of their interests becomes difficult.

Various groups of shareholders may have different desires and objectives. Investors gravitate to those companies which combine the mix of growth and desired dividends.

Firm-oriented considerations: Ownership interests alone may not determine the dividend policy. A firm’s needs are also an important consideration, which include the following:

Contractual and legal restrictions Liquidity, credit-standing and working capital Needs of funds for immediate or future expansion Availability of external capital. Risk of losing control of organization Relative cost of external funds Business cycles Post dividend policies and stockholder relationships.

The following factors affect the shaping of a dividend policy:

Nature of Business: Companies with unstable earnings adopt dividend policies which are different from those which have steady earnings.

Composition of Shareholding: In the case of a closely held company, the personal objectives of the directors and of a majority of shareholders may govern the decision. To the contrary, widely held companies may take a dividend decision with a greater sense of responsibility by adopting a more formal and scientific approach.

Investment Opportunities: Many companies retain earnings to facilitate planned expansion. Companies with low credit ratings may feel that they may not be able to sell their securities for raising necessary finance they would need for future expansion. So, they may adopt a policy for retaining larger portion of earnings.

Similarly, is a company has lucrative opportunities for investing its funds and can earn a rate which is higher than its cost of capital, it may adopt a conservative dividend policy.

Liquidity: This is an important factor. There are companies, which are profitable but cannot generate sufficient cash, since profits are to be reinvested in fixed assets and working capital to boost sales.

Restrictions by Financial Institutions: Sometimes financial institutions which grant long-term loans to a company put a clause restricting dividend payment till the loan or a substantial part of it is repaid.

Inflation: In period of inflation, funds generated from depreciation may not be adequate to replace worn out equipment. Under inflationary situation, the firm has to depend upon retained earnings as a source of funds to make up for the shortfall. Consequently, the dividend pay out ratio will tend to be low.

Other factors: Age of the company has some effect on the dividend decision.

The demand for capital expenditure, money supply, etc., undergo great oscillations during the different stages of a business cycle. As a result, dividend policies may fluctuate from time to time.

A major contributor to this article appears to have a close connection with its subject. It may require cleanup to comply with Wikipedia's content policies, particularly neutral point of view. Please discuss further on the talk page. (April 2010)

Reliance

TypePublic

(NSE: RCOM, BSE: 532712)

Industry Telecommunications

Founded 2004

Founder(s) Dhirubhai Ambani

Headquarters Navi Mumbai, Maharashtra, India

Area served India

Key people

Anil Ambani

(Chairman)

Satish Seth

(MD)

Products

Wireless

Telephone

Internet

Television

Data Cards

Recharge Vouchers

VC

Revenue 22,948 crore (US$ 5.21 billion) (2009)

Operating

income9,305 crore (US$ 2.11 billion) (2009)

Net income 6,045 crore (US$ 1.37 billion) (2009)

Total assets 102,207 crore (US$ 23.2 billion) (2009)

Total equity 1,032 crore (US$ 234.26 million) (2009)

Employees 31,884 (2009)

Parent Reliance Anil Dhirubhai Ambani Group

Subsidiaries

Reliance Telecom Limited

Reliance Globalcom Limited

Reliance Tech Services

Reliance Communications Infrastructure

Limited (RCIL)

Reliance Big TV Limited

Reliance Infratel Limited

Website Reliance Communications

Reliance Communications (NSE: RCOM, BSE: 532712), formerly known as Reliance Infocomm, along with Reliance Telecom and Flag Telecom, is part of Reliance Communications Ventures (RCoVL). Reliance Communications Limited, founded by Dhirubhai H Ambani (1932–2002), is the flagship company of the Reliance Anil Dhirubhai Ambani Group. The Reliance Anil Dhirubhai Ambani Group currently has a net worth in excess of 64,000 crore (US$13.6 billion), cash flows of 13,000 crore ($2.8 billion), and a net profit of 8,400 crore ($1.8 billion). The Equity Shares of RCOM are listed on Bombay Stock Exchange Limited and National Stock Exchange Limited. The Global Depository Receipts and Foreign Currency Convertible Bonds are listed on Luxembourg Stock Exchange and Singapore Stock Exchange respectively.

Contents[hide]

1 Background 2 Main subsidiaries

o 2.1 Reliance Telecommunication Limited (RTL) o 2.2 Reliance Globalcom o 2.3 Reliance Internet Data Center (RIDC) o 2.4 Reliance Big TV Limited o 2.5 Reliance Infratel Limited (RITL)

3 Acquisition 4 Offices

5 Subscriber base

6 References

[edit] BackgroundIt ranks among the top 5 telecommunications companies [1] in the world by number of customers in a single country. Reliance Communications corporate clientele includes 2,100 Indian and multinational corporations, and over 800 global, regional and domestic carriers. The company has established a pan-India, next-generation, integrated (wireless and wireline), convergent (voice, data and video) digital network that is capable of supporting services spanning the entire communications value chain, covering over 24,000 towns and 600,000 villages. Reliance Communications owns and operates the next-generation IP-enabled connectivity infrastructure,[2] comprising over 190,000 kilometers of fiber optic cable systems in India, USA, Europe, Middle East and the Asia Pacific region.

[edit] Main subsidiaries[edit] Reliance Telecommunication Limited (RTL)

In July 2007, the company announced it was buying US-based managed ethernet and application delivery services company Yipes Enterprise Services for a cash amount of 1200 crore (the equivalent of US$300 million). The deal was announced of the overseas acquisition, the Reliance group has amalgamated the United States-based Flag Telecom for $210 million (roughly 950 crore). RTL operates in Madhya Pradesh, West Bengal, Himachal Pradesh, Orissa, Bihar, Assam, Kolkata and Northeast, offering GSM services.[3]

[edit] Reliance Globalcom

RGL owns the worlds largest private undersea cable system,[4] spanning 65,000 km seamlessly integrated with Reliance Communications. Over 110,000 km of domestic optic fiber provides a robust Global Service Delivery Platform, connecting 40 key business markets in India, the Middle East, Asia, Europe, and the U.S.

[edit] Reliance Internet Data Center (RIDC)

RIDC provides Internet Data Center (IDC) services located in Mumbai, Bangalore, Hyderabad and Chennai. Spread across 650,000 sq ft (60,000 m2) of hosting space, it offers IT infrastructure management services to large, medium and small enterprises. It is one of the leading data center service provider in India and provides services like colocation, managed server hosting, virtual private server and data security. It has launched cloud computing services,[5] offering product under its infrastructure as a server

(Iaas) and software as a service (Saas) portfolio, which enables enterprises, mainly small and medium, a cost-effective IT infrastructure and application on pay-per-user model.

[edit] Reliance Big TV Limited

Reliance Big Tv launched in August 2008[6] and thereafter acquired 1 million subscribers within 90 days of launch,[7] the fastest ramp-up ever achieved by any DTH operator in the world. Reliance Big TV offers its 1.7 million customers DVD-quality pictures on over 200 channels using MPEG-4 technology.

[edit] Reliance Infratel Limited (RITL)

RITL’s business is to build, own and operate telecommunication towers, optic fiber cable assets and related assets at designated sites, and to provide these passive telecommunication infrastructure assets on a shared basis to wireless service providers and other communications service providers under long-term contracts.

[edit] Acquisition FLAG Telecom Yipes ethernet service Digicable

[edit] OfficesReliance Communications Limited has its offices in Ahmedabad, Bangalore, Bhopal, Chandigarh, Chennai, Hyderabad, Jaipur, Kochi, Kolkata, Lucknow, Patna and Pune.

Company History - Reliance Communications 2006 -Nokia and Reliance Communications Ltd have joined hands to market the Nokia 1255 mobile handset in India at a price of Rs 1,999. -Reliance Comm forays into video conferencing 2007 - Reliance Communications rolled out a range of mobile handsets priced at between Rs 777 and Rs 888, shaving by half to one-third the existing entry level mobility costs in the country. - Reliance Communications Ltd has informed that the Board of Directors of the Company at its meeting held on July 17, 2007, has appointed Shri. A K Purwar, former Chairman of State Bank of India, as an Additional Director of the Company with effect from July 17, 2007. - RCoM acquires Yipes for 0mn. -Reliance Communications Ltd has launched Money Transfer through mobile phones across the country through it's tie-up with ICICI Bank. -Microsoft Corp and Reliance Communications (RCom) announced their joint foray into Internet Protocol Television (IPTV) or simply put television on internet instead of the traditional route. -2008 -The US-French telecom equipment supplier Alcatel-Lucent and Reliance Communications announced on May 12, a joint venture to provide network services to telecommunications operators. 2009 - Telecom operator Etisalat DB, formerly known as Swan Telecom, will be outsourcing its telecom infrastructure requirements to the Anil Ambani Group company Reliance Communications as part of a Rs 10,000-crore deal spread over the next 10 years. - Reliance Communications announced its partnership with Microsoft for offering Windows Mobile solutions on its wireless networks where according to the agreement, Microsoft is said to offer Windows Mobile solutions to RCom customers, including push email support, chat, photo-sharing, content back-up and other applications. - Reliance Communications on Nov 27 introduced one paise per SMS for both GSM and CDMA customers, triggering a war of tariffs on data services from voice calls. 2010 - Reliance Communications has entered into a pact with Polycom Inc,

the global leader in tele-presence, video and voice solutions, in order to introduce world's first wireless, high-resolution video conferencing service. - Reliance Communications (RCom) has inked an alliance with GetJar. Under the alliance, GetJar will offer Reliance Communications its extensive catalogue of over 65,000 free mobile applications. - Reliance Communications, today announced an unlimited internet access plans called -MobileNet Plan, under which, the subscribers of both post paid as well as pre paid can access unlimited mobile internet at Rs 99 per month.

quarterly results in brief

  Sep ' 10 Jun ' 10 Mar ' 10 Dec ' 09 Sep ' 09Sales 3,081.53 3,177.57 3,092.62 3,108.46 3,057.89Operating profit -3.23 118.03 205.61 39.29 375.01Interest 110.56 211.15 -487.35 -342.77 342.97Gross profit -105.69 -84.78 744.33 383.26 35.15EPS (Rs) -2.31 -2.38 1.28 -0.18 -0.57

Quarterly results in details

  Sep ' 10 Jun ' 10 Mar ' 10 Dec ' 09 Sep ' 09Other income 8.10 8.34 51.37 1.20 3.11Stock adjustment - - - - -Raw material - - - - -Power and fuel - - - - -Employee expenses 156.83 167.26 154.72 168.96 162.63Excise - - - - -Admin and selling expenses - - - - -Research and development expenses - - - - -Expenses capitalised - - - - -Other expenses 2,927.93 2,892.28 2,732.29 2,900.21 2,520.25Provisions made - - - - -Depreciation 370.78 406.03 355.60 386.29 213.03Taxation - - 130.86 9.68 -60.00Net profit / loss -476.47 -490.81 264.52 -37.71 -117.88Extra ordinary item - - 6.65 -25.00 -Prior year adjustments - - - - -Equity capital 1,032.01 1,032.01 1,032.01 1,032.01 1,032.01Equity dividend rate - - - - -Agg.of non-prom. shares (Lacs) 6662.97 6662.07 6691.07 6706.86 6766.86Agg.of non promotoholding (%) 32.28 32.28 32.42 32.49 32.78OPM (%) -0.10 3.71 6.65 1.26 12.26GPM (%) -3.42 -2.66 23.67 12.32 1.15NPM (%) -15.42 -15.41 8.41 -1.21 -3.85

Half yearly results in brief

  Sep ' 10 Mar ' 10 Sep ' 09 Mar ' 09 Sep ' 08Sales 6,259.10 6,201.08 6,089.53 6,506.96 7,103.62Operating profit 114.80 244.90 624.67 1,963.03 2,374.13Interest 321.71 -830.12 -228.26 6.02 368.00Gross profit -190.47 1,127.59 1,021.47 2,038.49 2,008.75EPS (Rs) -4.69 1.10 1.22 7.45 3.95

Half yearly results in details

  Sep ' 10 Mar ' 10 Sep ' 09 Mar ' 09 Sep ' 08Other income 16.44 52.57 168.54 81.48 2.62Stock adjustment - - - - -Raw material - - - - -Power and fuel - - - - -Employee expenses 324.09 323.68 348.12 319.47 438.88Excise - - - - -Admin and selling expenses - - - - -Research and development expenses - - - - -Expenses capitalised - - - - -Other expenses 5,820.21 5,632.50 5,116.74 4,224.46 4,290.61Provisions made - - - - -Depreciation 776.81 741.89 769.35 1,309.91 1,056.99Taxation - 140.54 - 5.40 7.00Net profit / loss -967.28 226.81 252.12 1,536.81 816.12Extra ordinary item - -18.35 - 813.63 -128.64Prior year adjustments - - - - -Equity capital 1,032.01 1,032.01 1,032.01 1,032.01 1,032.01Equity dividend rate - - - - -Agg.of non-prom. shares (Lacs) 6662.97 6691.07 6766.86 6741.66 6992.16Agg.of non promotoholding (%) 32.28 32.42 32.78 32.66 33.88OPM (%) 1.83 3.95 10.26 30.17 33.42GPM (%) -3.04 18.03 16.32 30.94 28.27NPM (%) -15.41 3.63 4.03 23.33 11.48

Annual results in brief

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 06Sales 12,290.61 13,610.58 13,416.19 11,725.26 8,584.97Operating profit 869.57 4,337.16 4,882.46 4,476.60 3,276.94Interest -1,058.38 85.58 445.17 232.38 162.84

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 06Gross profit 2,149.06 4,335.67 4,447.75 4,280.87 3,149.84EPS (Rs) 2.32 11.40 12.53 11.78 8.42

Annual results in details

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 06Other income 221.11 84.09 10.46 36.65 35.74Stock adjustment - - - - -Raw material - - - - -Power and fuel - - - - -Employee expenses 671.80 759.35 858.65 684.40 492.04Excise - - - - -Admin and selling expenses - - - 2,119.44 1,544.81Research and development expenses - - - - -

Expenses capitalised - - - - -Other expenses 10,749.24 8,514.07 7,675.08 4,444.82 3,271.18Provisions made - - - - -Depreciation 1,511.24 2,366.90 1,843.66 1,836.12 1,364.39Taxation 140.54 12.40 17.64 12.00 18.35Net profit / loss 478.93 2,352.93 2,586.45 2,408.85 1,722.10Extra ordinary item -18.35 396.56 - -23.90 -45.00Prior year adjustments - - - - -Equity capital 1,032.01 1,032.01 1,032.01 1,022.31 1,022.31Equity dividend rate - - - - -Agg.of non-prom. shares (Lacs) 6691.07 6741.66 6992.16 6798.04 6797.94Agg.of non promotoHolding (%) 32.42 32.66 33.88 33.25 33.25OPM (%) 7.08 31.87 36.39 38.18 38.17GPM (%) 17.18 31.66 33.13 36.40 36.54NPM (%) 3.83 17.18 19.26 20.48 19.98

Profit loss account

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 05

IncomeOperating income 13,554.60 15,086.66 14,792.05 12,756.30 -

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 05

ExpensesMaterial consumed 50.39 29.95 15.15 16.48 -Manufacturing expenses  7,994.76 5,975.57 4,144.21 3,358.34 -Personnel expenses 672.39 754.56 858.65 684.40 1.11Selling expenses 662.96 773.21 1,067.76 1,399.88 -Adminstrative expenses 1,980.67 2,323.44 2,532.99 1,784.19 0.55Expenses capitalised - - - - -Cost of sales 11,361.17 9,856.73 8,618.76 7,243.29 1.66Operating profit 2,193.43 5,229.93 6,173.29 5,513.01 -Other recurring income 797.98 675.12 28.68 169.61 13.26Adjusted PBDIT 2,991.41 5,905.05 6,201.97 5,682.62 11.59Financial expenses 1,253.84 1,153.24 870.05 456.55 -Depreciation  1,511.24 1,933.51 1,843.66 1,836.12 2.74Other write offs - - - - -Adjusted PBT 226.33 2,818.30 3,488.26 3,389.95 8.86Tax charges  1,404.59 1,488.64 1,393.66 1,043.38 3.20Adjusted PAT -1,178.26 1,329.66 2,094.60 2,346.57 5.65Non recurring items 1,657.19 3,473.01 491.85 62.28 -Other non cash adjustments - - - - -Reported net profit 478.93 4,802.67 2,586.45 2,408.85 5.65Earnigs before appropriation 981.68 9,102.91 4,881.35 2,414.50 5.65Equity dividend 175.44 165.12 154.80 102.23 -Preference dividend - - - - -Dividend tax 29.14 28.06 26.31 17.37 -Retained earnings 777.10 8,909.73 4,700.24 2,294.90 5.65

vidend

Year Month Dividend (%)2010 May 172009 Jul 162008 Apr 152007 Apr 10

Capital structure

From Year

To Year

Class Of Share

Authorized Capital

Issued Capital

Paid Up Shares (Nos)

Paid Up Face Value

Paid Up Capital

2009 2010 Equity Share 1,500.00 1,032.01 2064026881 5 1,032.01

2008 2009 Equity Share 1,500.00 1,032.01 2064026881 5 1,032.01

2007 2008 Equity Share 1,500.00 1,032.01 2064026881 5 1,032.01

2006 2007 Equity Share 1,500.00 1,022.31 2044614990 5 1,022.31

2005 2005 Equity Share 625.00 0.05 100000 5 0.05

Ratios

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 05

Per share ratiosAdjusted EPS (Rs) -5.71 6.44 10.15 11.48 565.39Adjusted cash EPS (Rs) 1.61 15.81 19.08 20.46 839.17

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 05Reported EPS (Rs) 2.32 23.27 12.53 11.78 565.39Reported cash EPS (Rs) 9.64 32.64 21.46 20.76 839.17Dividend per share 0.85 0.80 0.75 0.50 -Operating profit per share (Rs) 10.63 25.34 29.91 26.96 -166.42Book value (excl rev res) per share (Rs) 244.66 250.43 120.35 100.39 0.03

Book value (incl rev res) per share (Rs.) 244.66 250.43 120.35 100.39 0.03

Net operating income per share (Rs) 65.67 73.09 71.67 62.39 -Free reserves per share (Rs) 233.03 239.16 109.11 95.39 14,78,342.67

Profitability ratiosOperating margin (%) 16.18 34.66 41.73 43.21 -Gross profit margin (%) 5.03 21.84 29.26 28.82 -Net profit margin (%) 3.33 30.47 17.45 18.63 42.64Adjusted cash margin (%) 2.32 20.70 26.57 32.35 63.29Adjusted return on net worth (%) -2.33 2.57 8.43 11.43 0.03Reported return on net worth (%) 0.94 9.29 10.41 11.73 0.03Return on long term funds (%) 2.12 5.34 11.81 11.16 0.05

Leverage ratiosLong term debt / Equity 0.37 0.43 0.48 0.67 -Total debt/equity 0.48 0.59 0.81 0.70 -Owners fund as % of total source 67.35 62.58 55.04 58.48 100.00Fixed assets turnover ratio 0.62 0.76 0.77 0.69 -

Liquidity ratiosCurrent ratio 2.17 2.73 1.65 1.87 742.81Current ratio (inc. st loans) 1.37 1.45 0.95 1.77 742.81Quick ratio 2.14 2.70 1.63 1.86 742.81Inventory turnover ratio 41.20 - - - -

Payout ratiosDividend payout ratio (net profit) 42.71 4.02 7.00 4.96 -Dividend payout ratio (cash profit) 10.27 2.86 4.08 2.81 -Earning retention ratio 117.36 85.48 91.36 94.91 100.00Cash earnings retention ratio 38.57 94.08 95.41 97.15 100.00

Coverage ratiosAdjusted cash flow time total debt 73.51 9.47 5.15 3.48 -Financial charges coverage ratio 2.39 5.12 7.13 12.45 -

  Mar ' 10 Mar ' 09 Mar ' 08 Mar ' 07 Dec ' 05Fin. charges cov.ratio (post tax) 2.59 6.84 6.09 10.30 -

Component ratiosMaterial cost component (% earnings) 0.37 0.19 0.10 0.12 -Selling cost Component 4.89 5.12 7.21 10.97 -Exports as percent of total sales 6.26 9.23 8.88 13.23 -Import comp. in raw mat. consumed - - - - -Long term assets / total Assets 0.69 0.65 0.65 0.53 0.79Bonus component in equity capital (%) - - - - -

http://money.rediff.com/companies/reliance-communications-ltd/15200050/ratio

Dividend policy

A company's dividend policy is the company's usual practice when deciding how big a dividend payment to make.

Dividend policy may be explicitly stated, or investors may infer it from the dividend payments a company has made in the past. If a company states a dividend policy it usually takes the form of a target pay-out ratio.

If a company has not stated a dividend policy then investors will infer it. Assumptions that investors are likely to make are:

The DPS will be maintained at at least the previous year's level (excluding special dividends) — unless dividend cover is very low or the company has warned that a dividend cut is possible

If the payout ratio has been maintained at a roughly constant level in the past, the same will be done in the future

Any other pattern of dividend growth will continue as long as the cover does not fall too low.

Companies do not normally increase dividends unless they are confident that the increase is sustainable. This means that increasing the dividend is a way in which the management of a company can signal investors that they are confident.

Conversely, dividend cuts are often an acknowledgement of some permanent deterioration in a company's business. Sometimes it only reflects a need to keep cash for capex. It is usually clear which it is.

Shareholders look into the capability of companies to initiate a dividend. Dividends are payments

made by a company to a shareholder usually after a company earns a profit (Wikipedia 2007

[online]). Since dividends are money divided to shareholders after a profit, it is not considered a

business expense but a sharing of recognized assets among shareholders. Dividends are either

paid regularly or can be called out anytime. Consequently, a dividend policy is a set of company

rules and guidelines used to decide how much the company will pay out to its shareholders

(Investopedia 2007 [online]).

 

A dividend policy is first known as a heavy factor in a company’s stock value. However, more

scholars are suggesting that corporate dividend policies do not matter and should not matter in a

company’s stock value (Investopedia 2003 [online]). Arguments against dividend policies start

from the fact that investors can create their own dividends on other investment option. A wise

investor can look at more stable bonds to earn a return of investment rather than a dividend

policy that can fluctuate. Secondly, earning from dividends is taxed higher than capital gains

(Investopedia 2007 [online]). For these reasons, investors are not lured to relative corporate

dividend policies of companies as an accurate value of their stock.

 

Some companies believe that a no-dividend policy is just as sound as companies with a dividend

policy. Companies without a dividend policy can use their profit earnings to reinvest and expand

the company shares or buy assets. Having a dividend policy foregoes these opportunities.

 

For people who value profit certainty of a company, a sound dividend policy is important. It

follows that a high and regular corporate dividend policy means that companies have a

benchmark for doing well. Therefore, more dividends can equate to the overall health of the

company. Dividend policies are more valuable to small companies or cooperatives with excess

cash and a few good projects where the net present value of these projects is positive.

Meanwhile companies, without excess cash but have several good projects where NPV is also

positive will only derail the undertaking of current projects. While a good corporate dividend policy

is equated to excess cash, the value of the company is not hinged on the value of dividends as

there are other indicator’s of a company’s performance.

 

There are different kinds of dividend policies. First, residual dividend policy is a method of

distribution where dividends are paid after all the requirements for capital are met. Thus,

dividends are computed from the residual cash after spending on new capital goods. The aim of

this dividend policy is to decide if there is enough money left after all costs are met.

 

A cyclical policy or stable policy is a regular dividend payout usually given every quarter. A

cyclical dividend policy is set at a fixed fraction of quarterly earnings while a stable policy is set as

a fraction of yearly earnings. This produces certainty for investors that they get regular income for

their investments.

 

In the end, the value of dividend policies falls on investor decisions. While there are contrasting

views of its usefulness, the most important factor is achieving the best bang-for-buck.

 

BCE announces plan to return value to its shareholders

Reinstates common share dividend, announces 5% NCIB share buyback Bell continues move forward as a competitive, customer-focused service provider

MONTREAL, Québec, Dec. 12 2008 -- Following the termination of theproposed privatization agreement by BCE in accordance with its terms, BCE Inc.(TSX, NYSE: BCE) today announced plans to return value to BCE shareholderswith a reinstated common share dividend and a new Normal Course Issuer Bid(NCIB) common share buyback program. Bell Canada will also continue its move forward as a re-energized companywith a clear goal - to be recognized by customers as Canada's leadingcommunications company - and the customer-focused strategy and structurerequired to achieve it.

"Our enhanced operational performance in recent months confirms that Bellis competing as a cost-effective and customer-focused communications company.The Bell team has implemented a range of programs to deliver a better customerexperience, and we are eager to build on the clear progress we've alreadymade," said George Cope, President and CEO of Bell and BCE. "Given thissteadily improving business trajectory, we view the dividend and share buybackinitiatives announced by BCE today as very attractive to our shareholders nowand going forward." "The BCE Board of Directors is in full support of the operational andinvestment strategy and capital market approach implemented by our CEO GeorgeCope and his executive team," said Richard J. Currie, BCE and Bell CanadaBoard Chair.

Bell's move forward

In July 2008, Bell instituted a new strategy and a 100-day plan toenhance its customer service capability, competitiveness and cost efficiency.With a strict focus on its core business as a communications service provider,Bell is executing on 5 Strategic Imperatives - Improve Customer Service,Accelerate Wireless, Leverage Wireline Momentum, Invest in Broadband Networks& Services, and Achieve a Competitive Cost Structure - in order to deliver abetter customer experience. Beginning in July, Bell announced several significant operationalinitiatives supporting its Strategic Imperatives, including an organizationalrestructuring that reduced the number of management layers at Bell, bringingall team members closer to the customer, while reducing the number ofmanagement positions by 15%; ambitious new service programs such as Same DayNext Day service and Express Install; major investments in its wireless and IPfibre networks, as well as its service infrastructure; and a bold new brandthat highlights Bell's move forward in the business and consumer marketplaces. Bell's cost reduction initiatives will result in savings of approximately$400 million, an enhanced competitive position and, as evidenced by theprogress shown in the Company's third-quarter (Q3) results, steadily improvingoperational and financial performance supporting Bell's future as a publiccompany, and the shareholder value initiatives announced today.

Strong balance sheet and liquidity

Maintaining a public company capital structure, underpinned by stronginvestment grade credit metrics, BCE is retaining high levels of financialliquidity to fund its maturing debt obligations given today's marketenvironment. The Company also today announced new initiatives - a reinstatedcommon share dividend and an NCIB program - dedicated to returning value toits shareholders.

Reinstated common share dividend

BCE has reinstated its common share dividend and declared this morningits fourth quarter of 2008 common dividend. For shareholders of record as ofDecember 23, 2008, a quarterly dividend per share of $0.365 will be paid onJanuary 15, 2009.

NCIB share buyback program

BCE will return capital to shareholders in the form of a Normal CourseIssuer Bid (NCIB). To that end, BCE will repurchase up to approximately 5% ofoutstanding common shares, or about 40 million common shares. The NCIB issubject to approval by the Toronto Stock Exchange (TSX) and will be carriedout in accordance with the requirements of the TSX and applicable laws. "A share buyback is the most efficient method of distributing capital toour shareholders, particularly given the current valuation metrics of theCompany," said Siim Vanaselja, Chief Financial Officer of BCE. "The sharebuyback will be accretive to earnings per share and cash flow. Our improvingoperational progress provides the Company with confidence in our ability toreturn value to shareholders now and into the future."

Annual Shareholder Meeting

The Company's shareholders' meeting will be held on Tuesday February 17,2009 in Montréal. At this meeting, the Company will further outline Bell's goal and 5Strategic Imperatives and BCE's capital structure and shareholder valueinitiatives, including its dividend payout policy.

Return of share certificates

BCE has advised Computershare Investor Services Inc. that theprivatization transaction will not proceed. As a result, holders of BCE shareswill maintain their status as BCE shareholders. Computershare will return todepositing shareholders a share certificate representing their deposited BCEcommon and preferred shares and any ancillary documents it received from eachsuch shareholder by first class mail as soon as practicable. For moreinformation, investors may contact Computershare at 1-800-564-6253.

Termination of cash tender offers for certain outstanding debt securities

In addition, BCE and Bell Canada announced today that they haveterminated their previously announced conditional cash tender offers foroutstanding BCE 7.35% Series C Notes due October 30, 2009 (the "BCE Notes"),and outstanding Bell Canada 6.15% Debentures, Series M-2, due June 15, 2009and 5.50% Debentures, Series M-16, due August 12, 2010 (the "BellDebentures"). BCE and Bell Canada, respectively, have notified the depositaries of thetermination of the tender offers, that they will not accept for payment or payfor any BCE Notes or Bell Debentures deposited to the tender offers, andinstructed the depositaries to promptly return all BCE Notes and BellDebentures deposited by the tendering holders.

Caution Concerning Forward-Looking Statements

Certain statements made in this news release, including, but not limitedto, statements relating to BCE's expected operational and financialperformance, as well as BCE's objectives concerning the distribution ofcapital to shareholders, and other statements that are not historical facts,are forward-looking statements and are subject to important risks,uncertainties and assumptions, and our board's discretion in respect of thedeclaration of dividends. The results or events predicted in these forward-looking statements maydiffer materially from actual results or events. As a result, we cannotguarantee that any forward-looking statement will materialize and you arecautioned not to place undue reliance on these forward-looking statements. Theforward-looking statements contained in this news release are made as of thedate of this release and, accordingly, are subject to change after such date.Except as may be required by Canadian securities laws, we do not undertake any

obligation to update or revise any forward-looking statements contained inthis news release, whether as a result of new information, future events orotherwise. Except as otherwise indicated by BCE, these statements do notreflect the potential impact of any non-recurring or other special items or ofany dispositions, monetizations, mergers, acquisitions, other businesscombinations or other transactions that may be announced or that may occurafter the date hereof. Risks and assumptions that could cause actual results or events to differmaterially from current expectations include, among others: general economicand credit market conditions; failure to achieve our business objectives;increased pension fund contributions; the intensity of competitive activityand the increase in wireless competitive activity that could result fromIndustry Canada's licensing of AWS spectrum; our ability to respond totechnological changes and rapidly offer new products and services; eventsaffecting the functionality of, and our ability to protect, maintain andreplace, our networks, IT systems and software; labour disruptions; thepotential adverse effects on our Internet and wireless businesses of thesignificant increase in broadband demand; events affecting the operations ofour service providers operating outside Canada; our ability to raise thecapital we need to implement our business plan; our ability to discontinuecertain traditional services as necessary to improve capital and operatingefficiencies; regulatory initiatives or proceedings, litigation and changes inlaws or regulations; increased regulation banning the use of wireless deviceswhile driving; launch and in-orbit risks of satellites used by Bell TV;competition from unregulated U.S. direct-to-home satellite television servicessold illegally in Canada and the theft of our satellite television services;BCE's dependence on its subsidiaries' ability to pay dividends; delays incompletion of the high speed packet access overlay of our wireless network;and health concerns about radio frequency emissions from wireless devices. For additional information with respect to certain of these and otherassumptions and risks, please refer to BCE's 2007 annual management'sdiscussion and analysis ("MD&A") dated March 5, 2008 included in the BellCanada Enterprises 2007 Annual Report, BCE's 2008 First Quarter MD&A dated May6, 2008, BCE's 2008 Second Quarter MD&A dated August 5, 2008 and BCE's 2008

Third Quarter MD&A dated October 28, 2008, all filed by BCE with the Canadiansecurities commissions (available at www.sedar.com) and with theU.S.Securities and Exchange Commission (available at www.sec.gov).These documentsare also available on BCE's website at www.bce.ca.

About BCE

BCE is Canada's largest communications company, providing the mostcomprehensive and innovative suite of communication services to residentialand business customers in Canada. Under the Bell brand, the Company's servicesinclude local, long distance and wireless phone services, high-speed andwireless Internet access, IP-broadband services, information andcommunications technology services (or value-added services) anddirect-to-home satellite and VDSL television services. BCE also holds aninterest in CTVglobemedia, Canada's premier media company. BCE shares arelisted in Canada and the United States. For corporate information on BCE,please visit www.bce.ca.