Q2

Supplementary

Financial Information

Second Quarter 2020

BCE Investor Relations

Thane Fotopoulos 514-870-4619thane.fotopoulos@bell.ca

BCE (1) (2) (3)

Consolidated Operational Data

Q2

Q2

YTD

YTD

(In millions of Canadian dollars, except share amounts) (unaudited)

2020

2019

$ change

% change

2020

2019

$ change

% change

Operating revenues

4,800

9,818

Service

5,190

(390)

(7.5%)

10,190

(372)

(3.7%)

Product

554

699

(145)

(20.7%)

1,176

1,388

(212)

(15.3%)

Total operating revenues

5,354

5,889

(535)

(9.1%)

10,994

11,578

(584)

(5.0%)

Operating costs (A)

(2,959)

(3,259)

300

9.2%

(6,106)

(6,498)

392

6.0%

Post-employment benefit plans service cost

(64)

(58)

(6)

(10.3%)

(139)

(126)

(13)

(10.3%)

Adjusted EBITDA (4)

2,331

2,572

(241)

(9.4%)

4,749

4,954

(205)

(4.1%)

Adjusted EBITDA margin (4)

43.5%

43.7%

(0.2) pts

43.2%

42.8%

0.4 pts

Severance, acquisition and other costs

(22)

(39)

17

43.6%

(38)

(63)

25

39.7%

Depreciation

(869)

(879)

10

1.1%

(1,727)

(1,752)

25

1.4%

Amortization

(234)

(220)

(14)

(6.4%)

(464)

(437)

(27)

(6.2%)

Finance costs

(280)

(557)

Interest expense

(279)

(1)

(0.4%)

(560)

3

0.5%

Interest on post-employment benefit obligations

(11)

(15)

4

26.7%

(23)

(31)

8

25.8%

Impairment of assets

(449)

(1)

(448)

n.m.

(456)

(5)

(451)

n.m.

Other (expense) income

(80)

(54)

(26)

(48.1%)

(127)

51

(178)

n.m.

Income taxes

(96)

(275)

179

65.1%

(339)

(565)

226

40.0%

Net earnings from continuing operations

290

810

(520)

(64.2%)

1,018

1,592

(574)

(36.1%)

Net earnings from discontinued operations

4

7

(3)

(42.9%)

9

16

(7)

(43.8%)

Net earnings

294

817

(523)

(64.0%)

1,027

1,608

(581)

(36.1%)

Net earnings from continuing operations attributable to:

233

908

Common shareholders

754

(521)

(69.1%)

1,485

(577)

(38.9%)

Preferred shareholders

34

38

(4)

(10.5%)

72

76

(4)

(5.3%)

Non-controlling interest

23

18

5

27.8%

38

31

7

22.6%

Net earnings from continuing operations

290

810

(520)

(64.2%)

1,018

1,592

(574)

(36.1%)

Net earnings attributable to:

237

917

Common shareholders

761

(524)

(68.9%)

1,501

(584)

(38.9%)

Preferred shareholders

34

38

(4)

(10.5%)

72

76

(4)

(5.3%)

Non-controlling interest

23

18

5

27.8%

38

31

7

22.6%

Net earnings

294

817

(523)

(64.0%)

1,027

1,608

(581)

(36.1%)

Net earnings per common share - basic and diluted

$

0.26

$

1.00

Continuing operations

$

0.84

$

(0.58)

(69.0%)

$

1.65

$

(0.65)

(39.4%)

Discontinued operations

$

-

$

0.01

$

(0.01)

(100.0%)

$

0.01

$

0.02

$

(0.01)

(50.0%)

Net earnings per common share - basic and diluted

$

0.26

$

0.85

$

(0.59)

(69.4%)

$

1.01

$

1.67

$

(0.66)

(39.5%)

Dividends per common share

$

0.8325

$

0.7925

$

0.04

5.0%

$

1.6650

$

1.5850

$

0.08

5.0%

Weighted average number of common shares outstanding - basic (millions)

904.3

899.5

904.2

898.9

Weighted average number of common shares outstanding - diluted (millions)

904.4

900.3

904.4

899.4

Number of common shares outstanding (millions)

904.3

900.1

904.3

900.1

Adjusted net earnings and EPS

Net earnings attributable to common shareholders

237

761

(524)

(68.9%)

917

1,501

(584)

(38.9%)

Severance, acquisition and other costs

16

28

(12)

(42.9%)

28

46

(18)

(39.1%)

Net mark-to-market losses (gains) on derivatives used to economically hedge equity settled

share-based compensation plans

7

(9)

16

n.m.

27

(82)

109

n.m.

Net (gains) losses on investments

(11)

53

(64)

n.m.

(21)

57

(78)

n.m.

Early debt redemption costs

-

13

(13)

(100.0%)

12

13

(1)

(7.7%)

Impairment of assets

328

1

327

n.m.

333

4

329

n.m.

Net earnings from discontinued operations

(4)

(7)

3

42.9%

(9)

(16)

7

43.8%

Adjusted net earnings (4)

573

840

(267)

(31.8%)

1,287

1,523

(236)

(15.5%)

Impact on net earnings per share

$

0.37

$

0.09

$

0.28

n.m.

$

0.42

$

0.04

$

0.38

n.m.

Adjusted EPS (4)

$

0.63

$

0.93

$

(0.30)

(32.3%)

$

1.42

$

1.69

$

(0.27)

(16.0%)

n.m. : not meaningful

(A) Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information - Second Quarter 2020 Page 2

BCE

Consolidated Operational Data - Historical Trend

(In millions of Canadian dollars, except share amounts) (unaudited)

YTD

Q2 20

Q1 20

TOTAL

Q4 19

Q3 19

Q2 19

Q1 19

2020

2019

Operating revenues

9,818

4,800

Service

5,018

20,566

5,235

5,141

5,190

5,000

Product

1,176

554

622

3,227

1,040

799

699

689

Total operating revenues

10,994

5,354

5,640

23,793

6,275

5,940

5,889

5,689

Operating costs (A)

(6,106)

(2,959)

(3,147)

(13,541)

(3,731)

(3,312)

(3,259)

(3,239)

Post-employment benefit plans service cost

(139)

(64)

(75)

(246)

(60)

(60)

(58)

(68)

Adjusted EBITDA

4,749

2,331

2,418

10,006

2,484

2,568

2,572

2,382

Adjusted EBITDA margin

43.2%

43.5%

42.9%

42.1%

39.6%

43.2%

43.7%

41.9%

Severance, acquisition and other costs

(38)

(22)

(16)

(114)

(28)

(23)

(39)

(24)

Depreciation

(1,727)

(869)

(858)

(3,458)

(854)

(852)

(879)

(873)

Amortization

(464)

(234)

(230)

(886)

(224)

(225)

(220)

(217)

Finance costs

(557)

(280)

Interest expense

(277)

(1,125)

(285)

(280)

(279)

(281)

Interest on post-employment benefit obligations

(23)

(11)

(12)

(63)

(16)

(16)

(15)

(16)

Impairment of assets

(456)

(449)

(7)

(102)

(96)

(1)

(1)

(4)

Other (expense) income

(127)

(80)

(47)

95

(18)

62

(54)

105

Income taxes

(339)

(96)

(243)

(1,129)

(245)

(319)

(275)

(290)

Net earnings from continuing operations

1,018

290

728

3,224

718

914

810

782

Net earnings from discontinued operations

9

4

5

29

5

8

7

9

Net earnings

1,027

294

733

3,253

723

922

817

791

Net earnings from continuing operations attributable to:

908

233

Common shareholders

675

3,011

667

859

754

731

Preferred shareholders

72

34

38

151

38

37

38

38

Non-controlling interest

38

23

15

62

13

18

18

13

Net earnings from continuing operations

1,018

290

728

3,224

718

914

810

782

Net earnings attributable to:

917

237

680

3,040

672

867

761

740

Common shareholders

Preferred shareholders

72

34

38

151

38

37

38

38

Non-controlling interest

38

23

15

62

13

18

18

13

Net earnings

1,027

294

733

3,253

723

922

817

791

Net earnings per common share - basic and diluted

$

1.00

$

0.26

Continuing operations

$

0.74

$

3.34

$

0.73

$

0.96

$

0.84

$

0.81

Discontinued operations

$

0.01

$

-

$

0.01

$

0.03

$

0.01

$

-

$

0.01

$

0.01

Net earnings per common share - basic and diluted

$

1.01

$

0.26

$

0.75

$

3.37

$

0.74

$

0.96

$

0.85

$

0.82

Dividends per common share

$

1.6650

$

0.8325

$

0.8325

$

3.1700

$

0.7925

$

0.7925

$

0.7925

$

0.7925

Weighted average number of common shares outstanding - basic (millions)

904.2

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

904.5

901.4

904.8

902.2

900.3

898.7

Number of common shares outstanding (millions)

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

917

237

680

3,040

672

867

761

740

Severance, acquisition and other costs

28

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

27

7

20

(101)

45

(64)

(9)

(73)

Net (gains) losses on investments

(21)

(11)

(10)

39

(18)

-

53

4

Early debt redemption costs

12

-

12

13

-

-

13

-

Impairment of assets

333

328

5

74

70

-

1

3

Net earnings from discontinued operations

(9)

(4)

(5)

(29)

(5)

(8)

(7)

(9)

Adjusted net earnings

1,287

573

714

3,119

784

812

840

683

Impact on net earnings per share

$

0.42

$

0.37

$

0.05

$

0.12

$

0.13

$

(0.05)

$

0.09

$

(0.05)

Adjusted EPS

$

1.42

$

0.63

$

0.79

$

3.46

$

0.86

$

0.91

$

0.93

$

0.76

  1. Excludes post-employment benefit plans service cost

BCE Supplementary Financial Information - Second Quarter 2020 Page 3

BCE (1) (2) (3)

Segmented Data

Q2

Q2

YTD

YTD

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

2019

$ change

% change

2020

2019

$ change

% change

Operating revenues

Bell Wireless

1,922

2,160

(238)

(11.0%)

3,957

4,237

(280)

(6.6%)

Bell Wireline

3,043

3,073

(30)

(1.0%)

6,079

6,125

(46)

(0.8%)

Bell Media

579

842

(263)

(31.2%)

1,331

1,587

(256)

(16.1%)

Inter-segment eliminations

(190)

(186)

(4)

(2.2%)

(373)

(371)

(2)

(0.5%)

Total

5,354

5,889

(535)

(9.1%)

10,994

11,578

(584)

(5.0%)

Operating costs

Bell Wireless

(1,043)

(1,192)

149

12.5%

(2,150)

(2,377)

227

9.5%

Bell Wireline

(1,764)

(1,723)

(41)

(2.4%)

(3,465)

(3,450)

(15)

(0.4%)

Bell Media

(406)

(588)

182

31.0%

(1,003)

(1,168)

165

14.1%

Inter-segment eliminations

190

186

4

2.2%

373

371

2

0.5%

Total

(3,023)

(3,317)

294

8.9%

(6,245)

(6,624)

379

5.7%

Adjusted EBITDA

Bell Wireless

879

968

(89)

(9.2%)

1,807

1,860

(53)

(2.8%)

Margin

45.7%

44.8%

0.9 pts

45.7%

43.9%

1.8 pts

Bell Wireline

1,279

1,350

(71)

(5.3%)

2,614

2,675

(61)

(2.3%)

Margin

42.0%

43.9%

(1.9) pts

43.0%

43.7%

(0.7) pts

Bell Media

173

254

(81)

(31.9%)

328

419

(91)

(21.7%)

Margin

29.9%

30.2%

(0.3) pts

24.6%

26.4%

(1.8) pts

Total

2,331

2,572

(241)

(9.4%)

4,749

4,954

(205)

(4.1%)

Margin

43.5%

43.7%

(0.2) pts

43.2%

42.8%

0.4 pts

Capital expenditures

Bell Wireless

182

159

(23)

(14.5%)

312

307

(5)

(1.6%)

Capital intensity (5)

9.5%

7.4%

(2.1) pts

7.9%

7.2%

(0.7) pts

Bell Wireline

694

784

90

11.5%

1,316

1,459

143

9.8%

Capital intensity

22.8%

25.5%

2.7 pts

21.6%

23.8%

2.2 pts

Bell Media

24

24

-

-

49

49

-

-

Capital intensity

4.1%

2.9%

(1.2) pts

3.7%

3.1%

(0.6) pts

Total

900

967

67

6.9%

1,677

1,815

138

7.6%

Capital intensity

16.8%

16.4%

(0.4) pts

15.3%

15.7%

0.4 pts

BCE Supplementary Financial Information - Second Quarter 2020 Page 4

BCE

Segmented Data - Historical Trend

TOTAL

TOTAL

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

Q2 20

Q1 20

2019

Q4 19

Q3 19

Q2 19

Q1 19

Operating revenues

Bell Wireless

3,957

1,922

2,035

9,001

2,454

2,310

2,160

2,077

Bell Wireline

6,079

3,043

3,036

12,317

3,135

3,057

3,073

3,052

Bell Media

1,331

579

752

3,217

879

751

842

745

Inter-segment eliminations

(373)

(190)

(183)

(742)

(193)

(178)

(186)

(185)

Total

10,994

5,354

5,640

23,793

6,275

5,940

5,889

5,689

Operating costs

Bell Wireless

(2,150)

(1,043)

(1,107)

(5,210)

(1,523)

(1,310)

(1,192)

(1,185)

Bell Wireline

(3,465)

(1,764)

(1,701)

(6,952)

(1,787)

(1,715)

(1,723)

(1,727)

Bell Media

(1,003)

(406)

(597)

(2,367)

(674)

(525)

(588)

(580)

Inter-segment eliminations

373

190

183

742

193

178

186

185

Total

(6,245)

(3,023)

(3,222)

(13,787)

(3,791)

(3,372)

(3,317)

(3,307)

Adjusted EBITDA

Bell Wireless

1,807

879

928

3,791

931

1,000

968

892

Margin

45.7%

45.7%

45.6%

42.1%

37.9%

43.3%

44.8%

42.9%

Bell Wireline

2,614

1,279

1,335

5,365

1,348

1,342

1,350

1,325

Margin

43.0%

42.0%

44.0%

43.6%

43.0%

43.9%

43.9%

43.4%

Bell Media

328

173

155

850

205

226

254

165

Margin

24.6%

29.9%

20.6%

26.4%

23.3%

30.1%

30.2%

22.1%

Total

4,749

2,331

2,418

10,006

2,484

2,568

2,572

2,382

Margin

43.2%

43.5%

42.9%

42.1%

39.6%

43.2%

43.7%

41.9%

Capital expenditures

Bell Wireless

312

182

130

671

203

161

159

148

Capital intensity

7.9%

9.5%

6.4%

7.5%

8.3%

7.0%

7.4%

7.1%

Bell Wireline

1,316

694

622

3,195

910

826

784

675

Capital intensity

21.6%

22.8%

20.5%

25.9%

29.0%

27.0%

25.5%

22.1%

Bell Media

49

24

25

108

37

22

24

25

Capital intensity

3.7%

4.1%

3.3%

3.4%

4.2%

2.9%

2.9%

3.4%

Total

1,677

900

777

3,974

1,150

1,009

967

848

Capital intensity

15.3%

16.8%

13.8%

16.7%

18.3%

17.0%

16.4%

14.9%

BCE Supplementary Financial Information - Second Quarter 2020 Page 5

Bell Wireless (1) (3)

Q2

Q2

YTD

YTD

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

2019

% change

2020

2019

% change

Bell Wireless

Operating revenues

1,481

3,016

External service revenues

1,580

(6.3%)

3,108

(3.0%)

Inter-segment service revenues

12

12

-

24

24

-

Total operating service revenues

1,493

1,592

(6.2%)

3,040

3,132

(2.9%)

External product revenues

428

566

(24.4%)

915

1,102

(17.0%)

Inter-segment product revenues

1

2

(50.0%)

2

3

(33.3%)

Total operating product revenues

429

568

(24.5%)

917

1,105

(17.0%)

Total external revenues

1,909

2,146

(11.0%)

3,931

4,210

(6.6%)

Total operating revenues

1,922

2,160

(11.0%)

3,957

4,237

(6.6%)

Operating costs

(1,043)

(1,192)

12.5%

(2,150)

(2,377)

9.5%

Adjusted EBITDA

879

968

(9.2%)

1,807

1,860

(2.8%)

Adjusted EBITDA margin (Total operating revenues)

45.7%

44.8%

0.9 pts

45.7%

43.9%

1.8 pts

Capital expenditures

182

159

(14.5%)

312

307

(1.6%)

Capital intensity

9.5%

7.4%

(2.1) pts

7.9%

7.2%

(0.7) pts

Wireless subscriber gross activations (5)

372,710

517,650

(28.0%)

779,129

927,951

(16.0%)

Postpaid

243,166

375,094

(35.2%)

525,578

695,652

(24.4%)

Prepaid

129,544

142,556

(9.1%)

253,551

232,299

9.1%

Wireless subscriber net activations

34,702

149,478

(76.8%)

54,297

187,760

(71.1%)

Postpaid

21,632

102,980

(79.0%)

45,282

153,184

(70.4%)

Prepaid

13,070

46,498

(71.9%)

9,015

34,576

(73.9%)

Wireless subscribers end of period (EOP)

10,012,259

9,630,313

4.0%

10,012,259

9,630,313

4.0%

Postpaid

9,205,222

8,911,169

3.3%

9,205,222

8,911,169

3.3%

Prepaid

807,037

719,144

12.2%

807,037

719,144

12.2%

Blended average billing per user (ABPU)($/month) (5) (A)

62.77

68.79

(8.8%)

64.15

68.08

(5.8%)

Churn (%) (average per month) (5)

1.13%

1.29%

0.16 pts

1.21%

1.30%

0.09 pts

Postpaid

0.82%

1.06%

0.24 pts

0.90%

1.06%

0.16 pts

Prepaid

4.63%

4.20%

(0.43) pts

4.83%

4.34%

(0.49) pts

(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 - Second Quarter 2020 Page 6

Bell Wireless - Historical Trend

YTD

TOTAL

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

Q2 20

Q1 20

2019

Q4 19

Q3 19

Q2 19

Q1 19

Bell Wireless

Operating revenues

External service revenues

3,016

1,481

1,535

6,323

1,582

1,633

1,580

1,528

Inter-segment service revenues

24

12

12

49

12

13

12

12

Total operating service revenues

3,040

1,493

1,547

6,372

1,594

1,646

1,592

1,540

External product revenues

915

428

487

2,623

857

664

566

536

Inter-segment product revenues

2

1

1

6

3

-

2

1

Total operating product revenues

917

429

488

2,629

860

664

568

537

Total external revenues

3,931

1,909

2,022

8,946

2,439

2,297

2,146

2,064

Total operating revenues

3,957

1,922

2,035

9,001

2,454

2,310

2,160

2,077

Operating costs

(2,150)

(1,043)

(1,107)

(5,210)

(1,523)

(1,310)

(1,192)

(1,185)

Adjusted EBITDA

1,807

879

928

3,791

931

1,000

968

892

Adjusted EBITDA margin (Total operating revenues)

45.7%

45.7%

45.6%

42.1%

37.9%

43.3%

44.8%

42.9%

Capital expenditures

312

182

130

671

203

161

159

148

Capital intensity

7.9%

9.5%

6.4%

7.5%

8.3%

7.0%

7.4%

7.1%

Wireless subscriber gross activations

779,129

372,710

406,419

2,117,517

596,019

593,547

517,650

410,301

Postpaid

525,578

243,166

282,412

1,568,729

455,111

417,966

375,094

320,558

Prepaid

253,551

129,544

124,007

548,788

140,908

175,581

142,556

89,743

Wireless subscriber net activations (losses)

54,297

34,702

19,595

515,409

123,582

204,067

149,478

38,282

Postpaid

45,282

21,632

23,650

401,955

121,599

127,172

102,980

50,204

Prepaid

9,015

13,070

(4,055)

113,454

1,983

76,895

46,498

(11,922)

Wireless subscribers EOP

10,012,259

10,012,259

9,977,557

9,957,962

9,957,962

9,834,380

9,630,313

9,480,835

Postpaid

9,205,222

9,205,222

9,183,590

9,159,940

9,159,940

9,038,341

8,911,169

8,808,189

Prepaid

807,037

807,037

793,967

798,022

798,022

796,039

719,144

672,646

Blended ABPU ($/month)(A)

64.15

62.77

65.53

68.36

67.35

69.94

68.79

67.35

Churn (%)(average per month)

1.21%

1.13%

1.30%

1.39%

1.60%

1.34%

1.29%

1.31%

Postpaid

0.90%

0.82%

0.97%

1.13%

1.28%

1.12%

1.06%

1.07%

Prepaid

4.83%

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 - Second Quarter 2020 Page 7

Bell Wireline (1) (2) (3)

Q2

Q2

YTD

YTD

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

2019

% change

2020

2019

% change

Bell Wireline

Operating revenues

1,916

3,807

Data

1,914

0.1%

3,780

0.7%

Voice

863

897

(3.8%)

1,735

1,804

(3.8%)

Other services

58

62

(6.5%)

120

121

(0.8%)

Total external service revenues

2,837

2,873

(1.3%)

5,662

5,705

(0.8%)

Inter-segment service revenues

80

67

19.4%

156

134

16.4%

Total operating service revenues

2,917

2,940

(0.8%)

5,818

5,839

(0.4%)

Data

113

123

(8.1%)

236

265

(10.9%)

Equipment and other

13

10

30.0%

25

21

19.0%

Total external product revenues

126

133

(5.3%)

261

286

(8.7%)

Inter-segment product revenues

-

-

-

-

-

-

Total operating product revenues

126

133

(5.3%)

261

286

(8.7%)

Total external revenues

2,963

3,006

(1.4%)

5,923

5,991

(1.1%)

Total operating revenues

3,043

3,073

(1.0%)

6,079

6,125

(0.8%)

Operating costs

(1,764)

(1,723)

(2.4%)

(3,465)

(3,450)

(0.4%)

Adjusted EBITDA

1,279

1,350

(5.3%)

2,614

2,675

(2.3%)

Adjusted EBITDA margin

42.0%

43.9%

(1.9) pts

43.0%

43.7%

(0.7) pts

Capital expenditures

694

784

11.5%

1,316

1,459

9.8%

Capital intensity

22.8%

25.5%

2.7 pts

21.6%

23.8%

2.2 pts

Retail high-speed Internet subscribers (5)

Retail net activations

19,023

19,414

(2.0%)

41,618

42,085

(1.1%)

Retail subscribers EOP

3,597,219

3,461,825

3.9%

3,597,219

3,461,825

3.9%

Retail TV subscribers (5)

Retail net subscriber (losses) activations

(15,544)

2,350

(761.4%)

(34,099)

790

n.m.

Internet protocol television (IPTV)

(3,604)

16,775

(121.5%)

(752)

37,691

(102.0%)

Satellite

(11,940)

(14,425)

17.2%

(33,347)

(36,901)

9.6%

Total retail subscribers EOP

2,738,365

2,767,201

(1.0%)

2,738,365

2,767,201

(1.0%)

IPTV

1,766,430

1,713,397

3.1%

1,766,430

1,713,397

3.1%

Satellite

971,935

1,053,804

(7.8%)

971,935

1,053,804

(7.8%)

Retail residential network access services (NAS) (5)

Retail residential NAS lines net losses

(48,405)

(72,780)

33.5%

(110,000)

(139,559)

21.2%

Retail residential NAS lines

2,587,483

2,821,249

(8.3%)

2,587,483

2,821,249

(8.3%)

n.m. : not meaningful

BCE Supplementary Financial Information - Second Quarter 2020 Page 8

Bell Wireline - Historical Trend

YTD

TOTAL

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

Q2 20

Q1 20

2019

Q4 19

Q3 19

Q2 19

Q1 19

Bell Wireline

Operating revenues

3,807

1,916

Data

1,891

7,617

1,925

1,912

1,914

1,866

Voice

1,735

863

872

3,564

879

881

897

907

Other services

120

58

62

251

69

61

62

59

Total external service revenues

5,662

2,837

2,825

11,432

2,873

2,854

2,873

2,832

Inter-segment service revenues

156

80

76

281

79

68

67

67

Total operating service revenues

5,818

2,917

2,901

11,713

2,952

2,922

2,940

2,899

Data

236

113

123

556

166

125

123

142

Equipment and other

25

13

12

48

17

10

10

11

Total external product revenues

261

126

135

604

183

135

133

153

Inter-segment product revenues

-

-

-

-

-

-

-

-

Total operating product revenues

261

126

135

604

183

135

133

153

Total external revenues

5,923

2,963

2,960

12,036

3,056

2,989

3,006

2,985

Total operating revenues

6,079

3,043

3,036

12,317

3,135

3,057

3,073

3,052

Operating costs

(3,465)

(1,764)

(1,701)

(6,952)

(1,787)

(1,715)

(1,723)

(1,727)

Adjusted EBITDA

2,614

1,279

1,335

5,365

1,348

1,342

1,350

1,325

Adjusted EBITDA margin

43.0%

42.0%

44.0%

43.6%

43.0%

43.9%

43.9%

43.4%

Capital expenditures

1,316

694

622

3,195

910

826

784

675

Capital intensity

21.6%

22.8%

20.5%

25.9%

29.0%

27.0%

25.5%

22.1%

Retail high-speed Internet subscribers

Retail net activations

41,618

19,023

22,595

135,861

35,639

58,137

19,414

22,671

Retail subscribers EOP

3,597,219

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

(34,099)

(15,544)

(18,555)

6,053

421

4,842

2,350

(1,560)

IPTV

(752)

(3,604)

2,852

91,476

22,039

31,746

16,775

20,916

Satellite

(33,347)

(11,940)

(21,407)

(85,423)

(21,618)

(26,904)

(14,425)

(22,476)

Total retail subscribers EOP

2,738,365

2,738,365

2,753,909

2,772,464

2,772,464

2,772,043

2,767,201

2,764,851

IPTV

1,766,430

1,766,430

1,770,034

1,767,182

1,767,182

1,745,143

1,713,397

1,696,622

Satellite

971,935

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

(110,000)

(48,405)

(61,595)

(263,325)

(58,110)

(65,656)

(72,780)

(66,779)

Retail residential NAS lines

2,587,483

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 - Second 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)

June 30

March 31 December 31

2020

2020

2019

Debt due within one year

2,584

4,209

3,881

Long-term debt

25,024

25,513

22,415

50% of preferred shares

2,002

2,002

2,002

Cash and cash equivalents

(1,547)

(2,679)

(145)

Net debt (4)

28,063

29,045

28,153

Net debt leverage ratio (4)

2.86

2.89

2.81

Adjusted EBITDA /net interest expense ratio (4)

8.36

8.58

8.50

Cash flow information

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

Q2

Q2

YTD

YTD

2020

2019

$ change

% change

2020

2019

$ change

% change

Free cash flow (FCF) (4)

2,562

4,013

Cash flows from operating activities

2,093

469

22.4%

3,609

404

11.2%

Capital expenditures

(900)

(967)

67

6.9%

(1,677)

(1,815)

138

7.6%

Cash dividends paid on preferred shares

(33)

(37)

4

10.8%

(69)

(63)

(6)

(9.5%)

Cash dividends paid by subsidiaries to non-controlling interest

(12)

(12)

-

-

(26)

(39)

13

33.3%

Acquisition and other costs paid

11

21

(10)

(47.6%)

20

50

(30)

(60.0%)

Cash from discontinued operations (included in cash flows from

(17)

(39)

operating activities)

(22)

5

22.7%

(47)

8

17.0%

FCF

1,611

1,076

535

49.7%

2,222

1,695

527

31.1%

Cash flow information - Historical trend

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

YTD

Q2

Q1

TOTAL

Q4

Q3

Q2

Q1

FCF

2020

2020

2020

2019

2019

2019

2019

2019

4,013

2,562

Cash flows from operating activities

1,451

7,958

2,091

2,258

2,093

1,516

Capital expenditures

(1,677)

(900)

(777)

(3,974)

(1,150)

(1,009)

(967)

(848)

Cash dividends paid on preferred shares

(69)

(33)

(36)

(147)

(37)

(47)

(37)

(26)

Cash dividends paid by subsidiaries to non-controlling interest

(26)

(12)

(14)

(65)

(14)

(12)

(12)

(27)

Acquisition and other costs paid

20

11

9

60

7

3

21

29

Cash from discontinued operations (included in cash flows from

(39)

(17)

operating activities)

(22)

(94)

(23)

(24)

(22)

(25)

FCF

2,222

1,611

611

3,738

874

1,169

1,076

619

BCE Supplementary Financial Information - Second Quarter 2020 Page 10

BCE (2)

Consolidated Statements of Financial Position

June 30

March 31

December 31

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

2020

2019

ASSETS

Current assets

1,297

Cash

943

141

Cash equivalents

250

1,736

4

Trade and other receivables

2,812

2,990

3,038

Inventory

445

487

427

Contract assets

921

1,037

1,111

Contract costs

399

416

415

Prepaid expenses

301

280

194

Other current assets

212

419

190

Assets held for sale

825

-

-

Total current assets

7,462

8,308

5,520

Non-current assets

328

Contract assets

452

533

Contract costs

341

363

368

Property, plant and equipment

26,840

27,432

27,636

Intangible assets

12,897

13,513

13,352

Deferred tax assets

123

90

98

Investments in associates and joint ventures

718

730

698

Other non-current assets

1,931

3,960

1,274

Goodwill

10,551

10,667

10,667

Total non-current assets

53,729

57,207

54,626

Total assets

61,191

65,515

60,146

LIABILITIES

Current liabilities

3,341

Trade payables and other liabilities

3,335

3,954

Contract liabilities

723

725

683

Interest payable

229

192

227

Dividends payable

766

767

729

Current tax liabilities

287

186

303

Debt due within one year

2,584

4,209

3,881

Liabilities held for sale

205

-

-

Total current liabilities

8,135

9,414

9,777

Non-current liabilities

216

Contract liabilities

211

207

Long-term debt

25,024

25,513

22,415

Deferred tax liabilities

3,765

4,444

3,561

Post-employment benefit obligations

1,980

1,603

1,907

Other non-current liabilities

934

906

871

Total non-current liabilities

31,919

32,677

28,961

Total liabilities

40,054

42,091

38,738

EQUITY

Equity attributable to BCE shareholders

4,004

Preferred shares

4,004

4,004

Common shares

20,386

20,386

20,363

Contributed surplus

1,155

1,156

1,178

Accumulated other comprehensive income

386

528

161

Deficit

(5,142)

(2,990)

(4,632)

Total equity attributable to BCE shareholders

20,789

23,084

21,074

Non-controlling interest

348

340

334

Total equity

21,137

23,424

21,408

Total liabilities and equity

61,191

65,515

60,146

Number of common shares outstanding (millions)

904.3

904.3

903.9

BCE Supplementary Financial Information - Second Quarter 2020 Page 11

BCE (2)

Consolidated Cash Flow Data

Q2

YTD

Q2

YTD

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

2019

$ change

2020

2019

$ change

Net earnings from continuing operations

290

810

(520)

1,018

1,592

(574)

Adjustments to reconcile net earnings from continuing operations to cash flows from operating

activities

22

38

Severance, acquisition and other costs

39

(17)

63

(25)

Depreciation and amortization

1,103

1,099

4

2,191

2,189

2

Post-employment benefit plans cost

75

73

2

162

157

5

Net interest expense

275

271

4

545

547

(2)

Impairment of assets

449

1

448

456

5

451

Losses on investments

-

-

-

-

4

(4)

Income taxes

96

275

(179)

339

565

(226)

Contributions to post-employment benefit plans

(71)

(70)

(1)

(150)

(151)

1

Payments under other post-employment benefit plans

(12)

(19)

7

(29)

(37)

8

Severance and other costs paid

(13)

(33)

20

(48)

(99)

51

Interest paid

(240)

(269)

29

(556)

(534)

(22)

Income taxes paid (net of refunds)

6

(127)

133

(227)

(416)

189

Acquisition and other costs paid

(11)

(21)

10

(20)

(50)

30

Net change in operating assets and liabilities

576

42

534

255

(273)

528

Cash from discontinued operations

17

22

(5)

39

47

(8)

Cash flows from operating activities

2,562

2,093

469

4,013

3,609

404

Capital expenditures

(900)

(967)

67

(1,677)

(1,815)

138

Cash dividends paid on preferred shares

(33)

(37)

4

(69)

(63)

(6)

Cash dividends paid by subsidiaries to non-controlling interest

(12)

(12)

-

(26)

(39)

13

Acquisition and other costs paid

11

21

(10)

20

50

(30)

Cash from discontinued operations (included in cash flows from operating activities)

(17)

(22)

5

(39)

(47)

8

Free cash flow

1,611

1,076

535

2,222

1,695

527

Cash from discontinued operations (included in cash flows from operating activities)

17

22

(5)

39

47

(8)

Business acquisitions

(23)

(50)

27

(23)

(50)

27

Acquisition and other costs paid

(11)

(21)

10

(20)

(50)

30

Other investing activities

(13)

32

(45)

(19)

8

(27)

Cash used in discontinued operations (included in cash flows from investing activities)

(8)

(5)

(3)

(15)

(7)

(8)

(Decrease) increase in notes payable

(1,204)

277

(1,481)

(1,434)

844

(2,278)

(Decrease) increase in securitized trade receivables

(400)

-

(400)

-

31

(31)

Issue of long-term debt

1,975

1,405

570

5,256

1,405

3,851

Repayment of long-term debt

(2,221)

(1,597)

(624)

(2,930)

(1,800)

(1,130)

Issue of common shares

-

44

(44)

22

64

(42)

Purchase of shares for settlement of share-based payments

(75)

(10)

(65)

(169)

(86)

(83)

Cash dividends paid on common shares

(753)

(712)

(41)

(1,469)

(1,390)

(79)

Other financing activities

(25)

(33)

8

(55)

(39)

(16)

Cash used in discontinued operations (included in cash flows from financing activities)

(2)

(2)

-

(3)

(3)

-

(2,743)

(650)

(2,093)

(820)

(1,026)

206

Net (decrease) increase in cash and cash equivalents

(1,132)

426

(1,558)

1,402

669

733

Cash and cash equivalents at beginning of period

2,679

668

2,011

145

425

(280)

Cash and cash equivalents at end of period

1,547

1,094

453

1,547

1,094

453

BCE Supplementary Financial Information - Second Quarter 2020 Page 12

BCE

Consolidated Cash Flow Data - Historical Trend

YTD

TOTAL

(In millions of Canadian dollars, except where otherwise indicated) (unaudited)

2020

Q2 20

Q1 20

2019

Q4 19

Q3 19

Q2 19

Q1 19

Net earnings from continuing operations

1,018

290

728

3,224

718

914

810

782

Adjustments to reconcile net earnings from continuing operations to cash flows from

operating activities

38

22

Severance, acquisition and other costs

16

114

28

23

39

24

Depreciation and amortization

2,191

1,103

1,088

4,344

1,078

1,077

1,099

1,090

Post-employment benefit plans cost

162

75

87

309

76

76

73

84

Net interest expense

545

275

270

1,101

280

274

271

276

Impairment of assets

456

449

7

102

96

1

1

4

Losses on investments

-

-

-

(18)

(22)

-

-

4

Income taxes

339

96

243

1,129

245

319

275

290

Contributions to post-employment benefit plans

(150)

(71)

(79)

(290)

(77)

(62)

(70)

(81)

Payments under other post-employment benefit plans

(29)

(12)

(17)

(72)

(18)

(17)

(19)

(18)

Severance and other costs paid

(48)

(13)

(35)

(167)

(23)

(45)

(33)

(66)

Interest paid

(556)

(240)

(316)

(1,079)

(261)

(284)

(269)

(265)

Income taxes paid (net of refunds)

(227)

6

(233)

(725)

(221)

(88)

(127)

(289)

Acquisition and other costs paid

(20)

(11)

(9)

(60)

(7)

(3)

(21)

(29)

Net change in operating assets and liabilities

255

576

(321)

(48)

176

49

42

(315)

Cash from discontinued operations

39

17

22

94

23

24

22

25

Cash flows from operating activities

4,013

2,562

1,451

7,958

2,091

2,258

2,093

1,516

Capital expenditures

(1,677)

(900)

(777)

(3,974)

(1,150)

(1,009)

(967)

(848)

Cash dividends paid on preferred shares

(69)

(33)

(36)

(147)

(37)

(47)

(37)

(26)

Cash dividends paid by subsidiaries to non-controlling interest

(26)

(12)

(14)

(65)

(14)

(12)

(12)

(27)

Acquisition and other costs paid

20

11

9

60

7

3

21

29

Cash from discontinued operations (included in cash flows from operating activities)

(39)

(17)

(22)

(94)

(23)

(24)

(22)

(25)

Free cash flow

2,222

1,611

611

3,738

874

1,169

1,076

619

Cash from discontinued operations (included in cash flows from operating activities)

39

17

22

94

23

24

22

25

Business acquisitions

(23)

(23)

-

(51)

-

(1)

(50)

-

Acquisition and other costs paid

(20)

(11)

(9)

(60)

(7)

(3)

(21)

(29)

Other investing activities

(19)

(13)

(6)

7

(5)

4

32

(24)

Cash used in discontinued operations (included in cash flows from investing activities)

(15)

(8)

(7)

(18)

(7)

(4)

(5)

(2)

(Decrease) increase in notes payable

(1,434)

(1,204)

(230)

(1,073)

(851)

(1,066)

277

567

(Decrease) increase in securitized trade receivables

-

(400)

400

131

100

-

-

31

Issue of long-term debt

5,256

1,975

3,281

1,954

-

549

1,405

-

Repayment of long-term debt

(2,930)

(2,221)

(709)

(2,221)

(196)

(225)

(1,597)

(203)

Issue of common shares

22

-

22

240

15

161

44

20

Purchase of shares for settlement of share-based payments

(169)

(75)

(94)

(142)

(42)

(14)

(10)

(76)

Cash dividends paid on common shares

(1,469)

(753)

(716)

(2,819)

(716)

(713)

(712)

(678)

Other financing activities

(55)

(25)

(30)

(54)

(7)

(8)

(33)

(6)

Cash used in discontinued operations (included in cash flows from financing activities)

(3)

(2)

(1)

(6)

(2)

(1)

(2)

(1)

(820)

(2,743)

1,923

(4,018)

(1,695)

(1,297)

(650)

(376)

Net increase (decrease) in cash and cash equivalents

1,402

(1,132)

2,534

(280)

(821)

(128)

426

243

Cash and cash equivalents at beginning of period

145

2,679

145

425

966

1,094

668

425

Cash and cash equivalents at end of period

1,547

1,547

2,679

145

145

966

1,094

668

BCE Supplementary Financial Information - Second 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. The transaction is expected to close in the second half of 2020, subject to customary closing conditions. As a result, we have reclassified amounts related to the announced sale for the previous periods to discontinued operations in our consolidated income statements and consolidated statements of cash flows to make them consistent with the presentation for the current period. We have also reclassified the assets and liabilities of the data centre operations to be sold as held for sale in our consolidated statements of financial position at June 30, 2020, measured at their carrying amount, which is lower than the estimated fair value less costs to sell. Property, plant and equipment and intangible assets included in assets held for sale are no longer depreciated or amortized effective June 1, 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-GAAPFinancial 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 - Second 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.

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.

BCE Supplementary Financial Information - Second Quarter 2020 Page 15

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.

  1. 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 - Second Quarter 2020 Page 16

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BCE Inc. published this content on 06 August 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 August 2020 09:03:24 UTC