2023 Integrated annual report

Telco to Techco

2023 INTEGRATED ANNUAL REPORT

Bell is modernizing to a tech services and digital media leader. With the principles of low touch, low cost and simplification, our focus on operational transformation will speed up innovation and

time to market. We're building resilient networks and embracing automation to offer even better products, services and customer experiences. All with a continuing commitment to corporate responsibility that helps create

a better world, better communities and a better workplace.

Table of contents
About this report	2
Strategic overview	6
Caution regarding forward-lookingstatements	6
Who we are	8
Purpose and strategic imperatives	8
Bell for Better	9
Organizational overview	10
BCE 2023 at a glance	11
Leadership and recognition	12
Our financial performance	16
Message from the Chair of the Board	18
Message from the President and CEO	20
External operating context	22
Stakeholder engagement and key ESG topics	24
Value creation	25
Our value creation model	25
Our networks	26
- Building Canada's best networks
- Privacy and information security
Our customers and relationships	30
- Customers
- Community
- Suppliers
Our products and services	37
- Innovative digital technologies
- Contributing to a better world through our products and services
- Delivering compelling, original and meaningful content
Our environment	46
- A mature environmental management approach
- Climate change
- Circular economy
Our people	53
- Team member well-being
- Diversity, equity, inclusion and belonging
- Team member engagement and development
Our financial resources	60
- Shareholder returns and capital markets strategy
Climate-related risks and opportunities disclosures summary	63
Issues impacting value	66
Management's discussion and analysis	69
Reports on internal controls	170
Consolidated financial statements	172
Board of directors	222
Executives	223
Investor information	224

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About this report GRI 2-1, 2-2

This is our second Integrated annual report (referred to as "the report" or "this report"). In 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.

Our approach to integrated reporting
GRI 2-3
Since 1993, BCE has been publishing a Corporate Responsibility Report	Reporting Standards (IFRS) Foundation. With this, we became the
detailing our performance in managing environmental, social and	first major North American communications company to issue
governance (ESG) issues. In 2022, for the first time, we presented	an integrated report⁜(1). For more information on our corporate
both our financial and non-financial performance in an Integrated	responsibility performance, visit bce.ca/responsibilityor contact
annual report following the principles of the International Reporting	us [e-mail].
Framework (the Framework), now part of the International

Reporting structure and reporting period	GRI 2-3

This report includes the Strategic overview, the 2023 annual Management's discussion and analysis (BCE 2023 Annual MD&A) and the audited consolidated financial statements for the year ended December 31, 2023 (BCE 2023 Annual financial statements) of BCE Inc. All amounts in this report are in millions of Canadian dollars, except where noted. This report is dated March 7, 2024.

• The Strategic overview on pages 6 to 68 of this Integrated annual report provides a summary of BCE's value creation model. This includes the strategy and performance highlights for the period from January 1 to December 31, 2023, as at December 31, 2023. There are topics with exceptions to this calendar-year timeframe. Energy consumption, greenhouse gas (GHG) emissions and supplier engagement performance are based on data from July 1 of the previous year to June 30 of the reporting year. Energy savings (including electric, hybrid and more fuel-efficient vehicles) and circular economy performance are based on data from October 1 of the previous year to September 30 of the reporting year. The Commission for Complaints for Telecom-television Services (CCTS) report is from August 1, 2022 to July 31, 2023. The Key Performance Indicator (KPI) for employee engagement is based on results from the Bell Team Survey which ran from September 11 to 26, 2023.
• The Strategic overview has been prepared based on the principles set out in the Framework. We believe this approach provides a useful basis for disclosing how we seek to create sustained value for our stakeholders over time. Integral to the Framework are the six forms of "capital" (Our networks, Our customers and relationships, Our products and services, Our environment, Our people and Our financial resources) that serve as inputs to value creation. BCE introduces its capitals within our value creation model (page 25) and references them using icons throughout the Strategic overview and the BCE 2023 Annual MD&A to demonstrate how each capital links to our strategy, value creation and risk management.

• Pages 72 to 169 of this Integrated annual report present the BCE 2023 Annual MD&A, which comments on our business operations, performance, financial position and other matters for the years ended December 31, 2023 and December 31, 2022.
• Pages 172 to 221 of this Integrated annual report present the BCE 2023 Annual financial statements comprised of the consolidated statements of the financial positions of BCE Inc. and its subsidiaries as at December 31, 2023 and December 31, 2022, the related consolidated income statements, statements of comprehensive income, changes in financial position, equity, cash flows and the related notes.

Reporting criteria

The sustainability information included in this Integrated annual report has been prepared in accordance with the Global Reporting Initiative (GRI) Standards. These standards guide the identification of pertinent issues and their impact on both enterprise value, and on society and the environment. We also support the Task Force on Climate-related Financial Disclosures' (TCFD) recommendations, which are designed to help companies provide better information to support informed capital allocation. We provide a summary of our TCFD disclosures on pages 63 to 65 and we address the 11 TCFD recommendations in our 2023 BCE Climate action report. Furthermore, we measure and report on select Sustainability Accounting Standards Board (SASB) and Sustainable Development Goals (SDGs) metrics. As a signatory to the United Nations Global Compact (UNGC) since 2006, we report our progress in the areas of human rights, labour, environment and anti-corruption. This report describes the actions we have taken to implement the UNGC guidelines and principles, and serves as our Communication on Progress (COP). Bell is developing a roadmap to increase its alignment to the recently promulgated IFRS Sustainability Disclosure Standards in future reports.

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1. As of March 2, 2023, Bell's review of publicly available information for North American communications and telecommunications companies indicated Bell was the first of its North American communications and telecommunications competitors to publish an Integrated annual report based on the Integrated Reporting Framework.

BCE Inc. 2023 Integrated annual report

Throughout the Strategic overview, visual indicator tags for GRI and SASB have been integrated to allow stakeholders to identify where information relating to specific disclosure standards is presented. In addition, we have provided indices (GRI, SASB, UNGC, SDG and World Economic Forum) detailing how we respond to each standard, which are available in our ESG data summary. Some metrics disclosed within the Strategic overview do not specifically align with the named reporting standards, but rather have been developed internally by Bell to communicate the value created for stakeholders through our progress on a number of ESG initiatives.

Format

This Integrated annual report is available online in English and French. The PDF file is accessible on a standard computer screen, and by most screen readers used by the visually impaired. The document is also mobile-friendly. We strive to make information relevant to our target audiences accessible in this report and via hyperlinks to additional documents available on our website. To request this document in an alternative format, please send a request via this online form.

ESG and sustainability data verification	GRI 2-5

The content of the Strategic overview portion of our Integrated annual report and all referenced web pages and complementary reports have been reviewed and approved by Bell directors and vice presidents who are members of the Corporate Responsibility Board, which has the responsibility, among others, to embed corporate responsibility considerations into corporate and business unit strategies, in accordance with our Certification Procedures related to ESG Disclosures.

PricewaterhouseCoopers LLP (PwC) has performed a limited assurance engagement for select ESG metrics. The results are documented in a limited assurance statementavailable in the Responsibility sectionof our bce.ca website.

Restated data	GRI 2-4

2022 Network reliability

We restated the 2022 network reliability data to reflect a change on how we measure this metric (see Revised target below). The impact of this change is a 0.3 basis points of variation, from 99.9955% reported last year to 99.9952% based on 2023 methodology.

2022 Capital research and development expenditures

Our 2022 capital research and development (R&D) expenditure has been restated from $587M to $615M as costs in-scope were reassessed as part of ongoing Scientific Research and Experimental Development (SR&ED) activities .

2021 and 2022 e-waste recovery

Our 2021 and 2022 e-waste recovery data for mobile phones has been restated to include our Device Return Option collection stream. This will result in an increase of 620 mobile phones in 2021, and 17,436 mobile phones in 2022.

2020 to 2022 GHG emissions

Our 2020, 2021 and 2022 scope 3 emissions have been restated following a change in the calculation methodology. The previous database used for GHG emissions calculations from expenditures has been replaced by the factors in the U.S. CPE - US Environmentally- Extended Input-Output (USEEIO) model. This update affects categories 1, 2, 4 and 15 in scope 3. The impact of this recalculation is a decrease in upstream and downstream indirect emissions (scope 3) of 2.6% in 2020, 4.7% in 2021 and 3.4% in 2022.

2020, 2021 and 2022 lost time accident frequency rate

This year, we introduced improved reporting that enables us to capture only employee-worked hours, no longer including paid time off, in our frequency base. Although the change impacted our frequency rate for previous year results (from 1.11 to 1.20 (+8%) in 2022, from 1,10 to 1,24 (+13%) in 2021 and from 1.15 to 1.31 (+14%) in 2020), it more accurately reflects the injury rates of our employees while physically at work.

Revised targets	GRI 2-4

Network reliability

Network reliability - Fibre-to-the-home (FTTH): Maintain network reliability above 99.99%. In 2022, the Network reliability metric was based on the entire Internet network (FTTH and N-FTTH). In 2023 the network KPI changed for FTTH only.

Customer experience

We have moved from a target that aims to reduce the number of Bell complaints accepted by the CCTS, to a target that aims to reduce the overall percentage of Bell complaints to the CCTS.

Hazardous waste

We aim to divert 100% of generated hazardous waste to certified recyclers by the end of 2024. Our target was originally to have this completed by the end of 2023, but we are now aiming to complete it in 2024.

Gender diversity in executive representation

We maintain a target of 35% representation of gender diversity in executive positions. As of July 2023, we extended the date to achieve this goal to the end of 2025. Notably, we have successfully met our 2022 Catalyst Accord and 30% Club commitments(1), achieving over 30% representation. Given these accomplishments, we consider the target reasonable, and the revised timeline aligns with our broader commitment and strategy.

New metrics and targets

Our networks

Network coverage and accessibility - Wireline: Expand our pure fibre footprint to 8.3 million locations by the end of 2025.

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1. The Catalyst Accord 2022 calls on Canadian boards and CEOs to pledge to accelerate the advancement of women in business through these actions: Increase the average percentage of women on boards and women in executive positions in corporate Canada to 30% or greater by 2022.

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Explanation of certain climate-related terms, metrics and targets

Greenhouse gas (GHG) emissions

The Intergovernmental Panel on Climate Change (IPCC) defines GHG as gases in the atmosphere that absorb and emit radiation at specific wavelengths. This causes an increase in temperature also known as the greenhouse effect. The main GHGs are carbon dioxide (CO2), methane (CH4) and nitrous oxide (N2O), but there are other GHGs, such as sulphur hexafluoride (SF6), hydrofluorocarbons (HFC), and perfluorocarbons (PFCs). The commonly used unit to measure GHG emissions is tonnes of CO2 equivalent (tCO2e). To calculate the GHG emissions in tCO2e, the individual Global Warming Potential (GWP) of GHG must be considered. All GHGs have different characteristics that give them a specific lifetime in the atmosphere and radiation absorption properties. The GWP examines these characteristics for the emission of a unit of each gas and compares it to the emission of a unit of CO2. The larger the GWP, the more that a given gas warms the Earth compared to CO2 within the same timeframe. The IPCC provides GWP values that are used across countries and industries in order to have a unified factor for GHG emissions accounting and comparison.

Scope 1, 2 and 3 GHG emissions

Scope 1 emissions are direct GHG emissions from sources that are controlled by Bell. Scope 2 emissions are indirect GHG emissions associated with the consumption of purchased electricity, heating/ cooling and steam required by Bell's activities. Scope 1 and 2 emissions are sometimes collectively referred to in this report as "operational emissions". Scope 3 emissions are all indirect emissions (not included in scope 2) that occur in our value chain, including both upstream and downstream emissions.

By definition, GHG emissions from scope 3 (upstream and downstream indirect emissions) occur from sources owned or controlled by other entities in Bell's value chain (such as our suppliers, employees and customers). As a result, measuring scope 3 emissions is more complex than measuring scope 1 and scope 2 emissions, for which we are able to obtain primary data (such as litres of fuel consumed within our vehicle fleet and kilowatt-hours of electricity consumed within our buildings). For scope 3 categories for which primary data is not available, we have to rely on secondary data (such as financial data and industry-average data from published databases). These data collection challenges contribute to uncertainty in scope 3 emissions measurement.

Carbon abatement ratio

Many Bell technological solutions enable our customers to reduce their GHG emissions by optimizing transport, energy use and asset operations. Audio, video and web conferencing, teleworking, cloud computing, e-billing,e-learning, energy management, fleet management and tank monitoring are some examples. To understand the carbon abatement impact of our solutions we have worked with Groupe AGECO, a third-party consultant with expertise in GHG emissions quantification, to develop a methodology that estimates the carbon reduction capacity of our products and services used by our customers. These estimated benefits are calculated using the carbon abatement ratio, which represents the GHG emissions estimated to have been avoided by Bell's clients through the use of our technological solutions in comparison to our own operational (scope 1 and 2) GHG emissions. To do so, GHG emissions are estimated in a business-as-usual case where carbon reduction technology is not used compared to the case where Bell's solutions are used. The avoided GHG emissions correspond to the difference between the emissions estimated to have been generated in a business-as- usual case compared to the case where Bell's technological solutions are used. The emissions generated by Bell in providing solutions to customers are not deducted from the total carbon abatement of solutions, but are included in our operational emissions. Only the benefits resulting from technologies deployed to Bell's clients are considered, i.e., environmental benefits associated with solutions implemented within Bell's own operations are not included. An example of how the calculations were made is provided below:

Business-as-usual	Physical meeting in one room between
scenario	two or more participants, including the
	transportation to the meeting location
Bell's solution	Virtual meeting through a cloud-hosted
	platform with integrated video and
	audio conferencing, online presentations,
	shared applications and group document
	editing. Users can share their entire
	or part of their desktop, or a specific
	application with a small group of people
Carbon abatement	GHG emissions avoided from business
	travel for a meeting due to the use of
	Bell's web conferencing solution

The calculation method of the carbon abatement ratio is based on existing methodologies developed in the Information and Communications Technology (ICT) sector. The calculation, as shown below, is based on assumptions that are dependent on customers' behaviour over which Bell has no control.

GHG emissions (business as usual case) - GHG emissions

(using Bell's solutions case)

Carbon abatement ratio =

Bell's total operational GHG emissions (scope 1 & 2)

4 BCE Inc. 2023 Integrated annual report

Carbon neutrality

We will measure our carbon neutrality performance based on our operational GHG emissions (scope 1 and scope 2 emissions in tonnes of CO2e) minus GHG emissions offset by carbon credits purchased (in tonnes of CO2e). To be carbon neutral, the total must be equal to zero or lower.

In order to achieve our target of carbon neutral operations starting in 2025, we expect that we will need to purchase a significant amount of carbon credits to offset our scope 1 and 2 GHG emissions that will not have been avoided by internal initiatives, in addition to renewable energy certificates (RECs) to reduce our scope 2 emissions. In 2023, our scope 1 and 2 emissions represented 12% of our total carbon footprint. Our target for carbon neutral operations excludes our scope 3 emissions which represented 88% of our carbon footprint in 2023.

Science-based targets

Science-based targets provide a clearly-defined pathway for companies to reduce GHG emissions, aiming to prevent the worst impacts of climate change. Targets are considered 'science-based' if they are in line with what the latest climate science deems necessary to meet the goals of the Paris Agreement - limiting global warming to 1.5°C above pre-industrial levels. The Science Based Targets initiative (SBTi) brings together a team of experts to provide companies with independent assessment and validation of targets.

The SBTi has approved our three science-based targets in 2022:

• Reduce our absolute operational GHG emissions (scope 1 and 2) 58% by 2030, from a 2020 baseline year - in line with a 1.5°C trajectory.
• Reach 64% of our suppliers by spend covering purchased goods and services with science-based targets by 2026.
• Reduce our absolute scope 3 GHG emissions from all categories other than purchased goods and services 42% by 2030, from a 2020 baseline year⁜(1).

In 2022, we recalculated our science-based target for our scope 1 and 2 GHG emissions to reflect restated GHG emissions for our 2020 base year. The impact of this recalculation is a targeted reduction of our absolute scope 1 and 2 GHG emissions of 58% instead of 57% by 2030, from a 2020 baseline year. This recalculation does not impact our other science-based targets covering scope 3 GHG emissions. The recalculated target was submitted to the SBTi for approval on October 20, 2023, with an approval expected in 2024.

Our science-based targets may need to be further adjusted in the future because the SBTi requires that targets be recalculated (following the most recent applicable SBTi criteria and recommendations) at a minimum every five years, or more often if significant changes occur (e.g., business acquisitions/divestitures).

Net zero target

BCE's carbon neutrality is different than, and independent of, the SBTi's net zero target. Net zero refers to the state in which an organization reduces GHG emissions in its entire value chain (i.e., scope 1, 2 and 3 GHG emissions) to as close to zero as possible (with a minimum reduction of at least 90%) and neutralizes⁜(2) any remaining emissions such that its net global GHG emissions balance to zero. At the moment, BCE does not have a net zero target.

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1. Scope 3 categories covered by this target exclude indirect scope 3 GHG emissions from our purchased goods and services which represented 66% of our carbon footprint in 2023, and include GHG emissions from capital goods, fuel and energy-related activities, upstream transportation and distribution, waste generated in operations, business travel, employee commuting, downstream transportation and distribution, use of sold products, end-of-life treatment of sold products, franchises and investments.
2. According to SBTi, neutralize means that carbon is removed from the atmosphere and permanently stored in geological, terrestrial, or ocean reservoirs, or in products.

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-looking statements

Strategic overview

Caution regarding forward-looking statements

STratEGIC OVERVIEW  Caution regarding forward

This Strategic overview contains forward-looking statements including, without limitation, statements relating to BCE's dividend growth objective, 2024 annualized common share dividend and dividend payout ratio level, and dividend payout policy target, BCE's anticipated capital expenditures, network deployment plans and the benefits expected to result therefrom, our transformation initiatives and restructuring and the benefits expected to result therefrom, our ESG objectives and the benefits expected to result therefrom (which include, without limitation, our objectives concerning diversity, equity, inclusion and belonging (DEIB), customer experience, energy savings, circular economy and waste reduction, community investment, privacy and information security, network reliability, corporate governance and ethical business conduct leadership, reductions in the level of our GHG emissions including, without limitation, our carbon neutrality (scope 1 and 2 only) target and our science-based targets, and our carbon abatement objectives), the expected impacts on our company of various climate-related events, business opportunities that could result from climate change, BCE's business outlook, objectives, plans and strategic priorities, and other statements that do not refer to historical facts. A statement we make is forward-looking when it uses what we know and expect today to make a statement about the future. Forward-looking statements are typically identified by the words assumption, goal, guidance, objective, outlook, project, strategy, target, commitment and other similar expressions or future or conditional verbs such as aim, anticipate, believe, could, expect, intend, may, plan, seek, should, strive and will. All such forward-looking statements are made pursuant to the safe harbour provisions of applicable Canadian securities laws and of the United States (U.S.) Private Securities Litigation Reform Act of 1995.

Unless otherwise indicated by us, forward-looking statements in this Strategic overview describe our expectations as at March 7, 2024 and, accordingly, are subject to change after that date. Except as may be required by applicable securities laws, we do not undertake any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Forward-looking statements, by their very nature, are subject to inherent risks and uncertainties and are based on several assumptions, both general and specific, which give rise to the possibility that actual results or events could differ materially from our expectations expressed in, or implied by, such forward- looking statements and that our business outlook, objectives, plans and strategic priorities may not be achieved. These statements are not guarantees of future performance or events, and we caution you against relying on any of these forward-looking statements. Forward-looking statements are presented in this Strategic overview for the purpose of assisting readers in understanding our objectives, strategic priorities and business outlook as well as our anticipated operating environment. Readers are cautioned, however, that such information may not be appropriate for other purposes.

We have made certain economic, market, operational and other assumptions in preparing the forward-looking statements contained in this Strategic overview, which include, without limitation, the assumptions described in this cautionary statement as well as in the subsections of the BCE 2023 Annual MD&A entitled Assumptions, which subsections are incorporated by reference in this cautionary statement. Subject to various factors, we believe that our assumptions were reasonable at March 7, 2024. If our assumptions turn out to be inaccurate, actual results or events could be materially different from what we expect.

Important risk factors that could cause actual results or events to differ materially from those expressed in, or implied by, the previously-mentionedforward-looking statements and other forward-looking statements contained in this Strategic overview, include, but are not limited to, the risks described in this Strategic Overview as well as in section 9, Business risks of the BCE 2023 Annual MD&A, which section is incorporated by reference in this cautionary statement.

Forward-looking statements contained in this Strategic overview for periods beyond 2024 involve longer-term assumptions and estimates than forward-looking statements for 2024 and are consequently subject to greater uncertainty. They assume, unless otherwise indicated, that the relevant assumptions and risks described in the BCE 2023 Annual MD&A will remain substantially unchanged during such periods.

We caution readers that the risk factors described in the previously- mentioned section and in other sections of the BCE 2023 Annual MD&A are not the only ones that could affect us. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial may also have a material adverse effect on our business, financial condition, liquidity, financial results or reputation. We regularly consider potential acquisitions, dispositions, mergers, business combinations, investments, monetizations, joint ventures and other transactions, some of which may be significant. Except as otherwise indicated by us, forward-looking statements do not reflect the potential impact of any such transactions or of special items that may be announced or that may occur after March 7, 2024. The financial impact of these transactions and special items can be complex and depends on facts particular to each of them. We therefore cannot describe the expected impact in a meaningful way, or in the same way we present known risks affecting our business.

6 BCE Inc. 2023 Integrated annual report

Assumptions and risk factors relating to GHG emissions reduction and supplier engagement targets

Our GHG emissions reduction and supplier engagement targets are based on a number of assumptions including, without limitation, the following principal assumptions:

• Our ability to purchase a significant amount of high-quality credible carbon credits and/or renewable energy certificates (RECs) to offset or reduce, as applicable, our GHG emissions
• The carbon offset will be permanent and will not be reversed, in whole or in part, prior to the date of our targets
• The successful and timely implementation of various corporate and business initiatives to reduce our electricity and fuel consumption, as well as reduce other direct and indirect GHG emissions enablers
• No new corporate initiatives, business acquisitions, business divestitures or technologies that would materially change our anticipated levels of GHG emissions
• No negative impact on the calculation of our GHG emissions from refinements in or modifications to international standards or the methodology we use for the calculation of such GHG emissions
• No required changes to our science-based targets pursuant to the SBTi methodology that would make the achievement of our science-based targets, as updated from time to time, more onerous or unachievable in light of business requirements
• Sufficient supplier engagement and collaboration in setting their own science-based targets, no significant change in the allocation of our spend by supplier and sufficient engagement and collaboration from the other participants across our whole value chain in reducing their own GHG emissions

The achievement of our carbon neutrality target (which includes only our operational GHG emissions (scope 1 and 2) and excludes scope 3 GHG emissions) will require that we purchase a significant quantity of carbon credits and/or RECs. Should a sufficient quantity of high-quality credible carbon credits and/or RECs be unavailable, should their cost of acquisition be considered too onerous, should laws, regulations, applicable standards, public perception or other factors limit the number of carbon credits or RECs that we can purchase, should any purchased carbon credits be subject to reversal, in whole or in part, or should the carbon offsets not materialize, the achievement of carbon neutrality target could be negatively impacted.

The achievement of our science-based target related to our scope 1 and 2 GHG emissions will require that we purchase a significant quantity of RECs. To achieve this science-based target, only RECs will be considered given that the SBTi standards do not enable carbon credits to be used for this target. Should a sufficient quantity of acceptable (according to the SBTi guidelines) RECs be unavailable, should their cost of acquisition be considered too onerous, or should laws, regulations, applicable standards, public perception or other factors limit the number of RECs that we can purchase, in whole or in part, the achievement of our science-based target related to our scope 1 and 2 GHG emissions could be negatively impacted.

A portion of our GHG emissions reduction targets also depend on our ability to implement sufficient corporate and business initiatives in order to reduce GHG emissions to the desired levels. Failure to implement such initiatives according to planned schedules due to changes in business plans, our inability to implement requisite operational or technological changes, unavailability of capital, technologies, equipment or employees, cost allocations, actual costs exceeding anticipated costs, or other factors, or the failure of such initiatives, including of new technologies, to generate anticipated GHG emissions reductions, could negatively affect our ability to achieve our GHG emissions reduction targets. In addition, future corporate initiatives, such as business acquisitions and organic growth, could negatively affect our ability to achieve our targets, as would the adoption of new technologies that are carbon enablers or do not generate the anticipated energy savings.

A refinement in or modifications to international standards or to the methodology we use for the calculation of GHG emissions that would result in an increase in our GHG emissions could further impact our ability to achieve our targets. In addition, as it relates to our science-based targets specifically, the SBTi requires the recalculation of our targets upon the occurrence of certain events, such as business acquisitions or divestitures, or to conform to evolving SBTi methodology or standards. A recalculation resulting in the introduction of more ambitious targets could challenge our ability to achieve such updated targets.

The achievement of our science-based target relating to the level of our suppliers by spend covering purchased goods and services that have adopted science-based targets could be negatively impacted should we fail to achieve the required level of engagement and collaboration from our suppliers over which we have no control, despite the engagement measures that we may implement, or should we change significantly the allocation of our spend by supplier.

In addition, we have much less influence over the reduction of our scope 3 GHG emissions than over our scope 1 and scope 2 GHG emissions given that we must rely on the engagement and collaboration of our suppliers and other participants in our value chain in reducing their own GHG emissions. Accordingly, failure to obtain our suppliers' and other participants' engagement and collaboration could adversely affect our ability to meet our scope 3 GHG emissions reduction target.

STratEGIC OVERVIEW  Caution regarding forward-looking statements

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STratEGIC OVERVIEW  Who we are

Who we are GRI 2-6

Purpose and strategic imperatives

Bell's purpose is to advance how Canadians connect with each other and the world.

As Canada's largest communications company(1) we strive to create better customer experiences and make a positive difference for all Bell stakeholders. We are proud to provide a wide range of reliable and innovative communications and digital solutions that intersect with our customers' daily lives - all powered by our world-class fibre and wireless networks.

By increasing the capacity and resiliency of our networks and delivering next-generation,future-ready communications technology, we keep Canadians connected, informed, and entertained while enabling businesses to compete on the world stage.

By working together, we are striving to build a sustainable future for our common benefit, guided by our six strategic imperatives.

Strategic imperatives

Build the	Drive growth with
best networks	innovative services
Continuing to enhance our key competitive advantage	Leveraging our leading network technologies to
with a focus on delivering leading broadband fibre and	provide truly differentiated communications services
wireless networks in locations large and small.	to Canadians and drive revenue growth.

Deliver the	Champion
most compelling content	customer experience
Taking a unified approach across our media and distribution	Making it easier for customers to do business with Bell at
assets to deliver the content Canadians want the most.	every step, from sales to installation, to ongoing support.
Operate with agility	Engage and invest in our people
and cost efficiency	and create a sustainable future
Underscoring our focus on operational excellence and	Strengthening our inclusive workplace culture, recognizing
cost discipline throughout every part of our business.	that Bell's success requires a dynamic and engaged
	team that is committed to the highest ESG standards.

To learn more about our strategic imperatives and our progress to date, see section 2, Strategic imperatives in the BCE 2023 Annual MD&A.

(1) Based on total revenue and total combined customer connections.

8 BCE Inc. 2023 Integrated annual report