BCE (BCE) 6-K BCE reports 2020 Q4 and full-year results

Exhibit 99.2

Supplementary Financial Information Fourth Quarter 2020 BCE Investor Relations Thane Fotopoulos 514-870-4619 thane.fotopoulos@bell.ca

BCE ^{(1) (2) (3)}

Consolidated Operational Data

(In millions of Canadian dollars, except share amounts) (unaudited)	Q4  2020			Q4 2019			$ change			% change			TOTAL  2020			TOTAL 2019			$ change			% change
Operating revenues
Service		5,090			5,235			(145	)		(2.8%	)		19,832			20,566			(734	)		(3.6%	)
Product		1,012			1,040			(28	)		(2.7%	)		3,051			3,227			(176	)		(5.5%	)
Total operating revenues		6,102			6,275			(173	)		(2.8%	)		22,883			23,793			(910	)		(3.8%	)
Operating costs (A)		(3,633	)		(3,731	)		98			2.6%			(13,007	)		(13,541	)		534			3.9%
Post-employment benefit plans service cost		(65	)		(60	)		(5	)		(8.3%	)		(269	)		(246	)		(23	)		(9.3%	)
Adjusted EBITDA (4)		2,404			2,484			(80	)		(3.2%	)		9,607			10,006			(399	)		(4.0%	)
Adjusted EBITDA margin (4)		39.4%			39.6%						(0.2) pts			42.0%			42.1%						(0.1) pts
Severance, acquisition and other costs		(52	)		(28	)		(24	)		(85.7%	)		(116	)		(114	)		(2	)		(1.8%	)
Depreciation		(872	)		(854	)		(18	)		(2.1%	)		(3,475	)		(3,458	)		(17	)		(0.5%	)
Amortization		(233	)		(224	)		(9	)		(4.0%	)		(929	)		(886	)		(43	)		(4.9%	)
Finance costs
Interest expense		(274	)		(285	)		11			3.9%			(1,110	)		(1,125	)		15			1.3%
Interest on post-employment benefit obligations		(11	)		(16	)		5			31.3%			(46	)		(63	)		17			27.0%
Impairment of assets		(12	)		(96	)		84			87.5%			(472	)		(102	)		(370	)		n.m.
Other (expense) income		(38	)		(18	)		(20	)		n.m.			(194	)		95			(289	)		n.m.
Income taxes		(191	)		(245	)		54			22.0%			(792	)		(1,129	)		337			29.8%
Net earnings from continuing operations		721			718			3			0.4%			2,473			3,224			(751	)		(23.3%	)
Net earnings from discontinued operations		211			5			206			n.m.			226			29			197			n.m.
Net earnings		932			723			209			28.9%			2,699			3,253			(554	)		(17.0%	)
Net earnings from continuing operations attributable to:
Common shareholders		678			667			11			1.6%			2,272			3,011			(739	)		(24.5%	)
Preferred shareholders		32			38			(6	)		(15.8%	)		136			151			(15	)		(9.9%	)
Non-controlling interest		11			13			(2	)		(15.4%	)		65			62			3			4.8%
Net earnings from continuing operations		721			718			3			0.4%			2,473			3,224			(751	)		(23.3%	)
Net earnings attributable to:
Common shareholders		889			672			217			32.3%			2,498			3,040			(542	)		(17.8%	)
Preferred shareholders		32			38			(6	)		(15.8%	)		136			151			(15	)		(9.9%	)
Non-controlling interest		11			13			(2	)		(15.4%	)		65			62			3			4.8%
Net earnings		932			723			209			28.9%			2,699			3,253			(554	)		(17.0%	)
Net earnings per common share - basic and diluted
Continuing operations	$	0.75		$	0.73		$	0.02			2.7%		$	2.51		$	3.34		$	(0.83	)		(24.9%	)
Discontinued operations	$	0.23		$	0.01		$	0.22			n.m.		$	0.25		$	0.03		$	0.22			n.m.
Net earnings per common share - basic and diluted	$	0.98		$	0.74		$	0.24			32.4%		$	2.76		$	3.37		$	(0.61	)		(18.1%	)
Dividends per common share	$	0.8325		$	0.7925		$	0.04			5.0%		$	3.3300		$	3.1700		$	0.16			5.0%
Weighted average number of common shares outstanding - basic (millions)		904.4			903.8									904.3			900.8
Weighted average number of common shares outstanding - diluted (millions)		904.4			904.8									904.4			901.4
Number of common shares outstanding (millions)		904.4			903.9									904.4			903.9
Adjusted net earnings and EPS
Net earnings attributable to common shareholders		889			672			217			32.3%			2,498			3,040			(542	)		(17.8%	)
Severance, acquisition and other costs		38			20			18			90.0%			85			83			2			2.4%
Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans		-			45			(45	)		(100.0%	)		37			(101	)		138			n.m.
Net (gains) losses on investments		(3	)		(18	)		15			(83.3%	)		(46	)		39			(85	)		n.m.
Early debt redemption costs		9			-			9			n.m.			37			13			24			n.m.
Impairment of assets		9			70			(61	)		(87.1%	)		345			74			271			n.m.
Net earnings from discontinued operations		(211	)		(5	)		(206	)		n.m.			(226	)		(29	)		(197	)		n.m.
Adjusted net earnings (4)		731			784			(53	)		(6.8%	)		2,730			3,119			(389	)		(12.5%	)
Adjusted EPS (4)	$	0.81		$	0.86		$	(0.05	)		(5.8%	)	$	3.02		$	3.46		$	(0.44	)		(12.7%	)

n.m. : not meaningful

^(A) Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 2

BCE

Consolidated Operational Data - Historical Trend

(In millions of Canadian dollars, except share amounts) (unaudited)		TOTAL 2020			Q4 20			Q3 20			Q2 20			Q1 20			TOTAL 2019			Q4 19			Q3 19			Q2 19			Q1 19
Operating revenues
Service		19,832			5,090			4,924			4,800			5,018			20,566			5,235			5,141			5,190			5,000
Product		3,051			1,012			863			554			622			3,227			1,040			799			699			689
Total operating revenues		22,883			6,102			5,787			5,354			5,640			23,793			6,275			5,940			5,889			5,689
Operating costs (A)		(13,007	)		(3,633	)		(3,268	)		(2,959	)		(3,147	)		(13,541	)		(3,731	)		(3,312	)		(3,259	)		(3,239	)
Post-employment benefit plans service cost		(269	)		(65	)		(65	)		(64	)		(75	)		(246	)		(60	)		(60	)		(58	)		(68	)
Adjusted EBITDA		9,607			2,404			2,454			2,331			2,418			10,006			2,484			2,568			2,572			2,382
Adjusted EBITDA margin		42.0%			39.4%			42.4%			43.5%			42.9%			42.1%			39.6%			43.2%			43.7%			41.9%
Severance, acquisition and other costs		(116	)		(52	)		(26	)		(22	)		(16	)		(114	)		(28	)		(23	)		(39	)		(24	)
Depreciation		(3,475	)		(872	)		(876	)		(869	)		(858	)		(3,458	)		(854	)		(852	)		(879	)		(873	)
Amortization		(929	)		(233	)		(232	)		(234	)		(230	)		(886	)		(224	)		(225	)		(220	)		(217	)
Finance costs
Interest expense		(1,110	)		(274	)		(279	)		(280	)		(277	)		(1,125	)		(285	)		(280	)		(279	)		(281	)
Interest on post-employment benefit obligations		(46	)		(11	)		(12	)		(11	)		(12	)		(63	)		(16	)		(16	)		(15	)		(16	)
Impairment of assets		(472	)		(12	)		(4	)		(449	)		(7	)		(102	)		(96	)		(1	)		(1	)		(4	)
Other (expense) income		(194	)		(38	)		(29	)		(80	)		(47	)		95			(18	)		62			(54	)		105
Income taxes		(792	)		(191	)		(262	)		(96	)		(243	)		(1,129	)		(245	)		(319	)		(275	)		(290	)
Net earnings from continuing operations		2,473			721			734			290			728			3,224			718			914			810			782
Net earnings from discontinued operations		226			211			6			4			5			29			5			8			7			9
Net earnings		2,699			932			740			294			733			3,253			723			922			817			791
Net earnings from continuing operations attributable to:
Common shareholders		2,272			678			686			233			675			3,011			667			859			754			731
Preferred shareholders		136			32			32			34			38			151			38			37			38			38
Non-controlling interest		65			11			16			23			15			62			13			18			18			13
Net earnings from continuing operations		2,473			721			734			290			728			3,224			718			914			810			782
Net earnings attributable to:
Common shareholders		2,498			889			692			237			680			3,040			672			867			761			740
Preferred shareholders		136			32			32			34			38			151			38			37			38			38
Non-controlling interest		65			11			16			23			15			62			13			18			18			13
Net earnings		2,699			932			740			294			733			3,253			723			922			817			791
Net earnings per common share - basic and diluted
Continuing operations	$	2.51		$	0.75		$	0.76		$	0.26		$	0.74		$	3.34		$	0.73		$	0.96		$	0.84		$	0.81
Discontinued operations	$	0.25		$	0.23		$	0.01		$	-		$	0.01		$	0.03		$	0.01		$	-		$	0.01		$	0.01
Net earnings per common share - basic and diluted	$	2.76		$	0.98		$	0.77		$	0.26		$	0.75		$	3.37		$	0.74		$	0.96		$	0.85		$	0.82
Dividends per common share	$	3.3300		$	0.8325		$	0.8325		$	0.8325		$	0.8325		$	3.1700		$	0.7925		$	0.7925		$	0.7925		$	0.7925
Weighted average number of common shares outstanding - basic (millions)		904.3			904.4			904.3			904.3			904.1			900.8			903.8			901.4			899.5			898.4
Weighted average number of common shares outstanding - diluted (millions)		904.4			904.4			904.4			904.4			904.5			901.4			904.8			902.2			900.3			898.7
Number of common shares outstanding (millions)		904.4			904.4			904.3			904.3			904.3			903.9			903.9			903.7			900.1			898.8
Adjusted net earnings and EPS
Net earnings attributable to common shareholders		2,498			889			692			237			680			3,040			672			867			761			740
Severance, acquisition and other costs		85			38			19			16			12			83			20			17			28			18
Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans		37			-			10			7			20			(101	)		45			(64	)		(9	)		(73	)
Net (gains) losses on investments		(46	)		(3	)		(22	)		(11	)		(10	)		39			(18	)		-			53			4
Early debt redemption costs		37			9			16			-			12			13			-			-			13			-
Impairment of assets		345			9			3			328			5			74			70			-			1			3
Net earnings from discontinued operations		(226	)		(211	)		(6	)		(4	)		(5	)		(29	)		(5	)		(8	)		(7	)		(9	)
Adjusted net earnings		2,730			731			712			573			714			3,119			784			812			840			683
Adjusted EPS	$	3.02		$	0.81		$	0.79		$	0.63		$	0.79		$	3.46		$	0.86		$	0.91		$	0.93		$	0.76

^(A) Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 3

BCE ^{(1) (2) (3)}

Segmented Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4         2020			Q4 2019			$ change			% change			TOTAL 2020			TOTAL 2019			$ change			% change
Operating revenues
Bell Wireless		2,408			2,454			(46	)		(1.9%	)		8,683			9,001			(318	)		(3.5%	)
Bell Wireline		3,095			3,135			(40	)		(1.3%	)		12,206			12,317			(111	)		(0.9%	)
Bell Media		791			879			(88	)		(10.0%)			2,750			3,217			(467	)		(14.5%	)
Inter-segment eliminations		(192	)		(193	)		1			0.5%			(756	)		(742	)		(14	)		(1.9%)
Total		6,102			6,275			(173	)		(2.8%)			22,883			23,793			(910	)		(3.8%	)
Operating costs
Bell Wireless		(1,505	)		(1,523	)		18			1.2%			(5,017	)		(5,210	)		193			3.7%
Bell Wireline		(1,783	)		(1,787	)		4			0.2%			(6,960	)		(6,952	)		(8	)		(0.1%	)
Bell Media		(602	)		(674	)		72			10.7%			(2,055	)		(2,367	)		312			13.2%
Inter-segment eliminations		192			193			(1	)		(0.5%)			756			742			14			1.9%
Total		(3,698	)		(3,791	)		93			2.5%			(13,276	)		(13,787	)		511			3.7%
Adjusted EBITDA
Bell Wireless		903			931			(28	)		(3.0%)			3,666			3,791			(125	)		(3.3%	)
Margin		37.5%			37.9%						(0.4) pts			42.2%			42.1%						0.1 pts
Bell Wireline		1,312			1,348			(36	)		(2.7%)			5,246			5,365			(119	)		(2.2%	)
Margin		42.4%			43.0%						(0.6) pts			43.0%			43.6%						(0.6) pts
Bell Media		189			205			(16	)		(7.8%)			695			850			(155	)		(18.2%	)
Margin		23.9%			23.3%						0.6 pts			25.3%			26.4%						(1.1) pts
Total		2,404			2,484			(80	)		(3.2%)			9,607			10,006			(399	)		(4.0%	)
Margin		39.4%			39.6%						(0.2) pts			42.0%			42.1%						(0.1) pts
Capital expenditures
Bell Wireless		392			203			(189	)		(93.1%)			916			671			(245	)		(36.5%)
Capital intensity (5)		16.3%			8.3%						(8.0) pts			10.5%			7.5%						(3.0) pts
Bell Wireline		1,053			910			(143	)		(15.7%)			3,161			3,195			34			1.1%
Capital intensity		34.0%			29.0%						(5.0) pts			25.9%			25.9%						-
Bell Media		49			37			(12	)		(32.4%)			125			108			(17	)		(15.7%	)
Capital intensity		6.2%			4.2%						(2.0) pts			4.5%			3.4%						(1.1) pts
Total		1,494			1,150			(344	)		(29.9%)			4,202			3,974			(228	)		(5.7%	)
Capital intensity		24.5%			18.3%						(6.2) pts			18.4%			16.7%						(1.7) pts

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 4

BCE

Segmented Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2020			Q4 20			Q3 20			Q2 20			Q1 20			TOTAL 2019			Q4 19			Q3 19			Q2 19			Q1 19
Operating revenues
Bell Wireless		8,683			2,408			2,318			1,922			2,035			9,001			2,454			2,310			2,160			2,077
Bell Wireline		12,206			3,095			3,032			3,043			3,036			12,317			3,135			3,057			3,073			3,052
Bell Media		2,750			791			628			579			752			3,217			879			751			842			745
Inter-segment eliminations		(756	)		(192	)		(191	)		(190	)		(183	)		(742	)		(193	)		(178	)		(186	)		(185	)
Total		22,883			6,102			5,787			5,354			5,640			23,793			6,275			5,940			5,889			5,689
Operating costs
Bell Wireless		(5,017	)		(1,505	)		(1,362	)		(1,043	)		(1,107	)		(5,210	)		(1,523	)		(1,310	)		(1,192	)		(1,185	)
Bell Wireline		(6,960	)		(1,783	)		(1,712	)		(1,764	)		(1,701	)		(6,952	)		(1,787	)		(1,715	)		(1,723	)		(1,727	)
Bell Media		(2,055	)		(602	)		(450	)		(406	)		(597	)		(2,367	)		(674	)		(525	)		(588	)		(580	)
Inter-segment eliminations		756			192			191			190			183			742			193			178			186			185
Total		(13,276	)		(3,698	)		(3,333	)		(3,023	)		(3,222	)		(13,787	)		(3,791	)		(3,372	)		(3,317	)		(3,307	)
Adjusted EBITDA
Bell Wireless		3,666			903			956			879			928			3,791			931			1,000			968			892
Margin		42.2%			37.5%			41.2%			45.7%			45.6%			42.1%			37.9%			43.3%			44.8%			42.9%
Bell Wireline		5,246			1,312			1,320			1,279			1,335			5,365			1,348			1,342			1,350			1,325
Margin		43.0%			42.4%			43.5%			42.0%			44.0%			43.6%			43.0%			43.9%			43.9%			43.4%
Bell Media		695			189			178			173			155			850			205			226			254			165
Margin		25.3%			23.9%			28.3%			29.9%			20.6%			26.4%			23.3%			30.1%			30.2%			22.1%
Total		9,607			2,404			2,454			2,331			2,418			10,006			2,484			2,568			2,572			2,382
Margin		42.0%			39.4%			42.4%			43.5%			42.9%			42.1%			39.6%			43.2%			43.7%			41.9%
Capital expenditures
Bell Wireless		916			392			212			182			130			671			203			161			159			148
Capital intensity		10.5%			16.3%			9.1%			9.5%			6.4%			7.5%			8.3%			7.0%			7.4%			7.1%
Bell Wireline		3,161			1,053			792			694			622			3,195			910			826			784			675
Capital intensity		25.9%			34.0%			26.1%			22.8%			20.5%			25.9%			29.0%			27.0%			25.5%			22.1%
Bell Media		125			49			27			24			25			108			37			22			24			25
Capital intensity		4.5%			6.2%			4.3%			4.1%			3.3%			3.4%			4.2%			2.9%			2.9%			3.4%
Total		4,202			1,494			1,031			900			777			3,974			1,150			1,009			967			848
Capital intensity		18.4%			24.5%			17.8%			16.8%			13.8%			16.7%			18.3%			17.0%			16.4%			14.9%

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 5

Bell Wireless ^{(1) (3)}

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2020		Q4 2019		% change	TOTAL 2020		TOTAL 2019		% change
Bell Wireless
Operating revenues
External service revenues	1,543		1,582		(2.5%)	6,122		6,323		(3.2%	)
Inter-segment service revenues	11		12		(8.3%)	47		49		(4.1%)
Total operating service revenues	1,554		1,594		(2.5%)	6,169		6,372		(3.2%)
External product revenues	851		857		(0.7%)	2,508		2,623		(4.4%)
Inter-segment product revenues	3		3		-	6		6		-
Total operating product revenues	854		860		(0.7%)	2,514		2,629		(4.4%)
Total external revenues	2,394		2,439		(1.8%)	8,630		8,946		(3.5%)
Total operating revenues	2,408		2,454		(1.9%)	8,683		9,001		(3.5%)
Operating costs	(1,505	)	(1,523	)	1.2%	(5,017	)	(5,210	)	3.7%
Adjusted EBITDA	903		931		(3.0%)	3,666		3,791		(3.3%)
Adjusted EBITDA margin (Total operating revenues)	37.5%		37.9%		(0.4) pts	42.2%		42.1%		0.1 pts
Capital expenditures	392		203		(93.1%)	916		671		(36.5%)
Capital intensity	16.3%		8.3%		(8.0) pts	10.5%		7.5%		(3.0) pts
Wireless subscriber gross activations (5)	512,219		596,019		(14.1%)	1,805,732		2,117,517		(14.7%)
Postpaid	394,948		455,111		(13.2%)	1,286,307		1,568,729		(18.0%)
Prepaid	117,271		140,908		(16.8%)	519,425		548,788		(5.4%)
Wireless subscriber net activations (losses)	81,256		123,582		(34.2%)	263,721		515,409		(48.8%)
Postpaid	92,928		121,599		(23.6%)	225,739		401,955		(43.8%)
Prepaid	(11,672	)	1,983		n.m.	37,982		113,454		(66.5%)
Wireless subscribers end of period (EOP)	10,221,683		9,957,962		2.6%	10,221,683		9,957,962		2.6%
Postpaid	9,385,679		9,159,940		2.5%	9,385,679		9,159,940		2.5%
Prepaid	836,004		798,022		4.8%	836,004		798,022		4.8%
Blended average billing per user (ABPU)($/month) (5) (A)	64.71		67.35		(3.9%)	64.69		68.36		(5.4%)
Churn (%) (average per month) (5)	1.41%		1.60%		0.19 pts	1.28%		1.39%		0.11 pts
Postpaid	1.11%		1.28%		0.17 pts	0.99%		1.13%		0.14 pts
Prepaid	4.79%		5.14%		0.35 pts	4.60%		4.44%		(0.16) pts

n.m. : not meaningful

^(A)  In Q1 2020, we updated our definition of ABPU to include monthly billings related to device financing receivables owing from customers on contract. Consequently, we restated previously reported 2019 ABPU for comparability. See Note 5, Key performance indicators (KPIs), for the definition of ABPU.

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 6

Bell Wireless - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2020			Q4 20			Q3 20			Q2 20			Q1 20			TOTAL 2019			Q4 19			Q3 19			Q2 19			Q1 19
Bell Wireless
Operating revenues
External service revenues		6,122			1,543			1,563			1,481			1,535			6,323			1,582			1,633			1,580			1,528
Inter-segment service revenues		47			11			12			12			12			49			12			13			12			12
Total operating service revenues		6,169			1,554			1,575			1,493			1,547			6,372			1,594			1,646			1,592			1,540
External product revenues		2,508			851			742			428			487			2,623			857			664			566			536
Inter-segment product revenues		6			3			1			1			1			6			3			-			2			1
Total operating product revenues		2,514			854			743			429			488			2,629			860			664			568			537
Total external revenues		8,630			2,394			2,305			1,909			2,022			8,946			2,439			2,297			2,146			2,064
Total operating revenues		8,683			2,408			2,318			1,922			2,035			9,001			2,454			2,310			2,160			2,077
Operating costs		(5,017	)		(1,505	)		(1,362	)		(1,043	)		(1,107	)		(5,210	)		(1,523	)		(1,310	)		(1,192	)		(1,185	)
Adjusted EBITDA		3,666			903			956			879			928			3,791			931			1,000			968			892
Adjusted EBITDA margin (Total operating revenues)		42.2%			37.5%			41.2%			45.7%			45.6%			42.1%			37.9%			43.3%			44.8%			42.9%
Capital expenditures		916			392			212			182			130			671			203			161			159			148
Capital intensity		10.5%			16.3%			9.1%			9.5%			6.4%			7.5%			8.3%			7.0%			7.4%			7.1%
Wireless subscriber gross activations		1,805,732			512,219			514,384			372,710			406,419			2,117,517			596,019			593,547			517,650			410,301
Postpaid		1,286,307			394,948			365,781			243,166			282,412			1,568,729			455,111			417,966			375,094			320,558
Prepaid		519,425			117,271			148,603			129,544			124,007			548,788			140,908			175,581			142,556			89,743
Wireless subscriber net activations (losses)		263,721			81,256			128,168			34,702			19,595			515,409			123,582			204,067			149,478			38,282
Postpaid		225,739			92,928			87,529			21,632			23,650			401,955			121,599			127,172			102,980			50,204
Prepaid		37,982			(11,672	)		40,639			13,070			(4,055	)		113,454			1,983			76,895			46,498			(11,922	)
Wireless subscribers EOP		10,221,683			10,221,683			10,140,427			10,012,259			9,977,557			9,957,962			9,957,962			9,834,380			9,630,313			9,480,835
Postpaid		9,385,679			9,385,679			9,292,751			9,205,222			9,183,590			9,159,940			9,159,940			9,038,341			8,911,169			8,808,189
Prepaid		836,004			836,004			847,676			807,037			793,967			798,022			798,022			796,039			719,144			672,646
Blended ABPU ($/month)(A)		64.69			64.71			65.74			62.77			65.53			68.36			67.35			69.94			68.79			67.35
Churn (%)(average per month)		1.28%			1.41%			1.28%			1.13%			1.30%			1.39%			1.60%			1.34%			1.29%			1.31%
Postpaid		0.99%			1.11%			1.04%			0.82%			0.97%			1.13%			1.28%			1.12%			1.06%			1.07%
Prepaid		4.60%			4.79%			3.98%			4.63%			5.03%			4.44%			5.14%			3.89%			4.20%			4.49%

^(A)  In Q1 2020, we updated our definition of ABPU to include monthly billings related to device financing receivables owing from customers on contract. Consequently, we restated previously reported 2019 ABPU for comparability. See Note 5, Key performance indicators (KPIs), for the definition of ABPU.

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 7

Bell Wireline ^{(1) (2) (3)}

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2020			Q4 2019			% change		TOTAL 2020			TOTAL 2019			% change
Bell Wireline
Operating revenues
Data		1,953			1,925			1.5%		7,691			7,617			1.0%
Voice		828			879			(5.8%)		3,402			3,564			(4.5%)
Other services		67			69			(2.9%)		248			251			(1.2%)
Total external service revenues		2,848			2,873			(0.9%)		11,341			11,432			(0.8%)
Inter-segment service revenues		85			79			7.6%		321			281			14.2%
Total operating service revenues		2,933			2,952			(0.6%)		11,662			11,713			(0.4%)
Data		148			166			(10.8%)		494			556			(11.2%)
Equipment and other		13			17			(23.5%)		49			48			2.1%
Total external product revenues		161			183			(12.0%)		543			604			(10.1%)
Inter-segment product revenues		1			-			n.m.		1			-			n.m.
Total operating product revenues		162			183			(11.5%)		544			604			(9.9%)
Total external revenues		3,009			3,056			(1.5%)		11,884			12,036			(1.3%)
Total operating revenues		3,095			3,135			(1.3%)		12,206			12,317			(0.9%)
Operating costs		(1,783	)		(1,787	)		0.2%		(6,960	)		(6,952	)		(0.1%)
Adjusted EBITDA		1,312			1,348			(2.7%)		5,246			5,365			(2.2%)
Adjusted EBITDA margin		42.4%			43.0%			(0.6) pts		43.0%			43.6%			(0.6) pts
Capital expenditures		1,053			910			(15.7%)		3,161			3,195			1.1%
Capital intensity		34.0%			29.0%			(5.0) pts		25.9%			25.9%			-
Retail high-speed Internet subscribers (5)
Retail net activations		44,512			35,639			24.9%		148,989			135,861			9.7%
Retail subscribers EOP		3,704,590			3,555,601			4.2%		3,704,590			3,555,601			4.2%
Retail TV subscribers (5)
Retail net subscriber activations (losses)		536			421			27.3%		(33,859	)		6,053			n.m.
Internet protocol television (IPTV)		21,106			22,039			(4.2%)		39,191			91,476			(57.2%)
Satellite		(20,570	)		(21,618	)		4.8%		(73,050	)		(85,423	)		14.5%
Total retail subscribers EOP		2,738,605			2,772,464			(1.2%)		2,738,605			2,772,464			(1.2%)
IPTV		1,806,373			1,767,182			2.2%		1,806,373			1,767,182			2.2%
Satellite		932,232			1,005,282			(7.3%)		932,232			1,005,282			(7.3%)
Retail residential network access services (NAS) (5)
Retail residential NAS lines net losses		(53,759	)		(58,110	)		7.5%		(213,551	)		(263,325	)		18.9%
Retail residential NAS lines		2,483,932			2,697,483			(7.9%)		2,483,932			2,697,483			(7.9%)

n.m. : not meaningful

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 8

Bell Wireline - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2020			Q4 20			Q3 20			Q2 20			Q1 20			TOTAL 2019			Q4 19			Q3 19			Q2 19			Q1 19
Bell Wireline
Operating revenues
Data		7,691			1,953			1,931			1,916			1,891			7,617			1,925			1,912			1,914			1,866
Voice		3,402			828			839			863			872			3,564			879			881			897			907
Other services		248			67			61			58			62			251			69			61			62			59
Total external service revenues		11,341			2,848			2,831			2,837			2,825			11,432			2,873			2,854			2,873			2,832
Inter-segment service revenues		321			85			80			80			76			281			79			68			67			67
Total operating service revenues		11,662			2,933			2,911			2,917			2,901			11,713			2,952			2,922			2,940			2,899
Data		494			148			110			113			123			556			166			125			123			142
Equipment and other		49			13			11			13			12			48			17			10			10			11
Total external product revenues		543			161			121			126			135			604			183			135			133			153
Inter-segment product revenues		1			1			-			-			-			-			-			-			-			-
Total operating product revenues		544			162			121			126			135			604			183			135			133			153
Total external revenues		11,884			3,009			2,952			2,963			2,960			12,036			3,056			2,989			3,006			2,985
Total operating revenues		12,206			3,095			3,032			3,043			3,036			12,317			3,135			3,057			3,073			3,052
Operating costs		(6,960	)		(1,783	)		(1,712	)		(1,764	)		(1,701	)		(6,952	)		(1,787	)		(1,715	)		(1,723	)		(1,727	)
Adjusted EBITDA		5,246			1,312			1,320			1,279			1,335			5,365			1,348			1,342			1,350			1,325
Adjusted EBITDA margin		43.0%			42.4%			43.5%			42.0%			44.0%			43.6%			43.0%			43.9%			43.9%			43.4%
Capital expenditures		3,161			1,053			792			694			622			3,195			910			826			784			675
Capital intensity		25.9%			34.0%			26.1%			22.8%			20.5%			25.9%			29.0%			27.0%			25.5%			22.1%
Retail high-speed Internet subscribers
Retail net activations		148,989			44,512			62,859			19,023			22,595			135,861			35,639			58,137			19,414			22,671
Retail subscribers EOP		3,704,590			3,704,590			3,660,078			3,597,219			3,578,196			3,555,601			3,555,601			3,519,962			3,461,825			3,442,411
Retail TV subscribers
Retail net subscriber (losses) activations		(33,859	)		536			(296	)		(15,544	)		(18,555	)		6,053			421			4,842			2,350			(1,560	)
IPTV		39,191			21,106			18,837			(3,604	)		2,852			91,476			22,039			31,746			16,775			20,916
Satellite		(73,050	)		(20,570	)		(19,133	)		(11,940	)		(21,407	)		(85,423	)		(21,618	)		(26,904	)		(14,425	)		(22,476	)
Total retail subscribers EOP		2,738,605			2,738,605			2,738,069			2,738,365			2,753,909			2,772,464			2,772,464			2,772,043			2,767,201			2,764,851
IPTV		1,806,373			1,806,373			1,785,267			1,766,430			1,770,034			1,767,182			1,767,182			1,745,143			1,713,397			1,696,622
Satellite		932,232			932,232			952,802			971,935			983,875			1,005,282			1,005,282			1,026,900			1,053,804			1,068,229
Retail residential network access services (NAS)
Retail residential NAS lines net losses		(213,551	)		(53,759	)		(49,792	)		(48,405	)		(61,595	)		(263,325	)		(58,110	)		(65,656	)		(72,780	)		(66,779	)
Retail residential NAS lines		2,483,932			2,483,932			2,537,691			2,587,483			2,635,888			2,697,483			2,697,483			2,755,593			2,821,249			2,894,029

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 9

BCE⁽²⁾

Net debt and other information

BCE - Net debt and preferred shares
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)
																December 31 2020			September 30 2020			June 30 2020			March 31 2020			December 31 2019
Debt due within one year																	2,417			2,904			2,584			4,209			3,881
Long-term debt																	23,906			24,914			25,024			25,513			22,415
50% of preferred shares																	2,002			2,002			2,002			2,002			2,002
Cash and cash equivalents																	(224	)		(1,679	)		(1,547	)		(2,679	)		(145	)
Net debt (4)																	28,101			28,141			28,063			29,045			28,153
Net debt leverage ratio (4)																	2.93			2.91			2.86			2.89			2.81
Adjusted EBITDA /net interest expense ratio (4)																	8.32			8.29			8.36			8.58			8.50
Cash flow information
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)							Q4         2020			Q4 2019			$ change			% change			TOTAL 2020			TOTAL 2019			$ change			% change
Free cash flow (FCF) (4)
Cash flows from operating activities								1,631			2,091			(460	)		(22.0%)			7,754			7,958			(204	)		(2.6%)
Capital expenditures								(1,494	)		(1,150	)		(344	)		(29.9%)			(4,202	)		(3,974	)		(228	)		(5.7%)
Cash dividends paid on preferred shares								(31	)		(37	)		6			16.2%			(132	)		(147	)		15			10.2%
Cash dividends paid by subsidiaries to non-controlling interest								(16	)		(14	)		(2	)		(14.3%)			(53	)		(65	)		12			18.5%
Acquisition and other costs paid								2			7			(5	)		(71.4%)			35			60			(25	)		(41.7%)
Cash from discontinued operations (included in cash flows from operating activities)								-			(23	)		23			100.0%			(54	)		(94	)		40			42.6%
FCF								92			874			(782	)		(89.5%)			3,348			3,738			(390	)		(10.4%)
Cash flow information - Historical trend
(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2020			Q4 2020			Q3 2020			Q2 2020			Q1 2020			TOTAL 2019			Q4 2019			Q3 2019			Q2 2019			Q1 2019
FCF
Cash flows from operating activities		7,754			1,631			2,110			2,562			1,451			7,958			2,091			2,258			2,093			1,516
Capital expenditures		(4,202	)		(1,494	)		(1,031	)		(900	)		(777	)		(3,974	)		(1,150	)		(1,009	)		(967	)		(848	)
Cash dividends paid on preferred shares		(132	)		(31	)		(32	)		(33	)		(36	)		(147	)		(37	)		(47	)		(37	)		(26	)
Cash dividends paid by subsidiaries to non-controlling interest		(53	)		(16	)		(11	)		(12	)		(14	)		(65	)		(14	)		(12	)		(12	)		(27	)
Acquisition and other costs paid		35			2			13			11			9			60			7			3			21			29
Cash from discontinued operations (included in cash flows from operating activities)		(54	)		-			(15	)		(17	)		(22	)		(94	)		(23	)		(24	)		(22	)		(25	)
FCF		3,348			92			1,034			1,611			611			3,738			874			1,169			1,076			619

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 10

BCE ⁽²⁾

Consolidated Statements of Financial Position

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	December 31 2020			September 30 2020			June 30 2020				March 31 2020			December 31 2019
ASSETS
Current assets
Cash		224			1,482			1,297				943			141
Cash equivalents		-			197			250				1,736			4
Trade and other receivables		3,528			2,945			2,812				2,990			3,038
Inventory		439			425			445				487			427
Contract assets		687			799			921				1,037			1,111
Contract costs		402			401			399				416			415
Prepaid expenses		209			264			301		��		280			194
Other current assets		199			191			212				419			190
Assets held for sale		-			829			825				-			-
Total current assets		5,688			7,533			7,462				8,308			5,520
Non-current assets
Contract assets		256			273			328				452			533
Contract costs		362			351			341				363			368
Property, plant and equipment		27,513			27,057			26,840				27,432			27,636
Intangible assets		13,102			12,931			12,897				13,513			13,352
Deferred tax assets		106			142			123				90			98
Investments in associates and joint ventures		756			772			718				730			698
Post-employment benefit assets		1,277			895			764				2,613			558
Other non-current assets		1,001			1,116			1,167				1,347			716
Goodwill		10,604			10,552			10,551				10,667			10,667
Total non-current assets		54,977			54,089			53,729				57,207			54,626
Total assets		60,665			61,622			61,191				65,515			60,146
LIABILITIES
Current liabilities
Trade payables and other liabilities		3,935			3,566			3,341				3,335			3,954
Contract liabilities		717			699			723				725			683
Interest payable		222			190			229				192			227
Dividends payable		766			767			766				767			729
Current tax liabilities		214			292			287				186			303
Debt due within one year		2,417			2,904			2,584				4,209			3,881
Liabilities held for sale		-			159			205				-			-
Total current liabilities		8,271			8,577			8,135				9,414			9,777
Non-current liabilities
Contract liabilities		242			223			216				211			207
Long-term debt		23,906			24,914			25,024				25,513			22,415
Deferred tax liabilities		3,810			3,827			3,765				4,444			3,561
Post-employment benefit obligations		1,962			1,969			1,980				1,603			1,907
Other non-current liabilities		1,145			1,032			934				906			871
Total non-current liabilities		31,065			31,965			31,919				32,677			28,961
Total liabilities		39,336			40,542			40,054				42,091			38,738
EQUITY
Equity attributable to BCE shareholders
Preferred shares		4,003			4,004			4,004				4,004			4,004
Common shares		20,390			20,386			20,386				20,386			20,363
Contributed surplus		1,174			1,168			1,155				1,156			1,178
Accumulated other comprehensive income		103			258			386				528			161
Deficit		(4,681	)		(5,087	)		(5,142	)			(2,990	)		(4,632	)
Total equity attributable to BCE shareholders		20,989			20,729			20,789				23,084			21,074
Non-controlling interest		340			351			348				340			334
Total equity		21,329			21,080			21,137				23,424			21,408
Total liabilities and equity		60,665			61,622			61,191				65,515			60,146
Number of common shares outstanding (millions)		904.4			904.3			904.3				904.3			903.9

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 11

BCE ⁽²⁾

Consolidated Cash Flow Data

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	Q4 2020			Q4 2019			$ change			TOTAL 2020			TOTAL 2019			$ change
Net earnings from continuing operations		721			718			3			2,473			3,224			(751	)
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities
Severance, acquisition and other costs		52			28			24			116			114			2
Depreciation and amortization		1,105			1,078			27			4,404			4,344			60
Post-employment benefit plans cost		76			76			-			315			309			6
Net interest expense		269			280			(11	)		1,087			1,101			(14	)
Impairment of assets		12			96			(84	)		472			102			370
Losses on investments		(3	)		(22	)		19			(3	)		(18	)		15
Income taxes		191			245			(54	)		792			1,129			(337	)
Contributions to post-employment benefit plans		(78	)		(77	)		(1	)		(297	)		(290	)		(7	)
Payments under other post-employment benefit plans		(17	)		(18	)		1			(61	)		(72	)		11
Severance and other costs paid		(19	)		(23	)		4			(78	)		(167	)		89
Interest paid		(235	)		(261	)		26			(1,112	)		(1,079	)		(33	)
Income taxes paid (net of refunds)		(383	)		(221	)		(162	)		(846	)		(725	)		(121	)
Acquisition and other costs paid		(2	)		(7	)		5			(35	)		(60	)		25
Net change in operating assets and liabilities		(58	)		176			(234	)		473			(48	)		521
Cash from discontinued operations		-			23			(23	)		54			94			(40	)
Cash flows from operating activities		1,631			2,091			(460	)		7,754			7,958			(204	)
Capital expenditures		(1,494	)		(1,150	)		(344	)		(4,202	)		(3,974	)		(228	)
Cash dividends paid on preferred shares		(31	)		(37	)		6			(132	)		(147	)		15
Cash dividends paid by subsidiaries to non-controlling interest		(16	)		(14	)		(2	)		(53	)		(65	)		12
Acquisition and other costs paid		2			7			(5	)		35			60			(25	)
Cash from discontinued operations (included in cash flows from operating activities)		-			(23	)		23			(54	)		(94	)		40
Free cash flow		92			874			(782	)		3,348			3,738			(390	)
Cash from discontinued operations (included in cash flows from operating activities)		-			23			(23	)		54			94			(40	)
Business acquisitions		(42	)		-			(42	)		(65	)		(51	)		(14	)
Acquisition and other costs paid		(2	)		(7	)		5			(35	)		(60	)		25
Acquisition of spectrum licences		-			-			-			(86	)		-			(86	)
Other investing activities		(12	)		(5	)		(7	)		(79	)		7			(86	)
Cash from (used in) discontinued operations (included in cash flows from investing activities)		913			(7	)		920			892			(18	)		910
Decrease in notes payable		(524	)		(851	)		327			(1,641	)		(1,073	)		(568	)
Increase in securitized trade receivables		23			100			(77	)		-			131			(131	)
Issue of long-term debt		-			-			-			6,006			1,954			4,052
Repayment of long-term debt		(1,094	)		(196	)		(898	)		(5,003	)		(2,221	)		(2,782	)
Issue of common shares		4			15			(11	)		26			240			(214	)
Purchase of shares for settlement of share-based payments		(54	)		(42	)		(12	)		(263	)		(142	)		(121	)
Cash dividends paid on common shares		(753	)		(716	)		(37	)		(2,975	)		(2,819	)		(156	)
Other financing activities		(6	)		(7	)		1			(93	)		(54	)		(39	)
Cash used in discontinued operations (included in cash flows from financing activities)		-			(2	)		2			(7	)		(6	)		(1	)
		(1,547	)		(1,695	)		148			(3,269	)		(4,018	)		749
Net (decrease) increase in cash and cash equivalents		(1,455	)		(821	)		(634	)		79			(280	)		359
Cash and cash equivalents at beginning of period		1,679			966			713			145			425			(280	)
Cash and cash equivalents at end of period		224			145			79			224			145			79

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 12

BCE

Consolidated Cash Flow Data - Historical Trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)	TOTAL 2020			Q4 20			Q3 20			Q2 20			Q1 20			TOTAL 2019			Q4 19			Q3 19			Q2 19			Q1 19
Net earnings from continuing operations		2,473			721			734			290			728			3,224			718			914			810			782
Adjustments to reconcile net earnings from continuing operations to cash flows from operating activities
Severance, acquisition and other costs		116			52			26			22			16			114			28			23			39			24
Depreciation and amortization		4,404			1,105			1,108			1,103			1,088			4,344			1,078			1,077			1,099			1,090
Post-employment benefit plans cost		315			76			77			75			87			309			76			76			73			84
Net interest expense		1,087			269			273			275			270			1,101			280			274			271			276
Impairment of assets		472			12			4			449			7			102			96			1			1			4
Losses on investments		(3	)		(3	)		-			-			-			(18	)		(22	)		-			-			4
Income taxes		792			191			262			96			243			1,129			245			319			275			290
Contributions to post-employment benefit plans		(297	)		(78	)		(69	)		(71	)		(79	)		(290	)		(77	)		(62	)		(70	)		(81	)
Payments under other post-employment benefit plans		(61	)		(17	)		(15	)		(12	)		(17	)		(72	)		(18	)		(17	)		(19	)		(18	)
Severance and other costs paid		(78	)		(19	)		(11	)		(13	)		(35	)		(167	)		(23	)		(45	)		(33	)		(66	)
Interest paid		(1,112	)		(235	)		(321	)		(240	)		(316	)		(1,079	)		(261	)		(284	)		(269	)		(265	)
Income taxes paid (net of refunds)		(846	)		(383	)		(236	)		6			(233	)		(725	)		(221	)		(88	)		(127	)		(289	)
Acquisition and other costs paid		(35	)		(2	)		(13	)		(11	)		(9	)		(60	)		(7	)		(3	)		(21	)		(29	)
Net change in operating assets and liabilities		473			(58	)		276			576			(321	)		(48	)		176			49			42			(315	)
Cash from discontinued operations		54			-			15			17			22			94			23			24			22			25
Cash flows from operating activities		7,754			1,631			2,110			2,562			1,451			7,958			2,091			2,258			2,093			1,516
Capital expenditures		(4,202	)		(1,494	)		(1,031	)		(900	)		(777	)		(3,974	)		(1,150	)		(1,009	)		(967	)		(848	)
Cash dividends paid on preferred shares		(132	)		(31	)		(32	)		(33	)		(36	)		(147	)		(37	)		(47	)		(37	)		(26	)
Cash dividends paid by subsidiaries to non-controlling interest		(53	)		(16	)		(11	)		(12	)		(14	)		(65	)		(14	)		(12	)		(12	)		(27	)
Acquisition and other costs paid		35			2			13			11			9			60			7			3			21			29
Cash from discontinued operations (included in cash flows from operating activities)		(54	)		-			(15	)		(17	)		(22	)		(94	)		(23	)		(24	)		(22	)		(25	)
Free cash flow		3,348			92			1,034			1,611			611			3,738			874			1,169			1,076			619
Cash from discontinued operations (included in cash flows from operating activities)		54			-			15			17			22			94			23			24			22			25
Business acquisitions		(65	)		(42	)		-			(23	)		-			(51	)		-			(1	)		(50	)		-
Acquisition and other costs paid		(35	)		(2	)		(13	)		(11	)		(9	)		(60	)		(7	)		(3	)		(21	)		(29	)
Acquisition of spectrum licences		(86	)		-			(85	)		-			(1	)		-			-			-			-			-
Other investing activities		(79	)		(12	)		(49	)		(13	)		(5	)		7			(5	)		4			32			(24	)
Cash from (used in) discontinued operations (included in cash flows from investing activities)		892			913			(6	)		(8	)		(7	)		(18	)		(7	)		(4	)		(5	)		(2	)
(Decrease) increase in notes payable		(1,641	)		(524	)		317			(1,204	)		(230	)		(1,073	)		(851	)		(1,066	)		277			567
Increase (decrease) in securitized trade receivables		-			23			(23	)		(400	)		400			131			100			-			-			31
Issue of long-term debt		6,006			-			750			1,975			3,281			1,954			-			549			1,405			-
Repayment of long-term debt		(5,003	)		(1,094	)		(979	)		(2,221	)		(709	)		(2,221	)		(196	)		(225	)		(1,597	)		(203	)
Issue of common shares		26			4			-			-			22			240			15			161			44			20
Purchase of shares for settlement of share-based payments		(263	)		(54	)		(40	)		(75	)		(94	)		(142	)		(42	)		(14	)		(10	)		(76	)
Cash dividends paid on common shares		(2,975	)		(753	)		(753	)		(753	)		(716	)		(2,819	)		(716	)		(713	)		(712	)		(678	)
Other financing activities		(93	)		(6	)		(32	)		(25	)		(30	)		(54	)		(7	)		(8	)		(33	)		(6	)
Cash used in discontinued operations (included in cash flows from financing activities)		(7	)		-			(4	)		(2	)		(1	)		(6	)		(2	)		(1	)		(2	)		(1	)
		(3,269	)		(1,547	)		(902	)		(2,743	)		1,923			(4,018	)		(1,695	)		(1,297	)		(650	)		(376	)
Net increase (decrease) in cash and cash equivalents		79			(1,455	)		132			(1,132	)		2,534			(280	)		(821	)		(128	)		426			243
Cash and cash equivalents at beginning of period		145			1,679			1,547			2,679			145			425			966			1,094			668			425
Cash and cash equivalents at end of period		224			224			1,679			1,547			2,679			145			145			966			1,094			668

BCE Supplementary Financial Information - Fourth Quarter 2020 Page 13

Accompanying Notes

(1) Our results are reported in three segments: Bell Wireless, Bell Wireline and Bell Media. Our segments reflect how we manage our business and how we classify our operations for planning and measuring performance.

Throughout this report, we, us, our, BCE and the company mean, as the context may require, either BCE Inc. or, collectively, BCE Inc., Bell Canada, their subsidiaries, joint arrangements and associates. Bell means, as the context may require, either Bell Canada or, collectively, Bell Canada, its subsidiaries, joint arrangements and associates.

(2) On June 1, 2020, BCE announced that it had entered into an agreement to sell substantially all of its data centre operations in an all-cash transaction valued at $1.04 billion. We have reclassified amounts related to the sale for the previous year to discontinued operations in our consolidated income statements and consolidated statements of cash flows to make them consistent with the presentation for the current year. Property, plant and equipment and intangible assets that were sold were no longer depreciated or amortized effective June 1, 2020. The sale was completed in the fourth quarter of 2020.

(3) To align with changes in how we manage our business and assess performance, the operating results of our public safety land radio network business are now included within our Bell Wireline segment effective January 1, 2020, with prior periods restated for comparative purposes. Previously, these results were included within our Bell Wireless segment. Our public safety land radio network business, which builds and manages land mobile radio networks primarily for the government sector, is now managed by our Bell Business Markets team in order to better serve our customers with end-to-end communications solutions.

(4) Non-GAAP Financial Measures

In Q2 2020, we updated our definitions of adjusted net earnings, adjusted EPS and free cash flow to exclude the impacts of discontinued operations as they may affect the comparability of our financial results and could potentially distort the analysis of trends in business performance. As a result of this change, prior periods have been restated for comparative purposes.

Adjusted EBITDA and adjusted EBITDA margin

The terms adjusted EBITDA and adjusted EBITDA margin 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 EBITDA as operating revenues less operating costs (including post-employment benefit plans service cost) as shown in BCE’s consolidated income statements. Adjusted EBITDA for BCE’s segments is the same as segment profit as reported in BCE’s consolidated financial statements. 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.

BCE Supplementary Financial Information – Fourth Quarter 2020 Page 14

Adjusted net earnings and adjusted 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 mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and non-controlling interest (NCI). We define adjusted EPS as adjusted net earnings per BCE common share.

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 mark-to-market losses (gains) on derivatives used to economically hedge equity settled share-based compensation plans, net losses (gains) on investments, early debt redemption costs, impairment of assets and discontinued operations, net of tax and NCI. 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, as reconciled in this document.

Free cash flow

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

We define free cash flow as cash flows from operating activities, excluding cash from discontinued operations, 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 NCI. We exclude cash from discontinued operations, acquisition and other costs paid and voluntary pension funding 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.

We consider free cash flow to be an important indicator of the financial strength and performance of our businesses because it shows how much cash is available to pay dividends on common shares, 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 and to evaluate the financial strength and performance of our businesses.

The most comparable IFRS financial measure is cash flows from operating activities, as reconciled in this document.

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.

We define net debt as debt due within one year plus long-term debt and 50% of preferred shares, less cash and cash equivalents, as shown in BCE’s consolidated statements of financial position. 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.

BCE Supplementary Financial Information – Fourth Quarter 2020 Page 15

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.

The adjusted EBITDA to net interest expense ratio 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, plus 50% of declared preferred share dividends as shown in our income statements.

(5) 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.

Average billing per user (ABPU) or subscriber approximates the average amount billed to customers on a monthly basis, including monthly billings related to device financing receivables owing from customers on contract, which is used to track our recurring billing streams. Wireless blended ABPU is calculated by dividing certain customer billings by the average subscriber base for the specified period and is expressed as a dollar unit per month.

Capital intensity is capital expenditures divided by operating revenues.

Churn is the rate at which existing subscribers cancel their services. It is a measure of our ability to retain our customers. Wireless churn is calculated by dividing the number of deactivations during a given period by the average number of subscribers in the base for the specified period and is expressed as a percentage per month.

Wireless subscriber unit is comprised of an active revenue-generating unit (e.g. mobile device, tablet or wireless Internet products), with a unique identifier (typically International Mobile Equipment Identity (IMEI) number), that has access to our wireless networks. We report wireless subscriber units in two categories: postpaid and prepaid. Prepaid subscriber units are considered active for a period of 90 days following the expiry of the subscriber’s prepaid balance.

Wireline subscriber unit consists of an active revenue-generating unit with access to our services, including retail Internet, satellite TV, IPTV, and/or NAS. A subscriber is included in our subscriber base when the service has been installed and is operational at the customer premise and a billing relationship has been established.

● Retail Internet, IPTV and satellite TV subscribers have access to stand-alone services, and are primarily represented by a dwelling unit

● Retail NAS subscribers are based on a line count and are represented by a unique telephone number

BCE Supplementary Financial Information – Fourth Quarter 2020 Page 16