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Bell Nordiq

The adjusted cost base of the Bell Aliant units received in exchange for your Bell Nordiq units will be equal to the adjusted cost base of your Bell Nordiq units immediately prior to the exchange (which will take into account the reduction resulting from the special $4.00 per unit distribution paid by Bell Nordiq Income Fund on January 29, 2007). 

For example, if you held 1,000 Bell Nordiq units which had a total adjusted cost base of $15,000 immediately before the special distribution, the adjusted cost base for the 411 Bell Aliant units received would be $11,000 or $26.76 per unit calculated as follows:

Adjusted cost base of Bell Nordiq Units  $15,000
Special Distribution ($4.00 x 1,000)  $(4,000)
Adjusted cost base of Bell Aliant unit $11,000
Number of Bell Aliant units Received (1,000 / .4113)  411
Adjusted cost base per Bell Aliant unit ($11,000 / 411) $26.76

The adjusted cost of such Bell Aliant units acquired by you on the exchange will be averaged with the adjusted cost base of all other Bell Aliant units held as capital property by you immediately before the exchange.

Policy (effective until January 30, 2007)
Bell Nordiq Income Fund's (the "Fund") distribution policy was to make monthly cash distributions of approximately $0.095 per Fund unit to unitholders of record on the last business day of each month. The monthly cash distributions increased from $0.0892 to $0.095 ($1.14 annually) commencing with the distribution to unitholders of record at the close of business on February 28, 2006. The distributions were paid within 15 days following the end of each month. Holders of units who were non-residents of Canada were required to pay all withholding taxes payable in respect of any distributions of income by the Fund, whether those distributions were in the form of cash or additional units.


Distribution Mix

Taxable PortionNon-Taxable
Portion
Record
Date
Payment
Date
Total Dividend/
Distribution per
share/ unit
Other
Income
Return of capital
31-Jan-06 15-Jan-06 0.08920 0.07384 0.01536
28-Feb-06 15-Mar-06 0.09500 0.07864 0.01636
31-Mar-06 14-Apr-06 0.09500 0.07864 0.01636
28-Apr-06 15-May-06 0.09500 0.07864 0.01636
31-May-06 15-Jun-06 0.09500 0.07864 0.01636
30-Jun-06 15-Jul-06 0.09500 0.07864 0.01636
29-Jul-06 15-Aug-06 0.09500 0.07864 0.01636
31-Aug-06 15-Sep-06 0.09500 0.07864 0.01636
30-Sep-06 13-Oct-06 0.09500 0.07864 0.01636
31-Oct-06 15-Nov-06 0.09500 0.07864 0.01636
30-Nov-06 15-Dec-06 0.09500 0.07864 0.01636
29-Dec-06 15-Jan-07 0.09500 0.07864 0.01636
 
26-Jan-07 29-Jan-07 4.00 0.00 4.00
% Distribution Mix 100.00% 82.78% 17.22%

Distribution History



2006Payment DateDistribution per unit
January 11 February 15 $0.0892
February 28 March 15 $0.095
March 31 April 13 $0.095
April 28 May 15 $0.095
May 31 June 15 $0.095
June 30 July 14 $0.095
July 31 August 15 $0.095
August 31 September 15 $0.095
September 30 October 13 $0.095
October 31 November 15 $0.095
November 30 December 15 $0.095
December 29 January 15 $0.095

2005Payment DateDistribution per unit
January 31 February 15 $0.0834
February 28 March 15 $0.0892
March 31 April 15 $0.0892
April 29 May 13 $0.0892
May 31 June 15 $0.0892
June 30 July 15 $0.0892
July 29 August 15 $0.0892
August 31 September 15 $0.0892
September 30 October 14 $0.0892
October 31 November 15 $0.0892
November 30 December 15 $0.0892
December 30 January 13 $0.0892

2004Payment DateDistribution per unit
January 30 February 13 $0.08
February 27 March 15 $0.0834
March 31 April 15 $0.0834
April 30 May 14 $0.0834
May 31 June 15 $0.0834
June 30 July 15 $0.0834
July 30 August 13 $0.0834
August 31 September 15 $0.0834
September 30 October 15 $0.0834
October 29 November 15 $0.0834
November 30 December 15 $0.0834
December 31 January 14 $0.0834

2003Payment DateDistribution per unit
January 31 February 14 $0.075
February 28 March 14 $0.08
March 31 April 15 $0.08
April 30 May 15 $0.08
May 30 June 13 $0.08
June 30 July 15 $0.08
July 31 August 15 $0.08
August 29 September 15 $0.08
September 30 October 15 $0.08
October 31 November 14 $0.08
November 28 December 15 $0.08
December 31 January 16 $0.08

2002Payment DateDistribution per unit
May 31 June 14 $0.0962*
June 28 July 15 $0.075
July 31 August 15 $0.075
August 30 September 13 $0.075
September 30 October 15 $0.075
October 31 November 15 $0.075
November 29 December 13 $0.075
December 31 January 15 $0.075
*The initial cash distribution covers the period from the closing of the public offering on April 23, 2002 to the end of May 2002.

Tax Treatment
The general information provided here is intended to assist Bell Nordiq Income Fund Unitholders with the tax status of cash distributions for income tax purposes. Unitholders should consult their tax advisor for advice pertaining to their particular circumstances.

A Bell Nordiq Income Fund Unitholder who holds units outside a tax deferred plan (e.g. RRSP, RRIF or RESP) will generally be required to include in computing income for tax purposes for a particular taxation year the portion of the distributions received that is "Taxable Income". A T3 income tax slip will be issued to all Unitholders in the first quarter of each year confirming the taxable portion of the distributions. The portion of the distributions classified as Return of Capital for income tax purposes are tax-deferred and will generally not be included in the computation of taxable income of a Unitholder until the units are sold.

YearReturn on capitalTaxable Income
2006 10% - 15% range 85% - 90% range
2005 11.7% 88.3%
2004 10.1% 89.9%
2003 14.3% 85.7%
2002 10.0% 90%
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