BCE : 2021 Annual Report (PDF 6.9 MB - March 3, 2022)

ADVANCING HOW CANADIANS CONNECT

WITH EACH OTHER AND THE WORLD

ANNUAL REPORT 2021

2|  BCE Inc. 2021 Annual Report

BELL'S PURPOSE AND STRATEGIC IMPERATIVES

Our purpose is to advance how Canadians connect with each other and the world. The Bell team is accelerating our positive momentum with unmatched investments in our networks, services and content to benefit all Bell stakeholders and support Canada's recovery while building a sustainable future as we move forward together.

Build the

best networks

Continuing to enhance our key competitive advantage with a focus on delivering the leading broadband fibre and wireless networks in locations large and small.

Champion customer experience

Making it easier for customers to do business with Bell at every level, from sales to installation to ongoing support.

Drive growth with innovative services

Leveraging our leading networks to provide truly differentiated communications services to Canadians and drive revenue growth.

Operate with agility and cost efficiency

Underscoring a focus on operational excellence and cost discipline throughout every part of our business.

Deliver the most compelling content

Taking a unified approach across our media and distribution assets to deliver the content Canadians want the most.

Engage and invest in our people and create a sustainable future

Strengthening our leading workplace culture, recognizing that Bell's success requires a dynamic and engaged team that is committed to the highest environmental, social and governance (ESG) standards.

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2|  BCE Inc. 2021 Annual Report

OUR FINANCIAL PERFORMANCE

Network and service innovation supports recovery and growth

Bell continued to adapt to keep Canadians connected throughout 2021, with the Bell team delivering market-leading innovations that are laying the foundation for long-term success while providing sustainable dividend growth for our shareholders.

2021 FINANCIAL PERFORMANCE

			ACTUAL	TARGET
Revenue growth *		2.5%	2%-5%
Adjusted EBITDA growth (1) *		3.0%	2%-5%
Net earnings growth *		7.2%	n/a
Capital intensity (2)		20.6%	18%-20%
Net earnings per share (EPS) growth *		8.3%	n/a
Adjusted EPS growth (1) *		5.6%	1%-6%
Cash flows from	operating activities ($	millions)	$8,008	n/a
Free cash flow ($	millions) (1)		$2,995	$2,850-$3,200

*  Compared to 2020

DRIVING GROWTH IN SHAREHOLDER VALUE

20.9%	27.9%	5.1%	14
Increase in share price	Total shareholder	Increase in dividend	Consecutive years
in 2021	return in 2021 (3)	per common share	of 5% or greater
		for 2022	dividend growth

1. Adjusted EBITDA is a total of segments measure, adjusted EPS is a non-GAAP ratio and free cash flow is a non-GAAP financial measure. These financial measures do not have any standardized meaning under International Financial Reporting Standards (IFRS). Therefore, they are unlikely to be comparable to similar measures presented by other issuers. We define adjusted EPS as adjusted net earnings per BCE common share. Refer to section 11, Non-GAAPfinancial measures, other

financial measures and key performance indicators (KPIs) of the BCE 2021 MD&A, on pages 121 to 125 of the BCE 2021 Annual Report for more information on these measures including, in the case of adjusted EBITDA, a reconciliation to net earnings being the most comparable IFRS financial measure and for free cash flow, a reconciliation to cash flows from operating activities being the most comparable IFRS financial measure.

1. Capital intensity is defined as capital expenditures divided by operating revenues.
2. The change in BCE's common share price for a specified period plus BCE common share dividends reinvested, divided by BCE's common share price at the beginning of the period.

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