BCE (BCE) 6-K BCE reports 2015 Q4 and full-year results, announces 2016 financial targets Common share dividend increased 5.0% to $2.73 per year

Exhibit 99.2

BCE ⁽¹⁾
Consolidated Operational Data ⁽²⁾

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)		Q4 2015			Q4 2014			$ change		% change			TOTAL 2015			TOTAL 2014			$ change		% change
Operating revenues		5,603			5,528			75		1.4	%		21,514			21,042			472		2.2	%
Operating costs (A)		(3,462	)		(3,438	)		(24	)	(0.7	%)		(12,682	)		(12,463	)		(219	)	(1.8	%)
Post-employment benefit plans service cost		(68	)		(68	)		-		-			(281	)		(276	)		(5	)	(1.8	%)
Adjusted EBITDA (3)		2,073			2,022			51		2.5	%		8,551			8,303			248		3.0	%
Adjusted EBITDA margin(3)		37.0	%		36.6	%				0.4	pts		39.7	%		39.5	%				0.2	pts
Severance, acquisition and other costs		(152	)		(58	)		(94	)	n.m.			(446	)		(216	)		(230	)	n.m.
Depreciation		(731	)		(734	)		3		0.4	%		(2,890	)		(2,880	)		(10	)	(0.3	%)
Amortization		(136	)		(118	)		(18	)	(15.3	%)		(530	)		(572	)		42		7.3	%
Finance costs
Interest expense		(226	)		(238	)		12		5.0	%		(909	)		(929	)		20		2.2	%
Interest on post-employment benefit obligations		(28	)		(25	)		(3	)	(12.0	%)		(110	)		(101	)		(9	)	(8.9	%)
Other (expense) income		(70	)		(34	)		(36	)	n.m.			(12	)		42			(54	)	n.m.
Income taxes		(188	)		(221	)		33		14.9	%		(924	)		(929	)		5		0.5	%
Net earnings		542			594			(52	)	(8.8	%)		2,730			2,718			12		0.4	%
Net earnings attributable to:
Common shareholders		496			542			(46	)	(8.5	%)		2,526			2,363			163		6.9	%
Preferred shareholders		37			40			(3	)	(7.5	%)		152			137			15		10.9	%
Non-controlling interest		9			12			(3	)	(25.0	%)		52			218			(166	)	(76.1	%)
Net earnings		542			594			(52	)	(8.8	%)		2,730			2,718			12		0.4	%
Net earnings per common share - basic	$	0.58		$	0.64		$	(0.06	)	(9.4	%)	$	2.98		$	2.98		$	-		-
Net earnings per common share - diluted	$	0.58		$	0.63		$	(0.05	)	(7.9	%)	$	2.98		$	2.97		$	0.01		0.3	%
Dividends per common share	$	0.6500		$	0.6175		$	0.0325		5.3	%	$	2.6000		$	2.4700		$	0.130		5.3	%
Average number of common shares outstanding - basic (millions)		853.5			837.7								847.1			793.7
Average number of common shares outstanding - diluted (millions)		854.9			838.9								848.3			794.6
Number of common shares outstanding (millions)		865.6			840.3								865.6			840.3
Adjusted Net Earnings and EPS
Net earnings attributable to common shareholders		496			542			(46	)	(8.5	%)		2,526			2,363			163		6.9	%
Severance, acquisition and other costs		112			42			70		n.m.			327			148			179		n.m.
Net losses (gains) on investments		1			8			(7	)	(87.5	%)		(21	)		(8	)		(13	)	n.m.
Early debt redemption costs		6			18			(12	)	(66.7	%)		13			21			(8	)	(38.1	%)
Adjusted net earnings (3)		615			610			5		0.8	%		2,845			2,524			321		12.7	%
Impact on net earnings per share	$	0.14		$	0.08		$	0.06		75.0	%	$	0.38		$	0.20		$	0.18		90.0	%
Adjusted EPS (3)	$	0.72		$	0.72		$	-		-		$	3.36		$	3.18		$	0.18		5.7	%

(A)	Excludes post-employment benefit plans service cost
n.m. : not meaningful

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 2

BCE
Consolidated Operational Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)		TOTAL 2015			Q4 15			Q3 15			Q2 15			Q1 15			TOTAL 2014			Q4 14			Q3 14			Q2 14			Q1 14
Operating revenues		21,514			5,603			5,345			5,326			5,240			21,042			5,528			5,195			5,220			5,099
Operating costs (A)		(12,682	)		(3,462	)		(3,089	)		(3,061	)		(3,070	)		(12,463	)		(3,438	)		(3,014	)		(3,008	)		(3,003	)
Post-employment benefit plans service cost		(281	)		(68	)		(69	)		(68	)		(76	)		(276	)		(68	)		(66	)		(68	)		(74	)
Adjusted EBITDA		8,551			2,073			2,187			2,197			2,094			8,303			2,022			2,115			2,144			2,022
Adjusted EBITDA margin		39.7	%		37.0	%		40.9	%		41.3	%		40.0	%		39.5	%		36.6	%		40.7	%		41.1	%		39.7	%
Severance, acquisition and other costs		(446	)		(152	)		(46	)		(24	)		(224	)		(216	)		(58	)		(66	)		(54	)		(38	)
Depreciation		(2,890	)		(731	)		(727	)		(720	)		(712	)		(2,880	)		(734	)		(739	)		(708	)		(699	)
Amortization		(530	)		(136	)		(133	)		(134	)		(127	)		(572	)		(118	)		(116	)		(171	)		(167	)
Finance costs
Interest expense		(909	)		(226	)		(227	)		(230	)		(226	)		(929	)		(238	)		(227	)		(229	)		(235	)
Interest on post-employment benefit obligations		(110	)		(28	)		(27	)		(28	)		(27	)		(101	)		(25	)		(25	)		(26	)		(25	)
Other (expense) income		(12	)		(70	)		35			43			(20	)		42			(34	)		2			(13	)		87
Income taxes		(924	)		(188	)		(271	)		(290	)		(175	)		(929	)		(221	)		(241	)		(236	)		(231	)
Net earnings		2,730			542			791			814			583			2,718			594			703			707			714
Net earnings attributable to:
Common shareholders		2,526			496			739			759			532			2,363			542			600			606			615
Preferred shareholders		152			37			38			39			38			137			40			31			33			33
Non-controlling interest		52			9			14			16			13			218			12			72			68			66
Net earnings		2,730			542			791			814			583			2,718			594			703			707			714
Net earnings per common share - basic	$	2.98		$	0.58		$	0.87		$	0.90		$	0.63		$	2.98		$	0.64		$	0.77		$	0.78		$	0.79
Net earnings per common share - diluted	$	2.98		$	0.58		$	0.87		$	0.90		$	0.63		$	2.97		$	0.63		$	0.77		$	0.78		$	0.79
Dividends per common share	$	2.6000		$	0.6500		$	0.6500		$	0.6500		$	0.6500		$	2.4700		$	0.6175		$	0.6175		$	0.6175		$	0.6175
Average number of common shares outstanding - basic (millions)		847.1			853.5			848.9			844.9			841.0			793.7			837.7			782.1			777.7			776.5
Average number of common shares outstanding - diluted (millions)		848.3			854.9			850.1			846.2			842.6			794.6			838.9			783.0			778.6			777.2
Number of common shares outstanding (millions)		865.6			865.6			849.4			848.6			841.9			840.3			840.3			828.3			778.1			777.3
Adjusted Net Earnings and EPS
Net earnings attributable to common shareholders		2,526			496			739			759			532			2,363			542			600			606			615
Severance, acquisition and other costs		327			112			35			16			164			148			42			45			38			23
Net (gains) losses on investments		(21	)		1			16			(40	)		2			(8	)		8			-			(4	)		(12	)
Early debt redemption costs		13			6			-			-			7			21			18			3			-			-
Adjusted net earnings		2,845			615			790			735			705			2,524			610			648			640			626
Impact on net earnings per share	$	0.38		$	0.14		$	0.06		$	(0.03	)	$	0.21		$	0.20		$	0.08		$	0.06		$	0.04		$	0.02
Adjusted EPS	$	3.36		$	0.72		$	0.93		$	0.87		$	0.84		$	3.18		$	0.72		$	0.83		$	0.82		$	0.81

(A) Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 3

BCE
Segmented Data ⁽²⁾

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2015		Q4 2014		$ change		% change		TOTAL 2015		TOTAL 2014		$ change		% change
Revenues
Bell Wireless	1,770		1,671		99		5.9	%	6,876		6,327		549		8.7	%
Bell Wireline	3,161		3,210		(49	)	(1.5	%)	12,258		12,324		(66	)	(0.5	%)
Bell Media	816		789		27		3.4	%	2,974		2,937		37		1.3	%
Inter-segment eliminations	(144	)	(142	)	(2	)	(1.4	%)	(594	)	(546	)	(48	)	(8.8	%)
Total	5,603		5,528		75		1.4	%	21,514		21,042		472		2.2	%
Operating costs
Bell Wireless	(1,129	)	(1,071	)	(58	)	(5.4	%)	(4,048	)	(3,703	)	(345	)	(9.3	%)
Bell Wireline	(1,913	)	(1,980	)	67		3.4	%	(7,258	)	(7,379	)	121		1.6	%
Bell Media	(632	)	(597	)	(35	)	(5.9	%)	(2,251	)	(2,203	)	(48	)	(2.2	%)
Inter-segment eliminations	144		142		2		1.4	%	594		546		48		8.8	%
Total	(3,530	)	(3,506	)	(24	)	(0.7	%)	(12,963	)	(12,739	)	(224	)	(1.8	%)
Adjusted EBITDA
Bell Wireless	641		600		41		6.8	%	2,828		2,624		204		7.8	%
Margin	36.2	%	35.9	%			0.3	pts	41.1	%	41.5	%			(0.4	) pts
Bell Wireline	1,248		1,230		18		1.5	%	5,000		4,945		55		1.1	%
Margin	39.5	%	38.3	%			1.2	pts	40.8	%	40.1	%			0.7	pts
Bell Media	184		192		(8	)	(4.2	%)	723		734		(11	)	(1.5	%)
Margin	22.5	%	24.3	%			(1.8	) pts	24.3	%	25.0	%			(0.7	) pts
Total	2,073		2,022		51		2.5	%	8,551		8,303		248		3.0	%
Margin	37.0	%	36.6	%			0.4	pts	39.7	%	39.5	%			0.2	pts
Capital expenditures
Bell Wireless	193		218		25		11.5	%	716		687		(29	)	(4.2	%)
Capital Intensity (4)	10.9	%	13.0	%			2.1	pts	10.4	%	10.9	%			0.5	pts
Bell Wireline	741		804		63		7.8	%	2,809		2,893		84		2.9	%
Capital Intensity	23.4	%	25.0	%			1.6	pts	22.9	%	23.5	%			0.6	pts
Bell Media	24		54		30		55.6	%	101		137		36		26.3	%
Capital Intensity	2.9	%	6.8	%			3.9	pts	3.4	%	4.7	%			1.3	pts
Total	958		1,076		118		11.0	%	3,626		3,717		91		2.4	%
Capital Intensity	17.1	%	19.5	%			2.4	pts	16.9	%	17.7	%			0.8	pts

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 4

BCE
Segmented Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2015		Q4 15		Q3 15		Q2 15		Q1 15		Total 2014		Q4 14		Q3 14		Q2 14		Q1 14
Revenues
Bell Wireless	6,876		1,770		1,772		1,697		1,637		6,327		1,671		1,621		1,543		1,492
Bell Wireline	12,258		3,161		3,028		3,042		3,027		12,324		3,210		3,046		3,049		3,019
Bell Media	2,974		816		692		740		726		2,937		789		665		761		722
Inter-segment eliminations	(594	)	(144	)	(147	)	(153	)	(150	)	(546	)	(142	)	(137	)	(133	)	(134	)
Total	21,514		5,603		5,345		5,326		5,240		21,042		5,528		5,195		5,220		5,099
Operating costs
Bell Wireless	(4,048	)	(1,129	)	(1,014	)	(980	)	(925	)	(3,703	)	(1,071	)	(921	)	(862	)	(849	)
Bell Wireline	(7,258	)	(1,913	)	(1,782	)	(1,777	)	(1,786	)	(7,379	)	(1,980	)	(1,813	)	(1,796	)	(1,790	)
Bell Media	(2,251	)	(632	)	(509	)	(525	)	(585	)	(2,203	)	(597	)	(483	)	(551	)	(572	)
Inter-segment eliminations	594		144		147		153		150		546		142		137		133		134
Total	(12,963	)	(3,530	)	(3,158	)	(3,129	)	(3,146	)	(12,739	)	(3,506	)	(3,080	)	(3,076	)	(3,077	)
Adjusted EBITDA
Bell Wireless	2,828		641		758		717		712		2,624		600		700		681		643
Margin	41.1	%	36.2	%	42.8	%	42.3	%	43.5	%	41.5	%	35.9	%	43.2	%	44.1	%	43.1	%
Bell Wireline	5,000		1,248		1,246		1,265		1,241		4,945		1,230		1,233		1,253		1,229
Margin	40.8	%	39.5	%	41.1	%	41.6	%	41.0	%	40.1	%	38.3	%	40.5	%	41.1	%	40.7	%
Bell Media	723		184		183		215		141		734		192		182		210		150
Margin	24.3	%	22.5	%	26.4	%	29.1	%	19.4	%	25.0	%	24.3	%	27.4	%	27.6	%	20.8	%
Total	8,551		2,073		2,187		2,197		2,094		8,303		2,022		2,115		2,144		2,022
Margin	39.7	%	37.0	%	40.9	%	41.3	%	40.0	%	39.5	%	36.6	%	40.7	%	41.1	%	39.7	%
Capital expenditures
Bell Wireless	716		193		184		188		151		687		218		182		168		119
Capital Intensity	10.4	%	10.9	%	10.4	%	11.1	%	9.2	%	10.9	%	13.0	%	11.2	%	10.9	%	8.0	%
Bell Wireline	2,809		741		716		696		656		2,893		804		756		737		596
Capital Intensity	22.9	%	23.4	%	23.6	%	22.9	%	21.7	%	23.5	%	25.0	%	24.8	%	24.2	%	19.7	%
Bell Media	101		24		27		30		20		137		54		37		32		14
Capital Intensity	3.4	%	2.9	%	3.9	%	4.1	%	2.8	%	4.7	%	6.8	%	5.6	%	4.2	%	1.9	%
Total	3,626		958		927		914		827		3,717		1,076		975		937		729
Capital Intensity	16.9	%	17.1	%	17.3	%	17.2	%	15.8	%	17.7	%	19.5	%	18.8	%	18.0	%	14.3	%

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 5

Bell Wireless ^{(1) (2)}

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2015		Q4 2014		% change		TOTAL 2015		TOTAL 2014		% change
Bell Wireless
Revenues
Service	1,588		1,494		6.3	%	6,246		5,806		7.6	%
Product	171		167		2.4	%	590		483		22.2	%
Total external Bell Wireless revenues	1,759		1,661		5.9	%	6,836		6,289		8.7	%
Inter-segment	11		10		10.0	%	40		38		5.3	%
Total Bell Wireless operating revenues	1,770		1,671		5.9	%	6,876		6,327		8.7	%
Operating costs	(1,129	)	(1,071	)	(5.4	%)	(4,048	)	(3,703	)	(9.3	%)
Adjusted EBITDA	641		600		6.8	%	2,828		2,624		7.8	%
Adjusted EBITDA margin (Total revenues)	36.2	%	35.9	%	0.3	pts	41.1	%	41.5	%	(0.4	) pts
Adjusted EBITDA margin (Service revenues)	40.4	%	40.2	%	0.2	pts	45.3	%	45.2	%	0.1	pts
Capital expenditures	193		218		11.5	%	716		687		(4.2	%)
Capital intensity	10.9	%	13.0	%	2.1	pts	10.4	%	10.9	%	0.5	pts
Wireless gross activations	449,650		462,285		(2.7	%)	1,600,147		1,643,451		(2.6	%)
Postpaid	387,696		382,455		1.4	%	1,338,141		1,291,207		3.6	%
Wireless net activations	62,464		83,498		(25.2	%)	127,203		193,596		(34.3	%)
Postpaid	91,308		118,120		(22.7	%)	265,369		311,954		(14.9	%)
Wireless subscribers end of period (EOP)	8,245,831		8,118,628		1.6	%	8,245,831		8,118,628		1.6	%
Postpaid	7,375,416		7,110,047		3.7	%	7,375,416		7,110,047		3.7	%
Average revenue per user (4)(ARPU)($/month)	63.67		60.97		4.4	%	63.09		59.92		5.3	%
Churn (%) (4)(average per month)	1.57	%	1.57	%	-	pts	1.51	%	1.52	%	0.01	pts
Prepaid	3.19	%	3.43	%	0.24	pts	3.32	%	3.44	%	0.12	pts
Postpaid	1.38	%	1.29	%	(0.09	) pts	1.28	%	1.22	%	(0.06	) pts
Cost of acquisition (COA) (4)($/subscriber)	525		495		(6.1	%)	467		441		(5.9	%)

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 6

Bell Wireless - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2015		Q4 15		Q3 15		Q2 15		Q1 15		TOTAL 2014		Q4 14		Q3 14		Q2 14		Q1 14
Bell Wireless
Revenues
Service	6,246		1,588		1,619		1,539		1,500		5,806		1,494		1,495		1,429		1,388
Product	590		171		143		149		127		483		167		117		105		94
Total external Bell Wireless revenues	6,836		1,759		1,762		1,688		1,627		6,289		1,661		1,612		1,534		1,482
Inter-segment	40		11		10		9		10		38		10		9		9		10
Total Bell Wireless operating revenues	6,876		1,770		1,772		1,697		1,637		6,327		1,671		1,621		1,543		1,492
Operating costs	(4,048	)	(1,129	)	(1,014	)	(980	)	(925	)	(3,703	)	(1,071	)	(921	)	(862	)	(849	)
Adjusted EBITDA	2,828		641		758		717		712		2,624		600		700		681		643
Adjusted EBITDA margin (Total revenues)	41.1	%	36.2	%	42.8	%	42.3	%	43.5	%	41.5	%	35.9	%	43.2	%	44.1	%	43.1	%
Adjusted EBITDA margin (Service revenues)	45.3	%	40.4	%	46.8	%	46.6	%	47.5	%	45.2	%	40.2	%	46.8	%	47.7	%	46.3	%
Capital expenditures	716		193		184		188		151		687		218		182		168		119
Capital intensity	10.4	%	10.9	%	10.4	%	11.1	%	9.2	%	10.9	%	13.0	%	11.2	%	10.9	%	8.0	%
Wireless gross activations	1,600,147		449,650		424,164		384,973		341,360		1,643,451		462,285		431,460		391,382		358,324
Postpaid	1,338,141		387,696		353,652		317,809		278,984		1,291,207		382,455		331,851		297,374		279,527
Wireless net activations	127,203		62,464		58,543		22,110		(15,914	)	193,596		83,498		83,636		42,898		(16,436	)
Postpaid	265,369		91,308		77,655		61,033		35,373		311,954		118,120		91,779		67,951		34,104
Wireless subscribers EOP	8,245,831		8,245,831		8,183,367		8,124,824		8,102,714		8,118,628		8,118,628		8,035,130		7,951,494		7,908,596
Postpaid	7,375,416		7,375,416		7,284,108		7,206,453		7,145,420		7,110,047		7,110,047		6,991,927		6,900,148		6,832,197
ARPU ($/month)	63.09		63.67		65.34		62.48		60.83		59.92		60.97		61.59		59.35		57.75
Churn (%)(average per month)	1.51	%	1.57	%	1.49	%	1.49	%	1.47	%	1.52	%	1.57	%	1.45	%	1.47	%	1.58	%
Prepaid	3.32	%	3.19	%	2.98	%	3.48	%	3.60	%	3.44	%	3.43	%	3.14	%	3.49	%	3.68	%
Postpaid	1.28	%	1.38	%	1.31	%	1.23	%	1.18	%	1.22	%	1.29	%	1.20	%	1.15	%	1.24	%
COA ($/subscriber)	467		525		446		434		452		441		495		420		403		439

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 7

Bell Wireline ^{(1) (2)}

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2015		Q4 2014		% change		TOTAL 2015		TOTAL 2014		% change
Bell Wireline
Data	1,862		1,833		1.6	%	7,163		6,978		2.7	%
Local & access	802		838		(4.3	%)	3,271		3,420		(4.4	%)
Long distance	204		234		(12.8	%)	831		922		(9.9	%)
Equipment & other	250		248		0.8	%	778		791		(1.6	%)
Total external revenues	3,118		3,153		(1.1	%)	12,043		12,111		(0.6	%)
Inter-segment revenues	43		57		(24.6	%)	215		213		0.9	%
Total Bell Wireline operating revenues	3,161		3,210		(1.5	%)	12,258		12,324		(0.5	%)
Operating costs	(1,913	)	(1,980	)	3.4	%	(7,258	)	(7,379	)	1.6	%
Adjusted EBITDA	1,248		1,230		1.5	%	5,000		4,945		1.1	%
Adjusted EBITDA Margin	39.5	%	38.3	%	1.2	pts	40.8	%	40.1	%	0.7	pts
Capital expenditures	741		804		7.8	%	2,809		2,893		2.9	%
Capital intensity	23.4	%	25.0	%	1.6	pts	22.9	%	23.5	%	0.6	pts
High-speed Internet
High-speed Internet net activations	38,908		52,010		(25.2	%)	155,052		160,390		(3.3	%)
High-speed Internet subscribers EOP (A) (B)	3,413,147		3,297,026		3.5	%	3,413,147		3,297,026		3.5	%
TV
Net subscriber activations	37,786		42,190		(10.4	%)	107,380		153,360		(30.0	%)
Internet Protocol Television (IPTV)	74,092		76,074		(2.6	%)	253,329		276,034		(8.2	%)
Total subscribers EOP (A) (B)	2,738,496		2,642,608		3.6	%	2,738,496		2,642,608		3.6	%
IPTV (A) (B)	1,182,791		933,547		26.7	%	1,182,791		933,547		26.7	%
Local
Network Access Services (NAS)
Residential (A) (B)	3,533,732		3,815,608		(7.4	%)	3,533,732		3,815,608		(7.4	%)
Business	3,154,934		3,315,244		(4.8	%)	3,154,934		3,315,244		(4.8	%)
Total (A) (B)	6,688,666		7,130,852		(6.2	%)	6,688,666		7,130,852		(6.2	%)
NAS net losses
Residential	(58,081	)	(57,232	)	(1.5	%)	(278,124	)	(305,729	)	9.0	%
Business	(48,829	)	(35,773	)	(36.5	%)	(160,310	)	(158,988	)	(0.8	%)
Total	(106,910	)	(93,005	)	(15.0	%)	(438,434	)	(464,717	)	5.7	%

(A)	Our Q1 2015 Internet, IPTV, total TV, and NAS subscriber base included a beginning of period adjustment to reduce the number of subscribers by 7,505, 2,236, 7,702, and 4,409, respectively, for deactivations as a result of the CRTC’s decision to eliminate the 30-day notice period required to cancel services.
(B)	Subsequent to a review of our subscriber metrics, our Q1 2015 beginning of period Internet, IPTV and total TV subscriber base was reduced by 31,426, 1,849 and 3,790, respectively, while our NAS base was increased by 657 subscribers. These adjustments primarily consisted of older balances.

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 8

Bell Wireline - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2015		Q4 15		Q3 15		Q2 15		Q1 15		TOTAL 2014		Q4 14		Q3 14		Q2 14		Q1 14
Bell Wireline
Data	7,163		1,862		1,770		1,774		1,757		6,978		1,833		1,722		1,725		1,698
Local & access	3,271		802		818		827		824		3,420		838		855		860		867
Long distance	831		204		207		207		213		922		234		229		233		226
Equipment & other	778		250		181		174		173		791		248		186		179		178
Total external revenues	12,043		3,118		2,976		2,982		2,967		12,111		3,153		2,992		2,997		2,969
Inter-segment revenues	215		43		52		60		60		213		57		54		52		50
Total Bell Wireline operating revenues	12,258		3,161		3,028		3,042		3,027		12,324		3,210		3,046		3,049		3,019
Operating costs	(7,258	)	(1,913	)	(1,782	)	(1,777	)	(1,786	)	(7,379	)	(1,980	)	(1,813	)	(1,796	)	(1,790	)
Adjusted EBITDA	5,000		1,248		1,246		1,265		1,241		4,945		1,230		1,233		1,253		1,229
Adjusted EBITDA Margin	40.8	%	39.5	%	41.1	%	41.6	%	41.0	%	40.1	%	38.3	%	40.5	%	41.1	%	40.7	%
Capital expenditures	2,809		741		716		696		656		2,893		804		756		737		596
Capital intensity	22.9	%	23.4	%	23.6	%	22.9	%	21.7	%	23.5	%	25.0	%	24.8	%	24.2	%	19.7	%
High-speed Internet
High-speed Internet net activations	155,052		38,908		57,888		18,606		39,650		160,390		52,010		64,254		17,544		26,582
High-speed Internet subscribers EOP (A) (B)	3,413,147		3,413,147		3,374,239		3,316,351		3,297,745		3,297,026		3,297,026		3,245,016		3,180,762		3,163,218
TV
Net subscriber activations	107,380		37,786		25,914		16,690		26,990		153,360		42,190		37,578		33,369		40,223
IPTV	253,329		74,092		67,908		50,466		60,863		276,034		76,074		74,450		59,132		66,378
Total subscribers EOP (A) (B)	2,738,496		2,738,496		2,700,710		2,674,796		2,658,106		2,642,608		2,642,608		2,600,418		2,562,840		2,529,471
IPTV (A) (B)	1,182,791		1,182,791		1,108,699		1,040,791		990,325		933,547		933,547		857,473		783,023		723,891
Local
NAS
Residential (A) (B)	3,533,732		3,533,732		3,591,813		3,670,167		3,745,986		3,815,608		3,815,608		3,872,840		3,943,622		4,031,682
Business	3,154,934		3,154,934		3,203,763		3,233,485		3,271,175		3,315,244		3,315,244		3,351,017		3,388,287		3,431,147
Total (A) (B)	6,688,666		6,688,666		6,795,576		6,903,652		7,017,161		7,130,852		7,130,852		7,223,857		7,331,909		7,462,829
NAS net losses
Residential	(278,124	)	(58,081	)	(78,354	)	(75,819	)	(65,870	)	(305,729	)	(57,232	)	(70,782	)	(88,060	)	(89,655	)
Business	(160,310	)	(48,829	)	(29,722	)	(37,690	)	(44,069	)	(158,988	)	(35,773	)	(37,270	)	(42,860	)	(43,085	)
Total	(438,434	)	(106,910	)	(108,076	)	(113,509	)	(109,939	)	(464,717	)	(93,005	)	(108,052	)	(130,920	)	(132,740	)

(A)	Our Q1 2015 Internet, IPTV, total TV, and NAS subscriber base included a beginning of period adjustment to reduce the number of subscribers by 7,505, 2,236, 7,702, and 4,409, respectively, for deactivations as a result of the CRTC’s decision to eliminate the 30-day notice period required to cancel services.
(B)	Subsequent to a review of our subscriber metrics, our Q1 2015 beginning of period Internet, IPTV and total TV subscriber base was reduced by 31,426, 1,849 and 3,790, respectively, while our NAS base was increased by 657 subscribers. These adjustments primarily consisted of older balances.

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 9

BCE
Net debt and other information ⁽²⁾

BCE - Net debt and preferred shares
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)
	December 31		September 30		June 30		March 31		December 31
	2015		2015		2015		2015		2014
Debt due within one year	4,895		6,416		5,058		4,712		3,743
Long-term debt	15,390		14,444		15,443		16,612		16,355
Preferred shares - BCE (A)	2,002		2,002		2,002		2,002		2,002
Cash and cash equivalents	(613	)	(622	)	(169	)	(1,125	)	(566	)
Net Debt (3)	21,674		22,240		22,334		22,201		21,534
Net Debt Leverage Ratio (3)	2.53		2.62		2.65		2.65		2.59
Adjusted EBITDA /Net interest expense, as shown in our statements of cash flows and 50% of declared preferred share dividends as shown in our income statements (3)	8.76		8.58		8.53		8.52		8.38

Bell Media Inc. - Proportionate Information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2015	Q4 2015	Q3 2015	Q2 2015	Q1 2015	Total 2014	Q4 2014	Q3 2014	Q2 2014	Q1 2014
Proportionate Net Debt	-	-	-	-	-	-	-	-	14	30
Proportionate Adjusted EBITDA	643	170	161	191	121	657	181	158	189	129

Cash Flow Information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2015		Q4 2014		$ change		% change		TOTAL 2015		TOTAL 2014		$ change		% change
Free Cash Flow (FCF)(3)
Cash from operating activities, excluding acquisition and other costs paid	1,669		1,559		110		7.1	%	6,566		5,680		886		15.6	%
Capital expenditures	(958	)	(1,035	)	77		7.4	%	(3,626	)	(3,245	)	(381	)	(11.7	%)
Dividends paid on preferred shares	(37	)	(40	)	3		7.5	%	(150	)	(134	)	(16	)	(11.9	%)
Dividends paid by subsidiaries to non-controlling interest	(8	)	(1	)	(7	)	n.m.		(41	)	(2	)	(39	)	n.m.
Voluntary defined benefit pension plan contribution	250		350		(100	)	(28.6	%)	250		350		(100	)	(28.6	%)
Bell Aliant dividends to BCE	-		-		-		-		-		95		(95	)	(100.0	%)
FCF	916		833		83		10.0	%	2,999		2,744		255		9.3	%

Cash Flow Information - Historical Trend
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2015		Q4 2015		Q3 2015		Q2 2015		Q1 2015		Total 2014		Q4 2014		Q 3 2014		Q2 2014		Q1 2014
FCF
Cash from operating activities, excluding acquisition and other costs paid	6,566		1,669		1,911		1,889		1,097		5,680		1,559		1,644		1,589		888
Capital expenditures	(3,626	)	(958	)	(927	)	(914	)	(827	)	(3,245	)	(1,035	)	(825	)	(791	)	(594	)
Dividends paid on preferred shares	(150	)	(37	)	(37	)	(37	)	(39	)	(134	)	(40	)	(31	)	(31	)	(32	)
Dividends paid by subsidiaries to non-controlling interest	(41	)	(8	)	(26	)	(7	)	-		(2	)	(1	)	(1	)	-		-
Voluntary defined benefit pension plan contribution	250		250		-		-		-		350		350		-		-		-
Bell Aliant dividends to BCE	-		-		-		-		-		95		-		47		48		-
FCF	2,999		916		921		931		231		2,744		833		834		815		262

(A)	Net debt includes 50% of preferred shares
n.m. : not meaningful

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 10

BCE
Consolidated Statements of Financial Position ⁽²⁾

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	December 31 2015		September 30 2015		June 30 2015		March 31 2015		December 31 2014
ASSETS
Current assets
Cash	100		84		131		127		142
Cash equivalents	513		538		38		998		424
Trade and other receivables	3,009		2,766		2,758		2,781		3,069
Inventory	416		450		405		403		333
Prepaid expenses	393		452		528		522		379
Other current assets	377		287		232		249		201
Total current assets	4,808		4,577		4,092		5,080		4,548
Non-current assets
Property, plant and equipment	21,630		21,709		21,513		21,347		21,327
Intangible assets	11,176		10,977		10,886		10,332		10,224
Deferred tax assets	89		93		131		162		162
Investments in associates and joint ventures	1,119		1,125		1,088		790		776
Other non-current assets	794		810		833		989		875
Goodwill	8,377		8,377		8,376		8,376		8,385
Total non-current assets	43,185		43,091		42,827		41,996		41,749
Total assets	47,993		47,668		46,919		47,076		46,297
LIABILITIES
Current liabilities
Trade payables and other liabilities	4,287		4,015		4,053		4,007		4,398
Interest payable	148		148		141		143		145
Dividends payable	576		566		565		561		534
Current tax liabilities	86		158		157		74		269
Debt due within one year	4,895		6,416		5,058		4,712		3,743
Total current liabilities	9,992		11,303		9,974		9,497		9,089
Non-current liabilities
Long-term debt	15,390		14,444		15,443		16,612		16,355
Deferred tax liabilities	1,824		1,717		1,559		1,352		1,321
Post-employment benefit obligation	2,038		2,296		2,101		2,803		2,772
Other non-current liabilities	1,420		1,423		1,462		1,493		1,521
Total non-current liabilities	20,672		19,880		20,565		22,260		21,969
Total liabilities	30,664		31,183		30,539		31,757		31,058
EQUITY
Equity attributable to BCE shareholders
Preferred shares	4,004		4,004		4,004		4,004		4,004
Common shares	18,100		17,181		17,142		16,790		16,717
Contributed surplus	1,150		1,153		1,137		1,121		1,141
Accumulated other comprehensive income	119		105		87		124		97
Deficit	(6,350	)	(6,264	)	(6,306	)	(7,027	)	(7,013	)
Total Equity attributable to BCE shareholders	17,023		16,179		16,064		15,012		14,946
Non-controlling interest	306		306		316		307		293
Total equity	17,329		16,485		16,380		15,319		15,239
Total liabilities and equity	47,993		47,668		46,919		47,076		46,297
Number of common shares outstanding (millions)	865.6		849.4		848.6		841.9		840.3

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 11

BCE
Consolidated Cash Flow Data ⁽²⁾

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)		Q4 2015			Q4 2014			$ change			TOTAL 2015			TOTAL 2014			$ change
Net earnings		542			594			(52	)		2,730			2,718			12
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs		152			58			94			446			216			230
Depreciation and amortization		867			852			15			3,420			3,452			(32	)
Post-employment benefit plans cost		96			93			3			391			377			14
Net interest expense		223			236			(13	)		900			921			(21	)
Loss (gains) on investments		1			6			(5	)		(72	)		(10	)		(62	)
Income taxes		188			221			(33	)		924			929			(5	)
Contributions to post-employment benefit plans		(317	)		(428	)		111			(566	)		(683	)		117
Payments under other post-employment benefit plans		(19	)		(19	)		-			(75	)		(73	)		(2	)
Severance and other costs paid		(44	)		(44	)		-			(190	)		(190	)		-
Interest paid		(229	)		(233	)		4			(911	)		(907	)		(4	)
Income taxes paid (net of refunds)		(154	)		(180	)		26			(672	)		(743	)		71
Acquisition and other costs paid		(159	)		(68	)		(91	)		(292	)		(131	)		(161	)
Net change in operating assets and liabilities		363			439			(76	)		241			365			(124	)
Cash flows from operating activities		1,510			1,527			(17	)		6,274			6,241			33
Bell Aliant dividends paid to BCE		-			-			-			-			95			(95	)
Capital expenditures		(958	)		(1,076	)		118			(3,626	)		(3,717	)		91
Cash dividends paid on preferred shares		(37	)		(40	)		3			(150	)		(134	)		(16	)
Cash dividends paid by subsidiaries to non-controlling interest		(8	)		(1	)		(7	)		(41	)		(145	)		104
Acquisition and other costs paid		159			68			91			292			131			161
Voluntary defined benefit pension plan contribution		250			350			(100	)		250			350			(100	)
Bell Aliant Free Cash Flow		-			5			(5	)		-			(77	)		77
Free Cash Flow		916			833			83			2,999			2,744			255
Bell Aliant free cash flow, excluding dividends paid		-			(5	)		5			-			(18	)		18
Business acquisitions		(25	)		(8	)		(17	)		(311	)		(18	)		(293	)
Acquisition and other costs paid		(159	)		(68	)		(91	)		(292	)		(131	)		(161	)
Voluntary defined benefit pension plan contribution		(250	)		(350	)		100			(250	)		(350	)		100
Business dispositions		-			(4	)		4			409			720			(311	)
Acquisition of spectrum licences		(1	)		-			(1	)		(535	)		(566	)		31
Other investing activities		(36	)		13			(49	)		(51	)		11			(62	)
(Decrease) increase in notes payable and bank advances		(596	)		(132	)		(464	)		76			469			(393	)
Increase in securitized trade receivables		-			-			-			10			-			10
Issue of long-term debt		996			2			994			1,498			1,428			70
Repayment of long-term debt		(1,107	)		(445	)		(662	)		(2,084	)		(1,113	)		(971	)
Privatization of Bell Aliant		-			(185	)		185			-			(989	)		989
Issue of common shares		888			6			882			952			49			903
Common shares issuance cost		(35	)		-			(35	)		(35	)		-			(35	)
Repurchase of shares for settlement of share-based payments		(41	)		(10	)		(31	)		(138	)		(83	)		(55	)
Cash dividends paid on common shares		(552	)		(481	)		(71	)		(2,169	)		(1,893	)		(276	)
Other financing activities		(7	)		(6	)		(1	)		(32	)		(29	)		(3	)
		(925	)		(1,673	)		748			(2,952	)		(2,513	)		(439	)
Net (decrease) increase in cash and cash equivalents		(9	)		(840	)		831			47			231			(184	)
Cash and cash equivalents at beginning of period		622			1,406			(784	)		566			335			231
Cash and cash equivalents at end of period		613			566			47			613			566			47
Other information
Free cash flow per share (3)	$	1.07		$	1.01		$	0.06		$	3.54		$	3.46		$	0.08
Annualized cash flow yield (3)		6.5	%		6.1	%		0.4	pts		6.5	%		6.1	%		0.4	pts

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 12

BCE
Consolidated Cash Flow Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)		TOTAL 2015			Q4 15			Q3 15			Q2 15			Q1 15			TOTAL 2014			Q4 14			Q3 14			Q2 14			Q1 14
Net earnings		2,730			542			791			814			583			2,718			594			703			707			714
Adjustments to reconcile net earnings to cash flows from operating activities
Severance, acquisition and other costs		446			152			46			24			224			216			58			66			54			38
Depreciation and amortization		3,420			867			860			854			839			3,452			852			855			879			866
Post-employment benefit plans cost		391			96			96			96			103			377			93			91			94			99
Net interest expense		900			223			225			229			223			921			236			225			226			234
(Gains) losses on investments		(72	)		1			19			(94	)		2			(10	)		6			-			(4	)		(12	)
Income taxes		924			188			271			290			175			929			221			241			236			231
Contributions to post-employment benefit plans		(566	)		(317	)		(76	)		(92	)		(81	)		(683	)		(428	)		(82	)		(85	)		(88	)
Payments under other post-employment benefit plans		(75	)		(19	)		(18	)		(18	)		(20	)		(73	)		(19	)		(18	)		(18	)		(18	)
Severance and other costs paid		(190	)		(44	)		(45	)		(52	)		(49	)		(190	)		(44	)		(40	)		(38	)		(68	)
Interest paid		(911	)		(229	)		(225	)		(230	)		(227	)		(907	)		(233	)		(214	)		(231	)		(229	)
Income taxes paid (net of refunds)		(672	)		(154	)		(66	)		(119	)		(333	)		(743	)		(180	)		(92	)		(110	)		(361	)
Acquisition and other costs paid		(292	)		(159	)		(33	)		(48	)		(52	)		(131	)		(68	)		(33	)		(16	)		(14	)
Net change in operating assets and liabilities		241			363			33			187			(342	)		365			439			180			156			(410	)
Cash flows from operating activities		6,274			1,510			1,878			1,841			1,045			6,241			1,527			1,882			1,850			982
Bell Aliant dividends paid to BCE		-			-			-			-			-			95			-			47			48			-
Capital expenditures		(3,626	)		(958	)		(927	)		(914	)		(827	)		(3,717	)		(1,076	)		(975	)		(937	)		(729	)
Cash dividends paid on preferred shares		(150	)		(37	)		(37	)		(37	)		(39	)		(134	)		(40	)		(31	)		(31	)		(32	)
Cash dividends paid by subsidiaries to non-controlling interest		(41	)		(8	)		(26	)		(7	)		-			(145	)		(1	)		(69	)		(68	)		(7	)
Acquisition and other costs paid		292			159			33			48			52			131			68			33			16			14
Voluntary defined benefit pension plan contribution		250			250			-			-			-			350			350			-			-			-
Bell Aliant Free Cash Flow		-			-			-			-			-			(77	)		5			(53	)		(63	)		34
Free Cash Flow		2,999			916			921			931			231			2,744			833			834			815			262
Bell Aliant free cash flow, excluding dividends paid		-			-			-			-			-			(18	)		(5	)		6			15			(34	)
Business acquisitions		(311	)		(25	)		(2	)		(284	)		-			(18	)		(8	)		(10	)		-			-
Acquisition and other costs paid		(292	)		(159	)		(33	)		(48	)		(52	)		(131	)		(68	)		(33	)		(16	)		(14	)
Voluntary defined benefit pension plan contribution		(250	)		(250	)		-			-			-			(350	)		(350	)		-			-			-
Business dispositions		409			-			2			407			-			720			(4	)		186			-			538
Acquisition of spectrum licences		(535	)		(1	)		(5	)		(429	)		(100	)		(566	)		-			-			(453	)		(113	)
Other investing activities		(51	)		(36	)		(13	)		(7	)		5			11			13			1			2			(5	)
Increase (decrease) in notes payable and bank advances		76			(596	)		555			(574	)		691			469			(132	)		443			(443	)		601
Increase (reduction) in securitized trade receivables		10			-			(305	)		315			-			-			-			-			-			-
Issue of long-term debt		1,498			996			-			-			502			1,428			2			1,243			150			33
Repayment of long-term debt		(2,084	)		(1,107	)		(108	)		(723	)		(146	)		(1,113	)		(445	)		(117	)		(136	)		(415	)
Privatization of Bell Aliant		-			-			-			-			-			(989	)		(185	)		(804	)		-			-
Issue of common shares		952			888			7			19			38			49			6			2			9			32
Common shares issuance cost		(35	)		(35	)		-			-			-			-			-			-			-			-
Repurchase of shares for settlement of share-based payments		(138	)		(41	)		(11	)		(13	)		(73	)		(83	)		(10	)		(8	)		(31	)		(34	)
Cash dividends paid on common shares		(2,169	)		(552	)		(551	)		(547	)		(519	)		(1,893	)		(481	)		(480	)		(480	)		(452	)
Other financing activities		(32	)		(7	)		(4	)		(3	)		(18	)		(29	)		(6	)		(7	)		(2	)		(14	)
		(2,952	)		(925	)		(468	)		(1,887	)		328			(2,513	)		(1,673	)		422			(1,385	)		123
Net increase (decrease) in cash and cash equivalents		47			(9	)		453			(956	)		559			231			(840	)		1,256			(570	)		385
Cash and cash equivalents at beginning of period		566			622			169			1,125			566			335			1,406			150			720			335
Cash and cash equivalents at end of period		613			613			622			169			1,125			566			566			1,406			150			720
Other information
Free cash flow per share	$	3.54		$	1.07		$	1.09		$	1.11		$	0.27		$	3.46		$	1.01		$	1.06		$	1.05		$	0.34
Annualized cash flow yield		6.5	%		6.5	%		6.3	%		6.3	%		6.0	%		6.1	%		6.1	%		6.5	%		6.6	%		7.0	%

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 13

Accompanying Notes

	Beginning January 1, 2015, we report our results in three segments: Bell Wireless, Bell Wireline and Bell Media. Our reporting structure reflects how we manage our business and how we classify our results for planning and measuring performance.
(1)	Throughout this report, we, us, our, the company and BCE mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., its subsidiaries, joint arrangements and associates; and Bell Aliant means, as the context may require, until December 31, 2014, either Bell Aliant Inc. or, collectively, Bell Aliant Inc. and its subsidiaries and associates, or, after December 31, 2014 and up to, and including, June 30, 2015, either Bell Aliant Regional Communications Inc. or, collectively, Bell Aliant Regional Communications Inc. and its subsidiaries and associates.
(2)	On October 31, 2014, BCE completed the acquisition of all the issued and outstanding shares of Bell Aliant that it did not already own, therefore eliminating the 55.9% ownership interest held by non-controlling interest. Beginning January 1, 2015, the results of operation of our former Bell Aliant segment are included within our Bell Wireless and Bell Wireline segments, with prior periods restated for comparative purposes.
(3)	Non-GAAP Financial Measures Adjusted EBITDA and Adjusted EBITDA margin The terms Adjusted EBITDA and Adjusted EBITDA margin do not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define Adjusted EBITDA as operating revenues less operating costs (including post-employment benefit plans service cost). We define Adjusted EBITDA margin as Adjusted EBITDA divided by operating revenues. We use Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of our businesses as they reflect their ongoing profitability. We believe that certain investors and analysts use Adjusted EBITDA to measure a company’s ability to service debt and to meet other payment obligations or as a common measurement to value companies in the telecommunications industry. We believe that certain investors and analysts also use Adjusted EBITDA and Adjusted EBITDA margin to evaluate the performance of our businesses. Adjusted EBITDA also is one component in the determination of short-term incentive compensation for all management employees. Adjusted EBITDA and Adjusted EBITDA margin have no directly comparable IFRS financial measure. Alternatively, Adjusted EBITDA may be reconciled to net earnings as shown in this document. Adjusted net earnings and Adjusted earnings per share (EPS) The terms Adjusted net earnings and Adjusted EPS do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define Adjusted net earnings as net earnings attributable to common shareholders before severance, acquisition and other costs, net (gains) losses on investments, and early debt redemption costs. We define Adjusted EPS as Adjusted net earnings per BCE common share.

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 14

Accompanying Notes

We use Adjusted net earnings and Adjusted EPS and we believe that certain investors and analysts use these measures, among other ones, to assess the performance of our businesses without the effects of severance, acquisition and other costs, net (gains) losses on investments, and early debt redemption costs, net of tax and non-controlling interest. We exclude these items because they affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. Excluding these items does not imply they are non-recurring.

The most comparable IFRS financial measures are net earnings attributable to common shareholders and EPS.

Free Cash Flow, Free Cash Flow per share and Annualized Cash Flow Yield

The terms Free Cash Flow, Free Cash Flow per share and Annualized Cash Flow Yield do not have any standardized meaning under IFRS. Therefore, they are unlikely to be comparable to similar measures presented by other issuers.

As of November 1, 2014, BCE’s Free Cash Flow includes 100% of Bell Aliant’s Free Cash Flow rather than cash dividends received from Bell Aliant. We define Free Cash Flow as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, less capital expenditures, preferred share dividends and dividends paid by subsidiaries to non-controlling interest.

Prior to November 1, 2014, Free Cash Flow was defined as cash flows from operating activities, excluding acquisition and other costs paid (which include significant litigation costs) and voluntary pension funding, plus dividends received from Bell Aliant, less capital expenditures, preferred share dividends, dividends paid by subsidiaries to non-controlling interest and Bell Aliant Free Cash Flow.

We define Free Cash Flow per share as follows:

Free Cash Flow
Average number of common shares outstanding

We define Annualized Cash Flow Yield as follows:

Trailing 12-month Free Cash Flow
Number of common shares outstanding at end of period multiplied by share price at end of period

We consider Free Cash Flow, Free Cash Flow per share and Annualized Cash Flow Yield to be important indicators of the financial strength and performance of our businesses because they show how much cash is available to pay dividends, repay debt and reinvest in our company.

We believe that certain investors and analysts use Free Cash Flow to value a business and its underlying assets. We believe that certain investors and analysts also use Free Cash Flow, Free Cash Flow per share and Annualized Cash Flow Yield to evaluate the financial strength and performance of our businesses. 

For Free Cash Flow, the most comparable IFRS financial measure is cash flows from operating activities.

Net Debt

The term Net Debt does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers.

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 15

Accompanying Notes

We define Net Debt as debt due within one year plus long-term debt and 50% of preferred shares less cash and cash equivalents. We include 50% of outstanding preferred shares in our Net Debt as it is consistent with the treatment by certain credit rating agencies. We consider Net Debt to be an important indicator of the company’s financial leverage because it represents the amount of debt that is not covered by available cash and cash equivalents. We believe that certain investors and analysts use Net Debt to determine a company’s financial leverage. Net Debt has no directly comparable IFRS financial measure, but rather is calculated using several asset and liability categories from the statements of financial position, as shown in this document. Net Debt Leverage Ratio The Net Debt Leverage Ratio does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We use, and believe that certain investors and analysts use, the Net Debt Leverage Ratio as a measure of financial leverage. The Net Debt Leverage Ratio represents Net Debt divided by Adjusted EBITDA. For the purposes of calculating our Net Debt Leverage Ratio, Adjusted EBITDA is twelve-month trailing Adjusted EBITDA. Adjusted EBITDA to Net Interest Expense Ratio The Ratio of Adjusted EBITDA to Net Interest Expense does not have any standardized meaning under IFRS. Therefore, it is unlikely to be comparable to similar measures presented by other issuers. We use, and believe that certain investors and analysts use, the Adjusted EBITDA to Net Interest Expense Ratio as a measure of financial health of the company. Adjusted EBITDA to net interest expense represents Adjusted EBITDA divided by net interest expense. For the purposes of calculating our Adjusted EBITDA to Net Interest Expense Ratio, Adjusted EBITDA is twelve-month trailing Adjusted EBITDA. Net interest expense is twelve-month trailing net interest expense as shown in our statements of cash flows and 50% of declared preferred share dividends as shown in our income statements.

(4)

Key Performance Indicators (KPIs) In addition to the Non-Gaap Financial Measures described previously, we use a number of KPIs to measure the success of our strategic imperatives. These KPIs are not accounting measures and may not be comparable to similar measures presented by other issuers. Capital Intensity is capital expenditures divided by operating revenues. Average revenue per user or subscriber (ARPU) represents the measurement of certain service revenues divided by the average subscriber base for the specified period. Churn is the rate at which existing subscribers cancel their services, expressed as a percentage. Churn is calculated as the number of subscribers disconnected divided by the average subscriber base. It is a measure of monthly customer turnover. Cost of acquisition (COA) is also referred to as subscriber acquisition costs. COA represents the total cost associated with acquiring a customer and includes costs such as hardware discounts, marketing and distribution costs. This measure is expressed per gross activation during the period.

BCE Supplementary Financial Information - Fourth Quarter 2015 Page 16